Cyber Insurance Does Not Pay out for Human Error

Insurers will always work to limit their risk, so it is important for the buyer to be aware of what is in the fine print of any policy. Particularly with the recent WannaCry Ransomware insurers and claimants are you going to be very sensitive right now. That means it is important to know what you are paying for, and what responsibilities everyone has.

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There are three issues you need to be aware of when you buy a cyber security policy, or when you review your existing policy:

  • Is a known vulnerability that you have not patched a pre-existing condition?
  • Should an un-patched system be covered under a clause for errors and omissions?
  • When an employee falls for a phishing attack and infects the network that way, is that covered?

"The Wanna-Cry worm is one of the most significant and virulent forms of malware ever seen and therefore the insurance industry is taking notice," Pascal Millaire, vice-president and general manager for cyber-insurance at Symantec, told eWEEK.

Call your agent today and setup a meeting to go over your policies with them, ask questions and make adjustments when necessary.


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