Cyber Insurance: Is Your Coverage Enough?
Download MP3 Importance of carefully reviewing your cyber insurance policy
- Many policies contain exclusions that limit payouts
- Cyber insurance differs from standard auto or homeowner’s policies
- Auto and homeowner’s policies are regulated and standardized
- Cyber policies are often excess and surplus lines, not regulated by the state
Major companies are adopting exclusions for catastrophic attacks
- This limits the risk companies can offset
- Companies may need to reevaluate their cyber insurance premiums
Tips for understanding your policy:
- Know exactly what is covered and what is not
- It’s important to understand the level of protection you're getting
- Consider whether a lower protection policy suits your needs
- Don’t solely rely on the advice of agents or brokers, as policies can vary between companies
Final advice:
- Seek guidance from a qualified insurance agent or broker
- Always read your policy carefully to ensure you're fully informed about the coverage
