Protect Your Data With Cyber Insurance
All technology companies need to protect their assets, and often, this requires protecting crucial data. However, we all know that "stuff happens", no matter how top of the line the company's physical and intellectual assets are. Cyber insurance is a great way to protect a company's technological assets in case something goes wrong.
Sources of Data Loss
Companies can suffer devastating losses from viruses, Trojans, worms, denial of service (DoS) attacks, hacking, or a variety of other problems. According to Vern Paxson and Nicholas Weaver, directors at the International Computer Science Institute, "A worst-case scenario Internet attack could result in bankruptcy for companies that depend on data processing."
Most technology companies purchase general liability insurance, which protects against physical damage and bodily injury as a result of their negligence. This insurance does not extend to protecting the money damages that can result from a professional error or omission by your technology staff. This type of loss, however, can create one of the most expensive exposures that a technology company can have to deal with.
Acquiring Suitable Data Coverage
It is important to differentiate between first party (insurance that protects you) and third party (insurance that protects you from allegations of negligent damage to others) coverage.
Let's take a look at a tangible example. Let's say a natural disaster destroys your data center. Your property insurance, if properly structured, would cover the replacement of the computers, other equipment and the business interruption loss that would ensue.
If the damage were caused by a computer virus, however, you could find yourself with no coverage. A properly designed EDP policy can cover your first part exposure (the loss of your computer and your data); while a cyber liability policy can cover losses resulting from your responsibility to protect the data belonging to your clients.
Recently, more and more companies are becoming aware of the necessity of cyber insurance. Here are a few tips that can help you when you are purchasing cyber insurance.
- Look over your current policies.
- Is your data covered?
- Is your equipment covered if damaged by a hacker?
- Assess where your company's value lies. You should protect your most treasured assets.
- Have you developed a disaster recovery plan?
- If your data center is destroyed, do your people know what to do?
- Have you contracted with a third party to provide you with a standby center, if your data center is destroyed?
- Only choose an insurance company that has experience with cyber insurance.
- Many insurance companies are still learning the ins and outs of cyber insurance, so you'll want to choose a company that has developed the expertise they need to protect you.
Look at Cyber Insurance From All Angles
Technology companies should never undervalue data, and should strive to cover themselves wherever possible. It's better to have too much coverage rather than too little.
Cyber insurance claims are rising, but only reputable insurance companies should be trusted with such policies. Find a company that will work with you to tailor a policy that will meet your needs. This way, you can go about administering your data centers and IT with peace of mind. Stay vigilant with strong cyber insurance.
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Questions and Answers
Cyber insurance was created in order to address the increasing worry regarding cyber risk. Cyber risk is comprised of many different incidences, which can wipe out your entire business. Only the proper insurance will protect your businesses from cyber risks.
Not all businesses have the same insurance needs, exposure to problems and are the same size. When an owner or a manager finds an agent who understands their business, he or she has a better chance of customizing the insurance policy to cove their risks at lower premiums.
Always build a cyber security plan that is based on you or your company's needs. You should only work with a reputable insurance company. Be sure to check your insurance company's rating with A.M Best and Standard and Poor's. You should assemble a plan that complements your liability policy so that you can manage your business and keep this running securely. Cyber insurance makes a big difference when you're dealing with precious data. So if you've got a database, it's something you should con
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Cyber insurance was created in order to address the increasing worry regarding cyber risk. Cyber risk is comprised of many different incidences, which can wipe out your entire business. Only the proper insurance will protect your businesses from cyber risks.
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