30 Oct 2017

Cyber Coverage – Exactly What Did You Buy?

If you have purchased separate Cyber / Data Security coverage or if some has been included in either in your Professional Liability or your Commercial Package (Property & Commercial General Liability) Policy, it is worth getting an updated review of the coverage in place.  The recent debacles are evidence that even firms in the business of monitoring cyber security get hacked.  Also, changes have occurred in the types of cyber threats as well as changes in the coverage offered by insurance carriers.

Keep in mind that no two coverage forms are alike.  They vary on the definition of coverage, exclusions, the limits of coverage, deductibles or retention levels and terms of coverage.  For example, a cyber policy may have as many as ten different coverage triggers – some that apply to liability and some that apply to damage or expenses that you incur directly.

If you do have some coverage – review it and make sure it meets what you feel are the most critical threats to your business.  Also re-evaluate risk mitigation efforts on your part to be compliant with required standards and attempt to minimize the chance of an occurrence.  Most policies now offer services that will help you before and after a loss.

Many experts consider a hack as a “when” not an “if” so if you don’t have it, consider getting preventative and some insurance now.  Hottle and Associates offers a full review of your existing coverage and a look at options available to you.