Tuesday, December 31, 2013

Does My Company Already Have Cyber Insurance?

Do I Already Have Cyber Security Insurance? 

If You Have to Ask, the Answer is Probably "No."

Cyber insurance -- also called cyber security insurance, cyber liability insurance, cyber risk insurance, and data security insurance, among other terms -- is an insurance product used to protect businesses from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies. Coverages provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security audits, post-incident public relations and investigative expenses, and criminal reward funds. (Courtesy: White House)


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