Articles Tagged with Cyber Insurance

D5CD5B04-0609-4107-B18A-7A2E86931444-300x200For twenty years, “cybersecurity” meant one thing for most business owners: protect the network. Firewalls, endpoint protection, employee training on phishing emails. You knew what you were defending and you generally knew what your insurance covered if you failed.

That model is already out of date.

Attackers have shifted targets. Instead of only breaking into your servers, they are going after the AI tools your business now runs on: the chatbot on your website, the AI agent your vendor plugged into your CRM, the automated workflow that reads your inbox and drafts responses. And the legal and insurance world has not caught up to the speed of that shift, which means a lot of business owners are exposed in ways they do not know about yet.

Does your business have insurance to protect you against breaches of your cybersecurity? Turns out that’s not a simple “yes” or “no” question, and the answer changes constantly based on new cases being litigated and new types of breaches impacting companies.

Businesses need to take into account a wide range of factors in determining whether they have enough breadth and depth of insurance coverage to guard against any cyber liabilities. And it might be helpful to consult with an insurance broker who handles these types of policies.

First of all, you need to make sure you’re covered for your own damages resulting from such an incident. These can include the costs of forensic analysis to determine what happened, legal assistance, notification of individuals and regulators about a data breach, and any fines, penalties or other costs stemming from an enforcement action. Also, you need to be insured for any degree of business interruption.

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