Simply having cyber insurance—without knowing the details of your policy—is probably not enough to help you survive this data breach-infested world. As new cyber threats emerge and the risks evolve, it hasn’t been easy for insurers to standardize coverage. Since no two policies are created equal, it’s best to know what your policy covers so you can plan for losses in the event of a breach.
Most cyber policies cover damages suffered from a loss of data. They also provide first-party coverage for loss and remediation costs and coverage for fines. But policies can be widely different in other damages they’ll cover, including loss of business income, intellectual property damage and more.
And remember: Cyber insurance should supplement (not replace!) the cyber security measures you should have in place to lessen the risk of a data breach. In fact, many insurance carriers require that you have certain security configurations and data backup procedures before they insure you.
For more information on cyber insurance or the terms of your existing policy, contact Warren G. Bender Co. today.