Three years ago, the NotPetya malware attack wrought havoc on businesses around the world. Instead of Cyber Insurance, most companies relied on their Business Insurance to cover the damage.
However, a clause included in most business policies prevented companies from collecting on their claims.
Do you know if you have the right insurance to cover such an event?
Cyber Insurance Specializes in Computer Crimes
An article in Information Week reports that recently, the United States indicted members of the Russian military in the NotPetya attack. Because of this, insurance company claims that the attack fell under the “act of war” gained more traction.
This and subsequent attacks shone a spotlight on the need for Cyber Insurance and increased measures to protect businesses from vulnerabilities.
The Insurance Journal reports that the NotPetya attack highlighted the uncertainty of cyber coverage in traditional business policies. “Silent” coverage refers to items not specifically included in a policy, but also not specifically excluded. Cybersecurity and cyber-attacks often fall under this category.
Simply writing cyber coverage into an existing policy is not enough. Instead, businesses need to consider Cyber Insurance specific to their coverage needs. COVID-19 work-from-home situations heightened the importance of this coverage and strategies to reduce risk.
Of course, the last thing a business wants is to file a claim. Instead, IT Pro Today offered steps companies can take to lessen risks. This includes:
- Identifying and dealing with types of at-risk employees
- Finding ways to secure access and use of sensitive data
- Monitoring employee behavior and important information
- Exploring opportunities to take advantage of bad behavior
Taking measures to protect against cyber-attacks is like other actions you would take to protect your business from a claim situation. This includes knowing exactly what your Business Insurance policy covers.
Call the Keating Agency to talk about possible “silent” coverage in your Business Insurance. As your local, independent insurance agency for more than 50 years, we have the knowledge and experience to help you protect your investment.
The Keating Agency is here for you.