As online threats continue growing, businesses need to consider securing cyber insurance policies that can help defray the costs of an attack on their network or a theft of their employees’ or clients’ personally identifiable information. For some companies coverage is an absolute necessity.
Businesses are faced with increasing threats and cyber criminals are constantly working to devise new ways to infiltrate organizations’ databases and extract information or find some way to monetize their hacks, like in the case of ransomware.
Cyber insurance can help your business recover from these events, but as with all insurance, there are risks that are covered and those that aren’t – and you often will have a certain amount of time to file a claim once you’ve incurred damage.
Your claim may be denied if you file too late, don’t understand your coverage, don’t understand your exclusions or don’t get the insurance company involved early enough, according to the insurance news website PropertyCasualty 360. How to Avoid Having Your Cyber Claim Denied