CYBER INSURANCE COVER, are you really covered?

Insurance is an accepted risk mitigation strategy as documented in the risk frameworks available, but the complexity of the Insurance industry and policies and rarely understood, especially when it is a new product which had been launched.

Before taking out cyber insurance, it may be advisable to ensure that:

• You understand what a loss event according to the policy would be, with specific focus on what is excluded from the cover.
• What the impact would be of non-compliance with the requirements set as part of the policy.
• The evidence required to prove to the insurer that the required controls were in place prior to, and during the event which resulted in the loss.
• How losses would be calculated and what portion would be paid.
• How negligence of employees will be handled.
• The impact and coverage of non-compliance with legislation and the payment of the associated fines.
• The failure to implement controls, especially where the controls are costly and resource intensive.

Make sure that you are satisfied with the above before you sign the dotted line and pay for cover you may not understand.

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