Many companies have been getting cyber insurance recently but here are a few things to keep in mind.
1) If you were one of the early adopters of Cyber Insurance make sure your policy is getting audited every year and not just renewed. Many of the old policies don’t cover the new threats out there.
2) Be sure that there are no clauses that certain kinds of incidents will only be covered up to a smaller amount. If you have a million-dollar policy it should cover a million dollars no matter what happens.
3) Do NOT let your insurance broker fill out the IT questions for you. Ask your in-house IT or Managed Service Provider to help. The brokers have no idea what you have and if they say something is in place but it’s not, the carriers won’t pay out your claim.
4) Insurance companies are starting to require a lot more security measures in place to get coverage. The reason for this is because they are paying out more often. Make sure your Security partner is aware of what coverage you want to obtain and is working with you to implement any prerequisites that may be required. They are doing it for themselves but ultimately it’s more for your benefit than theirs.