13 Important Considerations When Obtaining Cyber-Liability Insurance
Businesses often fail to understand the full scope of the coverage they have and the exclusions that apply to their policies.
While leveraging cyber-liability insurance has become an essential component of cyber-risk mitigation strategy, cyber-liability offerings are still relatively new, and, as a result, many parties seeking to obtain coverage are still unaware of many important factors requiring consideration when selecting a policy.
Confusion regarding cyber-liability insurance also arises from the fact that there is presently no standard set by any overseeing government authority in the United States vis-à-vis specific provisions, coverages, limits, or language that should be included in a base template for insurance companies that underwrite cyber-liability insurance policies.
Businesses, therefore, often find it difficult to truly understand the full scope of the coverage that they have offered or obtained, or a clear explanation of all of the triggers, riders, and exclusions that apply to their respective policies. Likewise, the complexity of cybersecurity and of evaluating related risks has also translated into many insurance companies seeking to insure only large enterprises – the cost of doing business with small and medium-sized businesses is simply not worth their time. (READ MORE)