A stunning 32% of companies report some form of cybercrime. These crimes range from information breaches to unlawful money transfer and everything in between.
Today, it’s common to have a cyber liability policy in place. But, many business owners are not aware of how much coverage they receive from their insurance provider.
Not all cyber liability policies are equal. For this reason, it’s important to examine your coverage and ensure that you are protected against cybercrimes.
Below, we’ll give you tips to ensure you have coverage against digital crimes. And we’ll also discuss the benefits of working with a law firm specializing in cyber security insurance coverage.
How to Review Your Cyber Liability Policy
A flawed cyber insurance policy can result in huge financial losses that affect your company and customers. The best way to ensure you have protection against these threats is to have your attorney review the insurance policy.
During this process, your attorney will look at protection against crimes like:
- Phishing and spear phishing
- Social engineering
- Embezzlement of funds
- Computer fraud
- Fraudulent financial transactions
Benefits of Working with a Cyber Security Insurance Coverage Attorney
A reliable cyber security insurance attorney can ensure that your digital assets are protected. In many cases, cyber security policies offer limited or inadequate protection.
In these cases, your attorney can negotiate better terms and help you find the right provider. By working with an expert attorney, you will be able to cover expenses like:
Forensic, Legal, and Public Relations Services
Security breaches often require the hiring of legal, forensic, and public relations experts. This can cost a significant amount of money. And your policy should include coverage for these expenses.
Notification and Customer Support Costs
It’s common for companies to set up temporary call centers and resources for their customers. Customers can use these channels to answer questions and updates without overloading your office team.
Credit Monitoring and Restoration Services for Affected Parties
Offering credit monitoring and restoration is a great way to build trust with your clients. If you have a good information security attorney, your insurance will also cover these expenses.
Cyber Extortion and Ransom Payments
Cyber extortion and ransom payments can often bankrupt a company. Luckily, a good insurance policy should provide enough funds to cover these expenses.
Fines and Penalties
If certain laws and regulations are not put in place, your company may also receive a fine. These sanctions may come from government or regulatory institutions.
In either case, your cyber security insurance coverage should have a clause for this scenario.
Lawsuits, Claims, and Other Legal Matters
Companies that fall victim to cybercrime also face lawsuits and other legal challenges. That said, your policy should include coverage for legal expenses. And, your attorney should ensure that it has a high limit for this type of expense.
Find an Attorney that Specializes in Information Security
There are many ways to lower the risk of a cyber attack. That said, it’s also important to prepare for the worse. Having a reliable cyber security insurance coverage attorney will give you the assurance you need to run a successful business.
To find out more about cyber liability or finding the right lawyer for your case, take a look at some of the other articles on our site. You’ll be sure to find a variety of helpful resources.