Cyber liability insurance protects your business against the financial and physical consequences of cyber attacks. These policies cover a range of possible problems including some lesser-known complications such as bricking and betterment. Some policies give you automatic bricking and betterment benefits; others use these features as optional coverage.
What are bricking and betterment benefits? Why should you consider including these options in your policy?
What Is Bricking Coverage?
If your company's computers or network are a target of a cyber attack, then you could be left with some IT damage. In some cases, you can fix damage and get your computers or network working again. However, sometimes damage is irreparable, and you won't be able to use some or all of your equipment or software after an attack.
For example, a ransomware attack could leave a computer unusable. If an attack locks an infected computer, then you might not be able to clean up the machine or get it working again. At this stage, the computer is known as "bricked." You can't use it or repair it. It's as much use to you as a brick.
In these cases, you'll probably just have to replace the computer. Even if your problems are restricted to one machine, this can be costly.
If your cyber liability policy includes bricking coverage, then your insurance company will help. If you have broken machines or equipment which are beyond repair, then they cover these costs. You won't have to pay out-of-pocket replacement costs.
What Is Betterment Coverage?
While your computers, network, and software might meet recommended cyber security standards when you take out your insurance coverage, technology can change. Cyber criminals are also becoming more sophisticated all the time. They work out ways to bypass current security standards.
So, a future attack could breach a system which you thought was robust enough to cope. It could cause systems to fail. You might have to pay to upgrade your machines, network, and software after an attack to make things more secure.
If you make sure that your cyber liability package includes betterment coverage, then you won't have to cover these costs. Betterment options help you improve your security to bring it up to date so that you're less likely to have cyber security problems in the future.
So, both bricking and betterment features could save you money in the event of an attack. To find out more about your options, ask cyber liability insurance services for advice.
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