Before purchasing cybersecurity insurance for your business, be sure you have a thorough understanding of what is covered.
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Cybersecurity insurance is being heralded as a viable solution for recovering from a cyberattack. However, Jeff Bounds, in his D Magazine article The Pros and Pitfalls of Cybersecurity Insurance, suggests it might be more complicated than just purchasing a new policy.
“Large players like AT&T have come forward with insurance to offer protection and help companies recover in the wake of data disasters,” writes Bounds. “But the relative novelty of the policies can make it difficult to know what they will and won’t pay for.”
And that’s not the only consideration. “On the other side, insurers are struggling to determine what damages they should cover from tech crimes and what they should charge for premiums,” adds Bounds. “That’s partly because corporate secrecy about hacks means…
