Even the best cybersecurity system – with state-of-the-art technology, effective and well-implemented policies and procedures, and the most security-aware employees available – cannot guarantee that your business will never be the victim of a cyberattack.
As with all other aspects of your business that involve unpredictable risk and potentially catastrophic damage, you’d better be insured.
Given how new the market is, though, there are a few things you need to watch out for. As an insurance product, it’s basically brand new. There is no uniformity in coverage from one company or policy to the next. Even basic terms like “data breach,” “computer,” and “wrongful act” can vary significantly from policy to policy.