Insuring Against Cyber Attacks
Worried about protecting your company’s ability to do business on-line? Get yourself some cyberinsurance. Until recently, only one company would offer this type of high-risk insurance and rates were high. However, with the need for security increasing, cyberinsurance policies are becoming more common and perhaps somewhat more affordable.
Before you run out and purchase your own policy there are a few things to know.
You can probably expect your policy to cover the following:
Copyright and trademark infringement
Theft of information
Destruction or alteration of data
Insurance companies can also offer rewards for information leading to information or apprehension of cyber offenders.
But wait, there’s more. Currently, cyberinsurance policies vary in cost. While costs have come down due to increased interest in the insurance, a large company can expect to pay between $15,000 and $25,000 for a million dollars in coverage versus $45,000 to $50,000 for the same coverage a year ago.
You may also find yourself paying for a required company physical before you can be insured. The benefits can be that security leaks can be found and fixed as well as insured but the cost may be more than a smaller company can handle.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.