The Ever-Increasing Need for Cyber Insurance

Church Law & Tax | 2/26/2019 | Staff
darkkazune (Posted by) Level 3
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While focused on American businesses, this item from The Kiplinger Letter offers some insights about inadequate cyber insurance coverage that can also apply to churches:

The rise in cyberattacks is upping demand for insurance, yet many US firms don’t have policies covering data. Only half of big businesses have coverage, and a mere one-fifth of [small companies do]. Even fewer are fully protected against cyberattacks. . . . As the industry standardizes policies and lowers prices, expect more [small companies] to opt in.

Insurers - Coverage - Policies - Costs - Hacks

Insurers are expanding coverage. Most policies cover costs related to hacks that compromise data. Covering extortion—ransomware and such—may be included. Some other business policies cover ransomware-related losses, but most don’t, as electronic data aren’t considered real property.

To find out what church leaders need to know about purchasing cyber insurance, see...
(Excerpt) Read more at: Church Law & Tax
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