Don’t just assume you’re covered: Cyber Security claims under greater scrutiny

COVID-19 has prompted many businesses to organise their cyber insurance but insurers are being diligent and ensuring coverage is not being exploited. 

Companies are now expected to supply more details than they used to in regards to how they would respond to a data breach and what action they would take if hit by ransomware or any other form of cyber-attack.

As many employees are now set up at home for the unforeseeable future, the threat that accompanies remote working has meant insurers have had to reconsider policyholders’ security arrangements.

If you are the policyholder, it would be timely to review your current cyber policy to determine whether you have coverage for remote working cyber risks, which should be outlined in your agreement. Don’t just assume that your claim will be successful.

A data breach may not result in an automatic payment if you don’t give the right answers, as insurance companies are now adding more detailed questions to the surveys they use to calculate premiums and assess damages.

However, the best ‘policy’ your business can have is prevention. We specialise in Cyber Security and can ensure your business has the set up it should have to obliterate the risk of an attack.

This ‘new normal’ means premium IT infrastructure and security is in higher demand than ever before. Technology for Accountants is dedicated to attending global industry conferences and collaborating with the best international Cyber Risk Specialists, so we can bring the most effective products and services back to our clients.

If you haven’t done so already, please check your Cyber insurance policy today and read through the fine detail, so you can continue to have peace of mind. The absolute best response to COVID-19’s ‘new normal’ of remote working though is to have Technology for Accountants review your IT systems and eliminate the threat of a cyber attack entirely.