Cyberinsurance is an important policy your business needs to have. But you must be careful you’re not paying for coverage that won’t help you when a crisis hits.
TechRepublic last week shared an article that dives further into the ins and outs of cyberinsurance, including why you need it.
Among the questions you need to ask to determine your cyberinsurance needs are:
* Are you trying to protect a brand?
* What kind of intellectual property or data are you protecting?
* Do you have sensitive data that could leave you liable for lawsuits if leaked? (This is especially likely in the healthcare and financial industries.)
* What expenses are you trying to cover in case of an incident?
* What do you need to cover to ensure you aren’t vulnerable to bankruptcy in case of an incident?
* Do you need to hire to fully understand or capitalize on your policy?
Cyberinsurance is still a relatively new product and you cannot assume you have the coverage you need just because you have a policy. If an incident happens, you don’t want the insurance company rejecting your claim because of a loophole.
Not all cyber insurance products are equal – or provide adequate coverage.
In October, we also noted on this blog steps you can take to get a better premium.
We have helped many clients review and assess their cyber coverage, and we know from experience what to look for in a policy. Contact us to learn more about our cyber insurance policy review.