Choosing Excellent Insurance Coverage

4 Things To Consider When It Comes To Cyber Liability Insurance

As a modern business, you likely use networks and computer systems to store and collect information that is related to your business. With more of your business moving into the digital world, it is essential to have a cyber liability policy in place. In general, a cyber liability policy is there to help protect you against first- and third-party losses that occur to your digital footprint. With cyber liability insurance, it is essential to understand how it works.

#1: Business Interruption

If you are running an online website for your business, you will work with a service that hosts your site on the internet. Denial-of-service (DOS) attacks are targeted towards DNS servers. When a third-party DNS server experiences a DOS attack, your business's website can be impacted and shut down. This can interrupt your ability to provide services to your customers. Suppose you use a third-party network or services for your website. In that case, you are going to want to make sure your cyber liability policy extends to business interruptions due to third-party network failures from DOS attacks. 

#2: Coverage for Vendors & Employees

Next, you want to ensure the policy you choose will cover data breaches resulting from an employee or a vendor. Sometimes, a vendor will breach your data and access it in a way that they shouldn't. Sometimes a rogue employee will go off and access the data for other purposes. If employees or vendors have access to your network or website, you will want to make sure your cyber policy will cover incidents that vendors and employees cause.

#3: Make Sure Network Definition Fits Your Purposes

With a cyber policy, the policy will usually cover either a breach or failure of your network. What the word "network" means can vary significantly from one provider to the next, so you are going to want to check and see what they can be network carefully. You want to make sure the term that your insurance provider uses fits with how you use your network.

#4: Retroactive Date

The thing with cyber and data breaches is that they can happen without you even knowing it. It can take a while to detect and figure out that a data breach has occurred, which is why you are going to want to get the earliest possible retroactive date for your policy, so if something were happening that you were not aware of, you would be protected.

When it comes to getting cyber liability insurance, you will want to talk to an insurance agent about the details of the policy to ensure it will provide you with the coverage you need.