Cyber insurance helps cover your business’s liability for a data breach that includes sensitive client information. This could include Social Security numbers, credit card numbers, account numbers, driver’s licenses, and even medical records.
Sensitive information such as Social Security numbers, credit card numbers, account details, driver’s licenses, and medical records can be at risk in a cyber incident.
How Cyber Insurance Can Help
Cyber insurance can help provide access to a team of cybersecurity professionals who assist in responding to a data breach. This may include forensic experts, attorneys, breach response specialists, and credit monitoring services.
Cyber insurance is designed to help businesses manage financial exposure from cyber incidents, which may not be covered under traditional insurance policies. In addition to first-party costs like forensic investigation and breach notification, coverage may extend to third-party claims involving unauthorized disclosure of personal or confidential information.
When Comparing Policies, Ask The Following Questions:
- Is the coverage a stand-alone Cyber Liability Insurance policy, or an extension of another policy? Stand-alone policies often provide broader coverage.
- How do coverage and limits apply to both first and third-parties? Does the policy cover incidents involving third-party service providers? Additionally, do your service providers have cyber insurance, and how does it affect your agreement?
- Does the policy cover all cyberattacks affecting the organization, or only targeted attacks?
- Does the policy cover unintentional employee actions that lead to a cyber event? This may be addressed under Errors & Omissions (E&O) coverage.
- Does the policy cover social engineering attacks, such as phishing and advanced persistent threats (APTs)?
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