What is data restoration coverage?
Data restoration coverage means that the carrier will cover the cost to basically get your system and data back to where it was before the cyber incident occurred. That is going to involve a number of different things. The first typically is the costs related to forensics, when you bring a firm in to identify what exactly occurred. Then there is the cost to remove the virus or whatever was placed in the system that created the incident. There is also the cost to reconfigure the system back to the way that it was, and to get the data back to the same place it was, whether it must restore from a backup or recreate in another way. Those are typically the costs that are part of this coverage.
What are the differences between different policies?
There are a couple of differences that you should pay attention to. The first being when this coverage is made available to you or triggered as they say. Some will require that the event itself be from a malicious act as opposed to from a misconfiguration issue that was generated by someone affiliated with the organization. Other coverages will require prior consent from the carrier before they agree to cover the specific costs. You are going to want to pay close attention to exactly what the language is and how it responds or would respond to you.
What should businesses be paying attention to in regards to this coverage?
Businesses should pay close attention to the language and make sure that this coverage is in fact a part of their cyber insurance, and that the limits are large enough. At the end of the day, the one thing you are going to want to do as soon as possible is to get your systems back up as running after a cyber security incident and this coverage can help you do it. It is a critical part of your overall cyber insurance plan.