Simply purchasing a cyber policy with sufficient limits is not enough to secure protection. (Photo: Shutterstock)
This year has seen an escalation in ransomware attacks — the chief current headline-grabbers — and in other forms of cyberattack, including evolving and ever-more sophisticated phishing schemes. Indeed, the 2021 Verizon Data Breach Investigations Report released in May found a 6% increase in ransomware attacks and an 11% increase in phishing schemes over the last year. More than ever, cyber insurance liability policies have become a critical part of a business's insurance program.
Simply purchasing a cyber policy with sufficient limits is not enough to secure protection, however. Cyber policies are often mined with requirements and conditions to coverage that insurance companies commonly invoke to deny or reduce coverage. Maximizing coverage requires vigilance before an incident occurs and throughout the claims process. The five steps outlined below will help your business reduce its potential exposure and maximize its insurance recovery in the event of a cyberattack.
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