I’ve heard from a few clients and prospects lately that they’ve heard that even if you purchase insurance to protect your technology and data assets, your claim won’t be paid. This is NOT TRUE. There is clearly a divide in the marketplace of companies who “understand” technology risks and companies who don’t. Although the form and coverages may be very similar, the companies who actually understand the risks are also the ones who will actually pay your claims. When a business is shopping for policies and comparing policies, they may see two identical policies from two different companies but one is significantly cheaper. The reason it may be cheaper is because that company doesn’t “understand” the risk. If you’re faced with this decision, make sure your broker helps advise you if that company has a history of paying their technology claims or not.
Will your cyber liability claim actually get paid?