Over the years, cyber insurance are getting more and more popular among businesses. With the increase use of technology in the workplace, cyber insurance is starting to play a crucial role in the business world. Many insurance industry watchers also believes that clients will soon expect cyber insurance to part of every business insurer’s product line. However, like any business insurance, cyber insurance coverage varies by insurer and policy. Therefore we believe that businesses should be educated on their selection of the “right” cyber insurance which consist of the coverage that the business would need in their protection of data. When comparing policies among insurers, businesses should identify key features that are important in covering the business in the even of a cyber-attack. This could include:

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• Coverage of the policy
• Legal Protection
• Cyber Solution
• Exclusions

Businesses may also inquire on the following special circumstances and limits to better identify policies that meet your business needs. Some factors to consider are:

• Does the insurer offer one or more types of cyber insurance policies or is the coverage simply an extension to an existing policy?
• Does the insurer offer customization in the policy?
• What are the deductibles? Be sure to compare deductibles closely among insurers..
• How does coverage and limits apply to both first and third parties?
• Does the policy cover any attack to which an organization falls victim or only targeted attacks against that organization in particular?
• Does the policy cover non-malicious actions taken by an employee?
• Does the policy cover social engineering as well as network attacks?

Tip: Many insurers offer a checklist of coverage items which allows potential clients to compare against their competitors. Use those checklists to add to your list before starting your research in earnest.