When a business experiences a data breach and files a cyber insurance claim, it is possible that the policy coverages may be too low to cover the full extent of the damages and losses incurred by the business. This can be a major problem for businesses, as they may be left with significant financial burdens that can be difficult to bear.
If a business discovers that its policy coverages are too low to cover the data breach expenses, there are a few options available to it. One option is to negotiate with the insurance company to increase the coverage limits. This may be possible if the business can provide evidence that the damages and losses exceeded the existing coverage limits.
Another option is to purchase additional coverage through a separate policy or endorsement. This can help the business ensure that it has sufficient coverage in the event of a data breach or other cyber incident.
One way that businesses can use the North Bridge Cyber Security Risk Assessment process to learn how much coverage they should have in the event of a data breach is by working with a North Bridge consultant to identify their specific risk profile and needs. The assessment process includes a review of the business’s current security practices, policies, and procedures, as well as an analysis of the potential risks and vulnerabilities that the business faces. Based on this information, the North Bridge consultant can provide recommendations for the level of coverage that the business should have in order to adequately protect itself against potential cyber incidents.
Overall, if a business experiences a data breach and discovers that its policy coverages are too low to cover the expenses, it has a few options available to it. By using the North Bridge Cyber Security Risk Assessment process, businesses can better understand their specific risk profile and needs, and take steps to ensure that they have sufficient coverage in the event of a data breach or other cyber incident.