Does your cyber risk insurance policy offer the coverage you need? Many organizations may not be aware that common exemptions found in some policies can impact the value of your coverage.
MVECA recommends evaluating your agency's policy for the following:
- Exclusions for any suit brought resulting from the compromise of electronic information that is not encrypted.
- Ambiguous terms such as “reasonable and industry-accepted,” “appropriate physical security,” etc.
- Exclusions of losses caused by malware that is not recognized by anti-virus programs.
- Exclusions for “reckless disregard."
- Exclusion for any criminal, fraudulent, or dishonest acts committed by an unidentified “you," with no clarification.
If you find any of these exclusions or ambiguous terms in your policy, contact your insurance agent to discuss options for more comprehensive coverage to protect your organization.