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Many of the cyber risks discussed today revolve around outside intrusions such as data breaches, viruses, or reputational risks brought on by improper social media use. Another significant risk that must be considered is a major data loss event, whether caused by a technical malfunction or a non-technical property loss such as fire or water damage. While you cannot guarantee a data loss will not happen, there are ways to indemnify and protect yourself if you experience such a data loss.
Don’t Lose It Over a Data Breach
A property insurance provision to ensure is in your policy is Electronic Data Processing (EDP) coverage. EDP generally covers computers, computer programs, and data. Oftentimes, this equipment and data are critical and of high value to a company’s business. A sudden loss could be financially catastrophic and result in major business delays. Another type of coverage to consider is Electronic Data Loss (EDL) coverage. EDL generally covers lost or damaged electronic data, e-commerce coverage, and interruption of computer operations. There are some exclusions to note, such as employee actions or your own mistakes, but can offer broader data protection and higher limits than EDP.
To properly manage your risk - in addition to insurance coverage - a proper disaster recovery plan should be in place. This can include dedicated, secured off-site backup servers (in addition to your on-site server[s]), remote cloud storage, or hard-copy backups of your most critical documents.
At The ALS Group we believe that you can’t be too careful when it comes to your data. We work with clients to get the right coverage for their individual data exposures, and build a strong disaster recovery framework with highest level of mitigation possible. Contact us to discuss how we can strengthen your plan and your coverage.
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