Ride the Lightning

Cybersecurity and Future of Law Practice Blog
by Sharon D. Nelson Esq., President of Sensei Enterprises, Inc.

BEWARE: 10 Things Your Cyberinsurance Policy May NOT Cover

January 25, 2018

As DARKReading noted in a post on January 23rd, there are no "standard provisions" in cyberinsurance policies – they are all over the map in what they do – and do not – cover. Frequently, law firms and other businesses think they are covered for specific things, when they are not.

Here are 10 costs that people most often mistakenly believe are covered.

  1. Financial loss during downtime.
  2. Losses incurred during a policy "waiting time."
  3. Third-party mistakes.
  4. New hardware.
  5. Software upgrades.
  6. Social engineering, including business e-mail compromise (BEC) attacks.
  7. Bodily injury/property damage.
  8. Fines and penalties issued by the Payment Card industry.
  9. Reputation damage.
  10. Loss from account takeover schemes.

Mind you, you may have a wonderful policy that includes all of things or at least a good policy that includes some of them. And you pay more for some of these things, which is always a factor in purchase decisions. But this list includes some of the misapprehensions about coverage most often experienced. Take a look at the post to get a fuller look at all 10 costs – and then go check your cyberinsurance policy to see if they are covered.

And if you don't have a cyberinsurance policy, time's a-wasting . . . .

E-mail: Phone: 703-359-0700
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