Protecting your organization from cyber-attacks is vital. However, safeguarding your business data is not enough. Cyber-attacks are increasing in frequency and severity. In October of this year, a massive DDoS attack downed a number of major websites across the United States and Europe. Without access to these sites, numerous companies were unable to perform their most basic functions.
This is where specialized business interruption insurance proves its worth. Network Business Interruption (NBI) insurance provides coverage for businesses that lose income due to network security breaches. What situations the insurance covers depends on the type of plan selected as well as the wording of the policy. However, most insurance companies that provide cyber liability insurance include NBI coverage in their standard plans.
Another area of cyber liability that businesses need to look into is DDoS attack coverage. Without DDoS attack coverage, business owners leave their company vulnerable. Ensure your policy explicitly states it covers DDoS attacks to ensure full coverage.
In addition, business owners should verify their policy covers losses due to attacks on third-party computers. This is because many companies employ outside vendors for data and networking services. Check that your policy provides coverage for third-party vendors as well as how much and what they cover.
As the landscape of cybersecurity evolves to handle new threats, so too should your company’s cyber liability insurance. To learn more about NBI insurance, contact the experts at Leverity.