What to Look For in Cyber Insurance Coverage?
From protecting your income to looking into specific coverage, like Amazon Web Services, here are five answers to the question, "What are things to look for in cyber insurance coverage?"
- Loss of Income Insurance
- Scope of the Policy
- An All-Risk Policy
- Comprehensive Data Breach Protection
- Amazon Web Services Coverage
Loss of Income Insurance
Loss-of-income coverage is definitely worth prioritizing. If a hacker locks up your ability to run your business by implanting ransomware, dealing with the situation will take time. While you cannot operate your business fully, you will almost certainly experience reduced income.
Depending on your business and the type of attack, your income could even come to a full halt. Cyber insurance covering loss of income will help you remain solvent while you resolve the attack so that you can continue to keep your business alive and thriving.
Melanie Musson
Insurance Expert, USInsuranceAgents
Scope of the Policy
Looking into the scope of the policy means you should carefully review each type of cyber risk that is covered by the policy, including things like data breaches, cyber-attacks, cyber extortion, and others.
It's also important to understand what the policy protects, such as personal information, financial information, and intellectual property. You should look at the limits of the policy, such as the maximum amount of financial protection provided, as well as any exclusions or deductibles that may apply.
Finally, it's a good idea to understand the claims process and how to resolve disputes in the event of a covered loss.
Dan Johnson
Business Development and Sales Manager, Pearl Scan Solutions
An All-Risk Policy
Cyber insurance coverage is essential to look for coverage that addresses a wide range of likely risks and liabilities. One key thing to look for is data breach response and recovery services, which can help your organization mitigate the consequences of a data breach or cyber attack.
This may include services such as notification and credit monitoring for affected individuals, crisis management, and public relations support. Another crucial concern is the scope of coverage.
Ensure that the insurance policy covers the risks and liabilities that your organization is most likely to face, such as network security failures, data breaches, cyber extortion, and theft of sensitive information.
It is also vital to understand the policy limits and exclusions and to consider purchasing additional coverage if necessary. Finally, work with a skilled insurance broker who understands your organization's unique risks and liabilities and can help you find the best coverage for your needs.
Brad Cummins
Founder, Insurance Geek
Comprehensive Data Breach Protection
For cyber insurance coverage, one of the most important things to look for is comprehensive data breach protection.
Data breaches can cause significant financial losses, so it's essential to have a policy that covers all likely scenarios. Ideally, this should include coverage for notification costs, crisis management, and restoration of lost data.
Jeff Pollak
Partner, RadioActive Media
Amazon Web Services Coverage
Amazon Web Services (AWS) is an increasingly popular platform for businesses of all sizes. Amazon offers a range of services, from web hosting to data storage, which makes it a prime target for cyber attacks.
It is important to ensure that your cyber insurance policy covers Amazon Web Services specifically, as well as any other Amazon services used by your business. Having Amazon-specific coverage, your policy covers any losses incurred because of a successful attack.
Leo Vaisburg
Managing Partner, Amazon Suspension Lawyer
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