Texas Cyber Insurance PolicyThink about all the various digital devices that now connect to business networks. These devices, in addition to the internet, amplify opportunities for people to access your company’s assets. The worst year ever for cyber attacks was 2017. Although many people think cyberattacks happen mainly in large enterprises, the fact is small businesses are increasingly becoming targets for cyberattacks. Whether your business is small or large, if it stores and maintains customer information. collects online payments, or uses the cloud, you should consider adding cyber insurance to your budget.

What is Cyber Insurance?

Sometimes referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), a cyber insurance policy helps mitigate risk by lessening costs involved with recovery after a security breach. About one-third of U.S. companies currently purchase some type of cyber insurance.

Digital devices and the internet are gateways to cyberattacks, which can cause moderate to extreme losses for companies, large, medium, or small. Your business hopefully has a risk management plan, in which decisions are made to decide which risks to avoid, accept, control or transfer. When you transfer risk, that is where cyber insurance steps in.

Cyber insurance is still evolving and cyber risks change often. Sometimes an organization does not report the full impact of a breach to avoid negative publicity and damage its reputation. That can mean underwriters have less data on which to determine the financial impact of  cyberattacks.

The cost of cyber insurance coverage is usually based on a company’s industry, the type of services provided, data risks and exposures, security posture, policies and annual gross revenue.

A good first step is to create a cyber risk profile for your company, then create a list of expenses you want to have covered in the event of an incident. Then, you can speak with your independent insurance agent to get answers about cyber insurance and feel confident you will be given solid advice to make the smartest decision.

Auto Insurance Rates in Odessa or Midland, TexasAuto Insurance is based on risk and reward. Your insurance company must balance the risk-to-reward ratio to be a profitable business. But there are factors which influence how and if that happens and how you drive is a big one.

If your driving habits change (for the worse), the insurance company may need to raise your insurance rates to stay in business. In other words, a car crash, a speeding ticket, or some such altercation you experience, will likely cause your rates to go up. Fortunately, most insurance companies will remove accident claims and minor violations from your record after a designated length of time.

Fender benders are one thing, but offenses such as leaving the scene of an accident or repeated DWI violations, means you will be placed in a high-risk pool which could cost many times more than normal premiums. And once you are earmarked with such violations, insurance companies will be wary of your driving record going forward.

Economic conditions can also affect rising insurance rates and when sluggish investments occur, businesses often must increase their rates. And, there are conditions you and I have no control over that cause insurance rates to go up, such as state auto insurance laws.

As an individual, you can have an impact on your insurance rates by driving safer and avoiding risky situations when you’re behind the wheel. Here are some interesting statistics for Winkler County that shuld encourage everyone to drive more defensively and keep rates and accidents down.

ODA                All Crashes
Counties 2016 2017 2018
Andrews 238 243 388
Crane 61 80 96
Ector 2691 3477 5170
Loving 18 66 103
Martin 158 256 267
Midland 3940 4656 5587
Pecos 437 429 379
Reeves 387 727 922
Terrell 15 20 34
Upton 49 47 59
Ward 206 403 577
Winkler 97 187 313
TOTAL 8287 10591 13895

 

From 2016 to 2018, total crashes in the Odessa District were up 67% and the fatalities were up 97%. In addition, Commercial Motor Vehicle crashes in the Odessa District during that same time-frame were up 160% and CMV related fatalities were up 122%. Let us ALL be a defensive driver in 2019 and make these numbers go down.