As organisations have become increasingly dependent on technology to do business, cyber insurance has developed into one of the most important types of coverage for today's businesses to carry.
Yet, cyber insurance is also one of the least understood types of cover on the market.
This series will help clear up any misunderstandings you might have about cyber insurance and how it can protect your business.
True or false?
My business insurance policy provides cover against cyber risk
FALSE – It'd be unusual for standard business insurance to provide cover against cybersecurity-related losses to your business.
Generally, business insurance policies have exclusions, which rule out the ability to claim following the discovery of a cyber breach or threat of cyber extortion.
Therefore any loss suffered by your business including recovery costs, extortion threats, loss of profit, social engineering fraud, and/or liability payments to third parties, as well as defence and legal fees, wouldn’t be covered by your business insurance policy.
Cyber is a specialist area of business risk and only a specialist provider can give you the confidence that comes with comprehensive protection.