Breaches, ransomware and fraudulent wire transfers are often excluded or sharply limited under standard business policies.
The short version
Cyber policies differ in what they pay for. Ask what is covered for response costs, lost income and funds transfer fraud.
What to know
- Applications often ask about security controls such as multi-factor authentication and backups
- Fraud and social engineering coverage is often sublimited
- Cyber insurance does not replace good security practices
Questions to ask
- Does it cover funds transfer fraud?
- What are the sublimits?
- What controls does the insurer expect?
General information only. Actual coverage depends on your policy, and coverage is not in force until confirmed in writing by the agency.