The cost of a cyber attack now averages more than $1 million and the threat is increasing, so it’s more important than ever to get the coverage you need.
While you may think all cyber liability insurance coverage is similar, it is important to know what questions to ask so you can find the right coverage fully protect your business.
Here are questions to ask to ensure you receive unique, comprehensive protection for your business:
- Will I receive full policy limits for social engineering, cyber extortion, ransomware and fraudulent funds transfer?
- Will I receive coverage for cyber theft and social engineering extends to securities and other property?
- Will I receive coverage for reverse social engineering (the use of an insured’s computer system to steal from a third-party)?
- Is network security liability coverage provided up to the full policy limit?
- Does the definition of “your computer system” extend to IT and Telecom providers?
- Does the definition of “you” include subsidiaries, directors, principals and any additional insureds required by contract?
- Does the definition of “claim” include the incident and the claim so that the claims process begins?
- Will I receive coverage for regulatory proceedings?
- Will I receive coverage for voluntary notification costs?
- Will I receive multimedia liability coverage for copyright infringement, trademark infringement and defamation from your company’s electronic publishing?
- Will I receive business interruption expense and extra expense up to full policy limits?
- Will I receive post-breach coverage up to full policy limits for IT forensics costs and legal expenses, including court attendance costs, data restoration expenses and public relations expenses?
- Does duty to defend language apply to all claims?
- Is incident/claim intake managed by a law firm that establishes attorney-client privilege upon first contact?
If your policy answered “no” to any of these questions, it may be time to look at a different cyber liability insurance policy, like CyberLock Defense. This policy from Lockton Affinity is a one-of-a kind cyber liability insurance policy that provides all the coverage above at rates more affordable and more accessible than any other cyber liability policy available.
Given the potentially devastating impact of a cyber attack, the right coverage is key. Protect your business today.