Cyber liability concerns are a constant in society today and there are no simple answers to the problems. Many companies are continuing to take a close look at the protections provided by cyber risk insurance policies due to constant data breach incidents occurring and related cyber risks that are at the forefront of everyone’s minds.
In addition, government agencies are actively involved in policing the corporate response to these issues as they could have a serious impact on our way of life. Walker Insurance likes to take a detailed look at all of your exposures and determine which coverages best address your particular risks.
Things to consider while navigating the cyber jungle
Coverage should include the costs of notifying third parties potentially affected by a data breach. There is an ever-increasing and constantly evolving landscape of breach notification laws on a state-by-state basis. There is also substantial variance among cyber policies regarding whether and to what extent they’ll provide coverage for regulatory and other governmental actions.
Crisis management is an important element in any coverage plan, and coverage should include the costs of managing the public relations outfall from most data breach scenarios. Most, but not all, cyber policies contain some form of this coverage.
The transmission of viruses and/or malicious code is another major concern. Policy coverage regarding this issue protects against liability claims alleging damages from transmission of viruses and other malicious code or data. Not all cyber policies have this coverage, so check with your agent.
Network and/or business interruption
This part of the policy covers the costs of lost business and additional expenses due to an interruption of the insured’s computer systems. Some cyber policies require that the interruption be caused by an intentional cyber attack while some do not.
Credit and identity monitoring
This coverage is included in most cyber policies, but again, may be limited for the number of affected individuals that can receive the services and the prescribed vendors that are available. When you insure with Walker Insurance, an agent will be able to go over all the coverage options and assist you in making an informed decision about your current needs.