I bound a cyber crime policy on behalf of a client several years ago, when this topic was very new. This is complicated stuff. The real problem may be that most of us do not think maliciously enough to understand the risks. After lots of education on the matter, I learned that the threats are very real for all businesses. Previously, I was thinking only of big, flashy breaches like data theft from national retailers. Perhaps the most valuable components of a cyber crime policy are: a) the assistance you receive in identifying your cyber risks and best practices for mitigating these risks b) the resources that will be immediately available to you on an emergency basis, should a cyber incident ever occur at your company.
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What a GC has that a cyber-criminal wants is money! If they get into your computers and hold them ransom, they don't care what data they have held hostage. All they care about is that it is important to you and you will pay to get it back. Cyber insurance is just like any other insurance. When you need it, you are glad you have it.
Margo Ferguson, CPA
GH Phipps Construction Companies
5995 Greenwood Plaza Blvd, Suite 100,
Greenwood Village CO 80111
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