Hacking continues to make headline news and the insurance industry sees opportunity. The insurance policies that protect businesses against cyber damage and lawsuits have become a very lucrative business, and IT services like ours located in Cape Cod, MA remain very busy. Your company may already have cyber security insurance, and that’s a good thing. But that doesn’t mean that you don’t have a job to do.
When you buy a car, you get a warranty. To keep the warranty valid, you must perform regular maintenance at regularly scheduled times. Cyber security insurance works much the same way. If your company’s IT support team isn’t keeping systems patched, firewalls managed, and the network up to date, it’s a lot like neglecting to maintain that car.
Check out this real-life policy exclusion we recently uncovered. The exclusion doesn’t cover damages: “arising out of or resulting from the failure to, install customary software product updates and releases, or apply customary security-related software patches, to computers and other components of computer systems.”
If your cyber security breach leaves client and partner data vulnerable, you could be sued for failing to protect that data. All of this is not to say that you shouldn’t have cyber insurance, or that it’s not going to pay out in the case of an unfortunate cyber security breach. When your cyber insurance policy is voided because of IT support negligence, you won't be covered in legal damages either.
iMedia has had years of helping customer IT support and now offers our clients cyber insurance umbrella coverage. Call 508-790-4171 to schedule your Cyber Security Assessment or sign up at https://www.iMediaTech.com/DontBeAduck/
