If you own a car, you most likely have a policy to protect you in case of an accident. You could even decide to be extra careful by driving safe to avoid filing a claim. With cyber security, how careful can you really be? If your business is internet-based, you are already susceptible and a target for cyber-attacks. This is what cyber insurance hopes to help protect you from. Before you go and purchase a cyber-insurance policy, you should ask these questions.
What Stage of the Incident Response Process Will You Be Responsible For?
The Incident Response Process is divided into 6 main stages: preparation, identification, containment, eradication, recovery, and review. No cyber insurance policy covers all 6 stages. So it is best you ask the insurer the exact stages you would be responsible for. This will help avoid any misunderstanding in the future.
What Cyber Security Measures Must You Have in Place?
Before buying any insurance policy, the insurer usually requires an inspection to be conducted. There are certain measures you would be required to put in place. The same applies in cyber insurance. There are basic cyber security controls your business must have to qualify you for the policy. If you are not clear or unsure, you can always ask your cyber insurance expert.
What is the Maximum Payout Offered by Your Cyber Insurance?
With the increase in cyber-attacks and as more businesses opt to buy cyber insurance, insurers usually have a limit or cap for maximum payout. Be sure to know the amount your present policy offers as maximum payout. This will make you more prepared to bear some level of risks, if there is need for it.