The Expert Podcast

• We’ve discussed cyber liability insurance as a primary way to protect companies from data losses and cyber risks.
• Cyber insurance covers many expenses related to cyber incidents, and it remains a strong protection option.
• However, there are other ways to get cyber coverage beyond traditional insurance.
• One alternative is using a data recovery company that offers warranties on ransomware recovery.
• Example: A tech company called Rubrik (not affiliated with us) provides data warehousing services, hosting servers, data, and programs in their cloud data center.
• They offer security protection and a ransomware recovery warranty of up to $5 million.
• This warranty is not insurance but provides significant coverage under specific terms and conditions with some limitations.
• Because they put $5 million on the line for each client, they have strong incentives to implement preventive measures.
• They may provide internal best practices and procedures for clients to reduce the risk of ransomware events.
• Multiple layers of protection exist: internal procedures, insurance policies, warranties, and reimbursements from organizations you belong to.
• Consider all options when evaluating your cyber risk coverage strategy.
• The cost of such data warehousing and warranty services may be high, but it can be worthwhile for businesses needing high-level protection.
• Rubrik serves major clients such as Kellogg’s, Verizon, and Mazda, indicating their expertise and reliability.
• If they can protect large companies, they may be able to help smaller businesses too.