Cyber security is one of the fundamental issues of business in the digital age and there are a host of widely differing offerings from the risk management and insurance industry.
Together with our colleagues in TechAssure we have developed a leading resource base for advising on cyber risk, available only to our clients.
Policy wordings are constantly evolving requiring an insurance professional to compare one with another, and to additionally confuse matters many mainstream policies, like Professional Indemnity carry cyber extensions of greater or lesser value.
Rather than buying a policy “sold” by a broker, the place to start is assessing the risk and then finding the right cover to address this.
Questions to ask are:
- What is the extent of my role and our responsibility under legislation and under contract ?
- Will we have regulatory cost to rectify the situation, or an internal cost to pacify a regulator ?
- Will we have a financial liability to those whose data is exposed?
- Will we have a loss of trade because we cannot operate?
- Will we have brand and reputation damage?
- What territories are we exposed in – and are the above answers different in differing territories?