04 11 2014

04 11 2014

More Cyber Insurance Policies Purchased in 2013

Companies large and small – but especially small – are picking up on the increasing number of cyberattacks each year, as well as damage that is worsening in severity, and turning to cyber insurance policies for protection. A recent Marsh Risk Management Research report showed that in 2013, 21 percent more cyber insurance policies were purchased than in 2012.

Not only did the number of policies increase last year, but the amount purchased by individual companies also jumped. More companies opted for coverage with limits of $100 million or more, according to the study, “Benchmarking Trends: Interest in Cyber Insurance Continues to Climb.”

Small businesses are especially at risk of the devastating effects of cyberattacks, as they often don’t have the working capital to build a strong security infrastructure. However, owners can turn to nontraditional lenders like National Funding to get a small business loan to beef up security measures and purchase cyber liability insurance policies.

“Companies are looking beyond just privacy and at how technology or the failure of technology would impact their business,” said Bob Parisi, Marsh’s network security and privacy practice leader.  They are looking for more business expense or business interruption coverage and buying a broader bucket of coverage.”

Cyber insurance policies typically offer more features at a cheaper cost than 10 years ago or so, and competition has been heating up, making the coverage more fiscally feasible. That is spurring more companies to seek out such policies, and experts expect that trend to continue in 2014.

Increased attacks call for action

Recent reports have documented the increased number of cyberattacks in recent years. Some experts blame the U.S. government for inaction that has led to the spikes. Advocates at the recent Cyber Security Summit hosted by First Data said that policies that would allow companies to share data with the government and other companies could significantly cut down on the risk, but until that happens, companies are being proactive and turning to insurance for protection.

“Business has been picking up as more businesses and organizations today realize that data breaches and cyber attacks can be quite expensive and that insurance is something they now need to consider since these incidents are happening much more fiercely and frequently,” Christine Marciano, of a New York-based risk agency focused on cyberspace, said to Insurance Business America.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


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I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


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