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Cyber liability insurance

PostPosted: Wed Oct 13, 2010 5:20 pm
by subversive
aka website insurance. Anyone know anything about this? What does it typically cover, premiums, etc.?

Re: Cyber liability insurance

PostPosted: Thu Oct 14, 2010 1:18 pm
by Guy In Suit
Well, assuming it is like other insurance, it typically covers nothing of use and the premiums are too high ;)

Re: Cyber liability insurance

PostPosted: Sat Oct 16, 2010 2:20 pm
by Charlie
As I understand it, this type of insurance is very expensive relative to other more typical varieties. The risk assessment used to establish cost is not well defined compared to areas like fire insurance for example, and as such you pay a very high price.

I believe there is quite a variety of coverages, ranging from loss of revenue for online sales, to coverage against lawsuits by customers for identity theft if your systems are hacked and personal data is stolen.

Again, I don't know all that much about it, more hobby interest than anything else, but most companies generally ignore it unless they retain large amounts of identity information, like medical records, or are involved in some form of software as a service, like logistics managment, where customers can suffer extensive damage due to downtime in your website.