Does Your Business Have The Right Insurance For A Cyber Attack?
Download MP3…Here's a good example of where there are differences and coverages between business insurance liability insurance crime insurance and cyber liability insurance There's an article from business insurance magazine where travelers insurance. Paid a claim. Of phishing which is, kind of a misrepresentation of a fraudster trying to get access to a computer. And the company lost here $600,000 you see at the bottom of the article. And that tree. insurance paid the claim under its crime policy…Right The company had a crime policy That's not a cyber insurance policy It's a crime policy. And they paid it under that policy and refuse to pay it under the computer fraud coverage. That's also not cyber liability insurance That's another type of fraud coverage. The problem is that other one that they refuse had much higher limits so they would have received more money. In March, a still undefined bad actor Emailed fraudulent invoices said to be from a vendor to the purchasing manager. For 600,000 they paid it and they lost the money. So this may have been a coverage that would have been afforded under cyber liability insurance or other types of coverages. So it's a good example of where as you're putting together coverages for your company I…make sure that you have no gaps. Right No loose ends. or at least if you do you know where they are, right If you're, if you want to not have every last insurance policy in the world that's okay. As long as you know where your risk still exists and if you're willing to accept that risk. Sometimes a cyber liability insurance policy is a standalone policy separate from your other business insurance. And it may fill in some of the gaps It may overlap some insurance or it may add additional coverages, but just make sure. As you are. Putting together the different policies for your enterprise that you understand what's in them and how they cover different types of risks And don't cover. Other types of risks what are the exclusions from coverages And if you have exclusions you're not willing to live with that You get endorsement or additional policies that fill in those gaps in those blanks.
