What is cyber insurance?
Cyber insurance covers your business’ liability for a data breach that includes sensitive customer information. These could include items such as social security numbers, credit card information, account number, driver’s license information and even medical records. Federal law now requires companies that have suffered a breach to offer multiple forms of ???. These requirements are very costly and could put you out of business.
What does cyber insurance cover?
- Legal fees and expenses
- Restoring personal identities of affected customers
- Notifying customers/vendors/clients of the data breach
- Repairing damaged computer systems
- Recovering compromised data
We work with the top insurance companies that offer cyber insurance policies to be sure that your needs are met. Like any business insurance, cyber insurance coverage varies by insurer and policy.
Like any business insurance, cyber insurance coverage varies by insurer and policy.
When shopping around and comparing policies among insurers, here are some things to look for and ask about:
- What are the deductibles? Be sure to compare deductibles closely among insurers just as you would with healthcare, auto insurance and facility policies.
- Does the insurance company offer one or more type cyber policies or is this coverage simply an extension of an existing policy? This coverage can be a good baseline coverage but a stand-alone policy is typically the best and more comprehensive.
- How does coverage and limits apply to both first and third parties? For example, does the policy cover third-party service providers? On that note, find out if your service providers have cyber insurance and how it affects your agreement.
- Does the policy cover any attach to which an organization falls victim or only targeted attacks against that organization in particular?
- Does the policy cover non-malicious actions taken by an employee?
- Does the policy coverage social engineering as well as network attacks? Social engineering plays a role in all kinds of attacks, including phishing, spear phishing and advanced persistent threats (APT’s). Because APT’s take place over time, which can be months to years, does the policy include time frames within which coverage applies?
If you’re interested in cyber insurance coverage for your business, please give our office a call or visit our quotes page today.