How to choose the right cyber liability insurance policy
Cybersecurity should be on your mind when choosing the right cyber liability insurance policy.
Whether your business is digital or offline, your insurance must have a digital component to fully protect itself. Companies, including tech companies, suffered billions of dollars in losses because of cyber exploits they either overlooked or refused to address. If you take the risk of moving into the Wild Wild West of the cloud, then what is it really to spend a little bit more on the right cyber liability insurance policy? Here are the characteristics you should look for when vetting your cyber insurance partner.
A Customizable Approach to your Cyber Liability Insurance Policy
There are more insurable situations that have not been found in the digital world than those that have. New types of breaches pop up every day, and you need a cyber liability insurance policy that is customizable to these unexpected (and sometimes unexplainable) situations. You also need a policy that is willing to provide expansive coverage rather than trying to limit its association with you to low probability instances.
Third-Party Service Coverage
In many cases, a breach that befalls your company is the fault of a third party. This happens more often in the digital world than it ever could in the physical world. The right policy follows suit. You need a cyber liability insurance specialist who understands the interconnected nature of data in the digital world and respects that you can be blindsided in some cases.
Social Engineering
Your company may also fall victim to social engineering attacks -- phishing, spear-phishing, and advanced persistent threats -- that are much different from the traditional cyber attack. Hackers are becoming more proficient in generating these kinds of breaches. Do you have a cyber insurance policy that is keeping up with this trend, or does the policy that you are looking at try to avert responsibility from this new challenge?
Restoring Your Business
Even the most advanced security experts understand that sometimes a hacker is going to get through. In some cases, an attack may cause catastrophic damage. You need a cyber liability insurance policy that helps you in the restoration phase so that you can return to business as usual in a timely fashion.
In an age of instant choice and connectivity, customers do not have time for companies that cannot recover quickly from cybersecurity issues. Your insurance policy can play a huge role in the way that your business responds to the attacks that actually cause customer-facing damage.
Brashears Insurance offers a synchronized approach to insurance. We want to streamline the relationship between your business and your insurance. If this sounds like something that you can benefit from, give us a call or an email to speak further.