Insurance: Cyber Security

So, turns out not all of you have Cyber Security Insurance! In a Fraud breakout session at the TUG event, this was a hot topic. You really need to have Cyber Security in place. Don’t guess at the answers to the application questions; get the Tech team involved so the answers are honest and accurate. If you ever file a claim and the answers were not accurate and true, your claim will be denied!

Several in the room said that during a Cyber Security event, they were very thankful to have this insurance in place. If you don’t have Cyber Security insurance, we would be more than happy to help you fill out the application so you can put it in place.

In the roundtable discussion, one of the companies who experienced fraud had their claim denied. Turns out that someone other than the client signatory signed the check that was cashed. The bank’s signature card had electronic signatures only (not the signors’ signatures). Unfortunately, the company’s policy specifically excluded any fraud if the signature on file was electronic!

Read your policy (I know it’s boring) and be sure you know the details, or negotiate a change. The devil is truly in the details!

P.S. There’s an interesting Exclusion clause under ’Identify Recovery Coverages for Business Owners and Employees’ that I found in our policy. An ’identity theft’ that is not reported in writing to the police, within 60 days after it is first discovered, will be denied! —CMW