In a society that seems to be experiencing increasing cyber security breaches, selecting the right cyber liability insurance from Axis Insurance Services is of paramount importance. When selecting the right policy for you, there are several things to consider.
- You should consider whether or not a policy covers business interruption due to a cyber security breach.
- You should understand how assessments, fines and penalties are defined and covered by any policy that you are considering.
- You should know how a policy works regarding timing and payments. Specifically, you want to know whether a cyber liability policy requires an insurer, such as Axis Insurance Services, to pay directly for any indemnity and defense related to a security breach or whether your business will be required to pay directly, then be reimbursed by your insurer.
- You should consider whether coverage includes a breach response team that is able to respond to any cyber security breach almost immediately, certainly within hours. This is necessary to mitigate and prevent any further damage.
- You should know whether a policy includes the hiring of a team of forensics investigators to determine the cause of the breach, thus assisting in preventing further breaches.
Many business owners do not understand the seriousness and their own susceptibility to a cyber security breach. Consult Axis Insurance Services to discuss your exposures and the benefits of coverage.