General Category > General Questions
Cyber Insurance Policy?
Christy:
Who has cyber liability on their business insurance policy? It's a new type of coverage and seems like a good idea. It covers cost of breach notifications, data theft, pays in the event that the medical billing company somehow lost/damaged a client's files/software...
Billergirlnyc:
I added this to our policy as well. Thankfully no issues but it's an added bonus and more padding for the biz - IMO.
PS: So good to see you on the boards again, Christy and you seem to be making tons of progress, VERY HAPPY for you! ;D
PMRNC:
I have a similar Ryder on my policy as well, it's not separate coverage but just a rider. Just remember it's only insurance to help cover legal expenses, it will not cover you against compliance breaches and sanctions and you have to have a compliance plan/model. My carrier makes me update mine every 2 years.
Christy:
thanks Miss Dee ;D and Linda!
It covers data breach response and data breach defense....
PMRNC:
--- Quote ---It covers data breach response and data breach defense....
--- End quote ---
Correct.. with the operative word being "defense" Just like any other "insurance" there are some that believe it's a bullet proof vest. If you don't take steps (not pointing you out at all!!! Just for some who may not know) in ALL proper procedures of compliance, have a compliance plan, there is no defense against sanctions, penalties, etc. So if you have this policy and rider but no compliance plan and you ever have a problem.. "you are up shits creek without a paddle" Pardon my French. And of course it goes w/out saying that there is no defense for fraud/abuse.
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