Surging rates of cybercrime and ransomware have driven many organizations to explore cyber liability insurance offerings. Cyber liability insurance generally covers an organization’s liability for a data breach. Beyond legal fees and expenses, cyber insurance may help with notifying customers, restoring compromised identities, recovering data, and repairing or replacing damaged information technology (IT) systems.
As an MSP, you’ve likely designed and implemented protection strategies to safeguard not only the resources and data of your company, but also those of your clients as well. Unfortunately, as the threat landscape continues to expand, many insurance providers are restricting payouts by creating more claim exceptions and exclusions.
Most often, however, claims are denied due to lack of proper preventative practices and a failure to adequately document preventative measures.