Friday, 26 August 2016

Buying Cyber Insurance: Choose Your Vendors

Cyber insurance is a more recent type of insurance but has grown to prominence in the past decade. The reason for this is not far-fetched with the ever increasing cyber-attacks all over the world. It has become expedient for businesses, irrespective of the scale, to buy cyber insurance. While buying cyber insurance, there are quite a number of tips you may want to consider – especially if it your first time.

In today’s post, we will be looking at the importance of selecting your own vendors and legal counsel. Most people just opt for and buy cyber insurance without really knowing the fundamentals of the policy. You should always ensure before purchasing the policy, you let the insurer know you would be picking your vendors and legal team.

If and when you suffer a data breach, the standard cyber insurance policy allows the insurer to provide the vendors and legal team. What this means is that third-party services would be hired to rectify or restore the damage. Sometimes you are responsible for the cost of these third party services. To avoid such misunderstandings, it is best to include it from the onset that you would be using your chosen vendors and legal counsel if you have them already.

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