Hacker Insurance Provides Security, Peace of Mind | AccountingWEB

Hacker Insurance Provides Security, Peace of Mind

Anyone stung by the ILOVEYOU virus this past Spring knows how devastating the loss of data can be to business or personal records. Because businesses want to ensure their records are secure from hackers, a company called Counterpane Internet Security announced Monday that it has joined with Lloyd's of London to provide such coverage.

The insurance policy will provide coverage to companies for losses up to $100 million based on security breaches in network security and e-commerce.

The insurance coverage includes Internet asset and income protection coverage, which provides insurance for loss of, or damage to, information assets (e.g., data, customer lists, credit card numbers, budgets, proposals, work papers, or any other digital information) resulting from a breach of security or technology failure. The insurance
also covers business interruption due to loss of use resulting from a breach of security.

Companies must pass a strict audit in order to attain the hacker insurance coverage.

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