Mitigate the risk of cybercrime activity – cyberattacks & data breaches.
Cyber Liability Insurance
Cyber Insurance is a product that enables businesses to mitigate the risk of cybercrime activity like cyberattacks and data breaches. It protects organizations from the cost of internet-based threats affecting IT infrastructure, information governance, and information policy, often not covered by commercial liability policies and traditional insurance products.
Cyber insurance coverage works the same way as businesses would purchase insurance against physical risks and natural disasters. It covers the losses an enterprise may suffer due to a cyberattack.
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Why Is Cyber Insurance Important?
Cyber insurance is increasingly becoming essential for all companies as the risk of cyberattacks against applications, devices, networks, and users grows. That is because the compromise, loss, or theft of data can significantly impact a business, from losing customers to losing reputation and revenue.
Enterprises may also be liable for the damage caused by the loss or theft of third-party data. A cyber insurance policy can protect the enterprise against cyber events, including acts of cyber terrorism, and help with the remediation of security incidents.
Commonly Asked Questions
s Cyber Insurance only for large businesses?
No, Cyber Insurance is relevant for businesses of all sizes. Small and medium-sized enterprises (SMEs) are increasingly targeted by cyber threats, and the financial impact of a cyber incident can be significant. Cyber Insurance provides valuable protection to help businesses recover swiftly.
What steps can businesses take to lower their Cyber Insurance premiums?
Implementing strong cybersecurity measures, conducting regular risk assessments, and providing employee training on cybersecurity best practices can positively impact premiums. Insurers often reward proactive risk management practices.
How does Cyber Insurance handle ransomware attacks?
Cyber Insurance typically covers the costs associated with responding to a ransomware attack, including ransom payments (if deemed necessary), forensic investigations, and data restoration expenses. However, policies may have specific conditions and limitations, so it's crucial to review the coverage details.