We’ve talked a lot about cyber liability insurance and how to protect yourself as a company from data losses and cyber losses by purchasing a cyber insurance policy. That certainly is the way to go and it covers a lot of different expenses, but there are also other ways to get covered. There may be additional coverages that you can get by using a data recovery company. Here’s an example, this company called Rubrik, (we’re not associated with them, we’re not affiliated with them, and we have never done business with them) But this is like a lot of other tech companies where what they represent and what they offer is if you contract with them for your data warehousing, so your servers your data and your programs are all hosted in their data center, in the cloud. And they provide security protection cloud coverage and if God forbid something happens, they have what’s called a warranty. It’s not insurance. It’s a warranty of up to $5 million ransomware recovery warranty. And it talks about what the terms and conditions are. There are probably limitations in certain areas. But it’s another way to have protection. And presumably, if they’re putting 5 million of their money on the line for each client, they’re going to do a lot of things that will try to prevent that event from happening in the first place. And they may have best practices they use internally and they might give you some procedures to use at your facility for practices you can undertake to help protect these ransomware events from happening in the first place.
So there are many layers of protection you can have, obviously one layer is procedures, but there are external costs and compensation that come from various sources it could be insurance, it could be warranties, it could be different types of organizations that you’re already a member of that have reimbursement for losses. So take a look at all those and again the cost of doing this data warehousing might be more than it’s worth to get the 5 million. I mean they cover a lot of big companies. They have a list on here you know Kellogg’s and Verizon and Mazda are their clients. But presumably, if they’re hosting data for those companies they probably know what you’re doing and may be able to help you out.
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A cyber liability policy can help cover your business and keep you updated with industry tips like this one. Get in touch with us today to learn more about cyber liability insurance coverage, or set up a no-obligation consultation with a commercial lines expert through TelaClient.com.