The 6 Must-Haves for Your Cyber Security Policy

1. If you would like
more information
on our services,
please contact:
Bill Goddard,
CPCU
Principal
314.983.1253
bgoddard@bswllc.com
The 6 Must-Haves for
Your Cyber Security Policy
There are insurance policies available to help minimize cyber attack
damage, but coverage varies – make sure you have the right coverage
for your situation. Below are six criteria to keep in mind.
There are many different coverages offered
– some insurance companies offer more
comprehensive coverage than others.
The price is going up for this coverage because
of recent incidents. How can you“distance”
yourself from comparisons with recent
incidents?
1. Do you have a
state-of-the-art
policy?
6. Do you have
appropriate endorsements
to your policy?
Organizations that have been hacked generally
report that they lose business as a result of the
hacking. Consider your exposure and what
insurance limits you should purchase.
Laws require certain actions by the hacked
companies. Be sure your policy provides
coverage.
St. Louis
St. Charles
Glen Carbon
Toll-Free 1.888.279.2792
bswllc.com
3. Is your profit
insured?
4. Are your compliance
costs covered?
Contact Bill Goddard
Bill Goddard, Principal, Insurance Advisory Services, has spent decades
advising companies on risk management and insurance coverage
strategies. Bill is the former VP of Risk Management for The May Department
Stores, now part of Macy’s Inc.
“You can trust our advice since we’re independent, we don’t sell insurance.
We understand both the insurance coverage issues and the accounting for
business interruption losses.”
Just to notify everyone affected by a security
breach and to offer credit monitoring can cost
over $1 per individual. Target lost over 110
million records in 2013 – that’s $110 million
just for required procedures.
The coverage offered by the insurance
community varies so you need to consider your
needs, e.g., if you need coverage for a public
relations firm to help you through the issues
that arise from a cyber attack, etc.
5. How much information
do you store?
2. Are you paying
too much?