Cyber Insurance: Is Your Restaurant Covered When Things Go Wrong?
A cyberattack can create much more than an IT problem. A data breach, ransomware attack, social engineering scam, or business interruption can quickly become a significant financial loss for your restaurant.
That’s where cyber insurance can play an important role.
In this Safety Jake video, we take a quick look at why restaurants should consider cyber coverage and some of the exposures it may help address, including:
- Data breaches and privacy incidents
- Ransomware and cyber extortion
- Social engineering and fraudulent payment schemes
- Business interruption following a cyber incident
- Compromised email and other cyber-related losses
- Certain costs associated with responding to a covered cyber event
But there’s an important catch: cyber insurance isn’t a substitute for cybersecurity.
Insurance carriers may have specific requirements involving multi-factor authentication, backups, employee training, security controls, and other safeguards. And coverage varies by policy.
The best time to find out what your cyber policy covers is before the cyber incident happens, because discovering a coverage gap after someone has stolen your money is a pretty lousy time to start reading the policy.
Talk with your insurance professional about your restaurant’s cyber exposures and whether your current coverage is designed to address them.