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.
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