"Cyber Insurance" - do you have it?

Discussions
#1

An Aussie enterprise is currently piloting (paid pilot, I’m a disciple of Steli Efti so I don’t do free pilots :slight_smile: ) my software. I asked them if Legal needs to get involved (again, Steli alerted me to this kind of thing) and about a week later I was floored by the email from the in-house lawyer. Apart from 6-7 requests to change my Terms of Service, she asked what insurance I have.

I thus have hastily been looking around for insurance and got a quote ($3000) from the lady who runs http://databreachinsurancequote.com/

I’m wondering if anyone has a recommendation for a broker to use for this kind of thing or has an idea for coverage - for example, do hosting companies ever offer Insurance?

cheers!

#2

I suppose it has to be asked: You are charging them enough to justify all this hassle, aren’t you? As in, in the tens of thousands of dollars per year, to justify the extra work they are causing you?

1 Like
#3

Yes @shantnu it’s a low 5figure deal.

The insurance would cover more than just this account of course.

#4

Hi,

last year I did a low 5 figure deal as well and legal was involved. I talked to my lawyer and we refused every request to change the EULA. We don’t have insurance.

The customer did not care and bought anyhow. We sell a desktop software so your case may be different.

2 Likes
#5

Update:
I did get insurance from Christine at www.dataprivacyinsurance.com and have renewed it twice since. Hopefully I won’t need to use it!