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As hacking hit the headlines in the last few years — most recently “WannaCry” which targeted businesses both large and small — insurance policies protecting businesses against damages and lawsuits have become a very lucrative business indeed. Your company may already have cyber insurance, and that’s a good thing, but that doesn’t mean that the insurance will cover you no matter what.
When you buy a car, you get the warranty. In order to keep that warranty valid, you have to perform regular maintenance at regularly scheduled times. If you neglect the car, and anything fails, the warranty won’t cover it. You didn’t do your job, and the warranty only covers cars that have been taken care of.
Cyber insurance works the same way. If your company’s IT team isn’t keeping systems patched and up to date, practicing active measures to prevent ransomware and other cybercrime attacks, and backing everything up in duplicate, it’s a lot like neglecting to maintain that car. So, when something b...