Especially for software and tech-forward businesses, there is no substitute for a good security reputation with your customers. Cyber Security insurance has the aim of making a company whole for a specific attack. That said, customers want their data to be safe no matter where it is. Even if they trust the solution, you'll want to reassure them and try your best to keep them from looking at other providers.

While cyber insurance policies can vary in their coverage and exclusions, one thing that many policies do not cover is intentional or criminal acts committed by the policyholder or their employees. This means that if the policyholder or one of their employees intentionally causes a data breach or engages in cybercrime, the insurance policy may not cover the resulting damages or losses. Additionally, some cyber insurance policies may have exclusions for certain types of cyber threats, such as attacks carried out by nation-state actors or losses resulting from social engineering scams. It is important to carefully review the terms and exclusions of a cyber insurance policy to understand exactly what is and isn't covered.

Cyber insurance is designed to protect businesses against financial losses caused by cyber attacks. However, it does not cover physical damage caused by cyber attacks. This means that if a cyber attack results in physical damage to the business premises, such as a fire or explosion, the costs of repairs or replacement will not be covered by cyber insurance. Businesses need to ensure they have adequate insurance coverage for both cyber and physical risks to fully protect themselves against losses.

While cyber insurance policies have become an indispensable part of an organization's security framework, it is important to note that they do not provide complete protection against all types of cyber threats. Social engineering attacks, where hackers manipulate users to obtain sensitive information or privileged access, are one such example. Despite being a major source of data breaches, cyber insurance often excludes coverage for these attacks as they are difficult to defend against and involve human error. Thus, organizations should complement their cyber insurance policies with effective security awareness training and incident response plans to mitigate the risks posed by social engineering attacks.

Keep an eye on your laptop, cyber insurance doesn't cover loss of property, and many companies don't even consider it a potential case. However, this can be problematic since a company laptop with all the company logins and data can become a dangerous weapon in the hands of a competitor. Fortunately, commercial property insurance offers a solution to this type of threat.

One thing that cyber insurance does not cover is intentional acts. This refers to acts committed with the explicit intention of causing harm or damage to computer systems, networks, or data. Cyber insurance policies specifically exclude coverage for losses arising from these types of intentional acts. Examples include insider theft of company data, cyber sabotage, and deliberate transmission of malware or viruses. Furthermore, any illegal acts or acts of fraud are also typically not covered by cyber insurance policies. It is important for businesses to carefully review and understand the specific exclusions in their cyber insurance policies to ensure their coverage meets their needs.