Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.
Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
We provide advisory services to:
Advise on policy limits based on risk to the organization
Help select the right broker and carrier for your coverages
Assess current policy to identify coverages of cyber risk
Align covered services to your incident response plans, public relations, business interruption, and identity monitoring
Forbes recently published that if you rely on technology to do business and if you manage and store company data, financial or transactional information, customer details or any proprietary business information on computers or servers or in the cloud, I believe you need some level of coverage.
Cyber insurance coverage can be as varied as health, life and car insurance. A company needs to know its vulnerabilities and make sure its coverage is matched to its potential exposure.
The combination of your security solutions and cyber insurance offers a twofold approach to protection against attacks.