Buying Cyber Insurance: Including BYOD to Your Policy

As important as cyber insurance, it does tend to have some gaps which need to be filled. The best way to fill these gaps is having proper understanding of the policy. When we talk about cyber-attacks, too often we focus our attention to business and business related devices and technologies. if we should take things as they truly occur in reality, we all would agree that employees often use their personal devices for work related activities.

As a matter of fact, some businesses even make this acceptable as they encourage it to boost productivity. Just like any device in your business is vulnerable to data breach, the same applies to those personal devices of your employees. The truth is that your standard cyber insurance policy does not include these employees’ devices to its coverage.

BYOD generally stands for ‘Bring Your Own Device” and covers all devices that are not registered to the business. So when reading through your policy, you should make it clear to the insurer that the term ‘computer system’ is not just limited to your business owned computer systems. Without the BYOD included in the policy, it means if the data breach occurs through your employee’s personal devices, the insurer would not take responsibility for such damage or loss.

Two Reasons Why Your Business Needs to Buy Cyber Insurance

Whether you have a big or small business, cyber insurance is one insurance policy to include in your for your business insurance. If you are still in doubt, here are some of the reasons we believe you should buy a cyber-insurance policy.

It’s not as expensive as you think

This is usually one of the biggest turn offs for many small businesses. When they think of cyber insurance, they think of several hundreds of thousands and sometimes millions. The reason for this is because the policy is still very new and there exist several variations of the policies and different insurers offering different premium rates. It is best you consult with a professional cyber insurance expert to tell you all there is to know about the available policies and matching premiums.

It offers more coverage than you know

Most people are not aware than cyber insurance policy can much more than just recovering of data. Policies that offer ‘first party’ coverage go as far as paying the business for things like business interruption, cost of hiring a public relation company for reputation damage and control. For small business, business interruption coverage can go a long way in helping the business stay afloat while it tried to stand back on its feet financially.