Threats are constantly evolving. Is your insurance program keeping up with today’s evolving threats?
It can, and should be, with cyber risk-defined insurance coverage. Considering that today’s cyber threats are tomorrow’s insurance claims, it is important to review your current insurance policies to ensure your Company is covered for such claims. Traditional products — such as commercial general liability policies or property policies — are designed to cover bodily injury or damage to tangible property, not cyber attacks or data breaches. Cyber-related exclusions in traditional policies are becoming more commonplace.
Data breaches and cyber attacks involve damage to intangible assets such as data or computer software and programs. For protection against these types of risks, cyber insurance offers the company a 24/7 incident response plan and ensures that the company is resilient and able to bounce back from the aftermath of a cyber attack or data breach.
Cyber insurance, with data breach response services, offers businesses and organizations of all sizes, industries and sectors a comprehensive standalone incident response plan solution for assisting in a cyber attack or data breach recovery scenario. In the event of a cyber security incident, cyber insurance helps offer a speedy response and use of third party experts to help mitigate losses
While cyber insurance policies vary greatly, it may offer coverages such as (depending on the specific policies and endorsements):
1) Crisis management and customer notification expenses,
2) Credit/identity theft monitoring,
3) Privacy and security liability,
4) Privacy regulatory defense and penalties,
5) Computer forensics investigation,
6) Cyber extortion, (ransom)
7) Network interruption.
8) Data loss and reconstruction,
9) a “Data Breach Coach” (aka “Privacy” attorney) and
10) Public relations help, pre-breach planning services, and more.