Agents, Brokers Learn of E-Commerce Risks

Chicago-area agents and brokers received updates on how e-commerce, the Internet and technology are reshaping how business is done during a seminar yesterday sponsored by The St. Paul’s technology underwriting unit.

Jon Farber, senior underwriting director for the company, noted that agents and brokers play a major role in the education of their clients regarding e-commerce risks.

One Illinois-based agent stated that many of his customers haven’t fully understood the danger of high-tech risks and how they can impact one’s business.

Further demonstrating these concerns, Farber noted that traditional insurance policies were formed prior to the Internet. He stated that insurance coverage problems can include hacking events and denial of service attacks, website extortion, confidential information being released unintentionally, along with copyright or trademark infringements.