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.
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.