If, or more accurately, when your company is hit by a cyber attack, do you have what you need to recover? Do you know what kind of losses you can afford to absorb in your bottom line? How do you manage your risks? Have you thought about whether you need cyber insurance?
Back in 2011, Sony’s PlayStation network was breached; attackers compromised more than 77 million personal accounts, costing Sony an estimated $170 million. They thought their general liability insurance policy covered them, but they were wrong. Sony took their insurers to court, where the courts confirmed Sony’s policy didn’t cover the damages of the cyber breach.