Good Cyber Liability Insurance Coverage Terms You Must Have
- Ability to take action in the event of a Data Breach before informing the Insurance Company
- Coverage that includes credit monitoring for customers and a call center that handles inquiry on the breach.
- Coverage that includes Public Relations and Communications in the event of a Breach.
- Ransomware Protection
- Claims Made vs Occurrence Policy. A Claims Made policy will cover incidents that happen before the inception of the policy. Given the time to recognize a breach, this is a mandatory coverage term.
- Coverage apart from Cyber Liability for Computer Fraud, or inclusion in the Cyber Liability Policy with an endorsement.
Assessment of the above coverages takes skill often lacking in the CIO and CISO role. Reach out to experts where assistance is needed. It can make all the difference in the event of a breach.
To leave you little doubt of the importance of the above coverages, take a look at this following story about a data breach where cyber insurance coverage was not properly understood.
Exclusive: Hackers used phishing emails to break into a Virginia bank twice in eight months, making off with more than $2.4 million in total. Now the bank is suing its cybersecurity insurance provider for refusing to fully cover the loss. https://t.co/vcoF0sXjFy pic.twitter.com/2YV5KxadL6
— briankrebs (@briankrebs) July 24, 2018