Fellow technophiles, Do any of your companies carry insurance coverage for cyberterrorism? The reason I’m asking is one of my consulting clients (billion+ annual revenues) sought a quote from an insurance vendor, and got a quote for an outrageously expensive premium, a 7-digit deductible, and a mere 8-digit policy limit. The coverage would be for internet media, security, cyber extortion, and information asset liability.
It was priced so high and the limit so low that it’s a no-brainer NOT to buy it. Is that the prevailing norm in the insurance biz, to make it so high-priced that no one bothers with it? If so, I’m wondering if it’s because the insurance folks don’t fully understand the technology they’re asked to insure. Or maybe the insurance agency looks at all IT infrastructures like they do flood insurance for double-wides parked down by the river – not worth the gamble. I’d be curious to know what other companies are doing.
