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A Lawyers Guide to Cyber Insurance: 4 Basic Tips
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REISEN1955
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REISEN1955,
User Rank: Ninja
7/15/2019 | 9:49:29 AM
Monetary protection only
Does not PREVENT or REMEDIATE a breach!!!   This is for the accounting department - gee, 14 million records stolen and personal data exposed BUT the firm can survive the financial loss!!!  WE HAVE INSURANCE.  Oh, that is a signal for the Lawyers to file lawsuits - why? THE CASH IS THERE.   But it does nothing to prevent or take action during or after a breach.  Does it??? 
mcavanaugh1
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mcavanaugh1,
User Rank: Strategist
7/16/2019 | 8:12:38 AM
Re: Monetary protection only
No, not all Cyber Insurance policies are limited to monetary protection.  Many carriers providing standalone Cyber Insurance policies provide Pre-breach Risk Management services including policies & procedure templates, pre-beach consulting, and training to ultimately provide education to companies.  Some will also provide active monitoring, vulnerability scans (limited in nature), phishing training for employees, table top exercises, and hardware/software to help protect the insured company's network.  These can all be provided to an insured company for no additional cost.

The marketplace is adapting to include post-breach remediation as well.  Some carriers will extend consulting services to provide recommendations and others will pay to remediate any issues to avoid breaches going forward.  This can include replacing hardware, upgrading systems or simply rolling out patches depending on the consultant's findings.

There is a lot of misinformation out there lately with Insurance companies denying coverage under a Cyber Insurance policy.  The most recent is the War Exclusion issues.  In the case of Mondelez the articles/stories rarely explain that Mondelez did not have a Cyber Insurance policy but rather they were trying to file a Cyber claim under a Property policy not designed to cover that exposure. 

Your best bet to get covered is to work with an agent/broker that knows the coverage and works with Insurance Companies that have been in the marketplace for long enough that they have handled many many claims and offer a comprehensive policy with risk management services. Premiums for these policies can be as low as a $500-$700 inclusive of the coverage & services.
REISEN1955
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50%
REISEN1955,
User Rank: Ninja
7/16/2019 | 8:32:05 AM
Re: Monetary protection only
Point taken and it would be wise for insurance companies to provide these services and also make sure their suggestions ARE being carriesd out !!!   Periodic review would be mandatory.  


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