Contrary to popular belief, cyber breaches will have an effect on nearly every business, if they have not already. In fact, Cyber Liability has garnered so much attention in recent years that in 2015, the White House press secretary noted that "cyber security threats and identity theft continue to rise... nine in ten Americans feel that they have in some way lost control of their personal information." The procurement of Cyber Liability insurance is occurring increasingly in efforts to combat the rapidly growing cyber exposures businesses are facing, and mitigate losses that may result when businesses engage in electronic activities, such as Internet sales and/or data collection within its internal networks. The policies cover a variety of expenses associated with data breaches, including notification costs, credit monitoring, defense costs, regulatory fines/penalties, and loss resulting from identity theft. Although these policies afford coverage in the event of a loss, it is imperative that companies have a strategy in place to help mitigate the loss at the time a breach is discovered. According to a recent study by the Ponemon Institute, the average cost of a single data breach in 2016 was $4 million, an increase of 5.4% over the previous year, and 29% over 2013. According to a Juniper study, the total cost of all data breaches is expected to increase to $2.1 trillion by 2019. The approach to responding to a data breach can be separated into 4 phases - Discovery, Analysis, Formulation, and Response.
Jeremy Martin - Account Manager
Jeremy Martin joined Equity Risk Partners in 2011 as an Accountant, then later transitioned to servicing client accounts as a member of the Partners Service Group in 2014. Mr. Martin began to market and manage clients' Property and Casualty insurance as an Associate in 2015.
Mr. Martin holds a Bachelor of Science in accounting from San Jose State University.
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Phone: (415) 874-7131
Chase Diwik - Assistant Account Manager
Chase Diwik joined Equity Risk Partners in 2015 as an Analyst in the Partners Service Group. after graduating from Clemson University. Mr. Diwik holds a Bachelor's degree in marketing.
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Phone: (415) 874-7154
Michael Marcon - President, HUB International and Founder, Equity Risk Partners
Michael Marcon has more than 30 years of insurance experience, pioneering the delivery of insurance due diligence to private equity firms and specializing in alternative risk financing and transactional insurance products. Before launching Equity Risk Partners, Mr. Marcon was Executive Vice President of Aon Risk Services - Mergers and Acquisitions Group and he was instrumental in creating the Private Equity practice for Aon's predecessor company, Rollins Hudig Hall. He served as Regional Manager - Finance for Transamerica Corporation, as well as positions in Special Risk Financial and Capital Management for CIGNA Corporation.
Mr. Marcon holds an undergraduate degree in economics from Ursinus College (where he was the former chairman of the board of trustees) and an MBA in finance from Drexel University. Mr. Marcon tweets from @mcm7464 and can also be reached through his blog, Michael Marcon Tweets, where he writes about business, tradition, and life.
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Phone: (415) 874-7101