When you think of the cyber world, you may associate it with the dangers out there. Whilst you can take steps to be secure, such as education, training and investing in state of the art defences, the worst can inevitably happen sometimes.
So, if a disaster does strike, what can you do? One emerging way for companies are lightening the pressure on them is by purchasing cyber insurance.
Defined by insurance giant Allianz, cyber insurance is "flexible, simple and broad cover to ensure a company is fully protected in the event of a data breach or a cyber-security incident."
Best thought of as a form of coverage - cyber insurance can help cover the data recovery costs you could face when dealing with the aftermath of successful phishing or ransomware attacks.
Cyber insurance moves some of the costs to the insurer in exchange for a recurring monthly or quarterly fee. There are usually numerous policy options available, alongside optional add-ons for extra protection.
Now we've established what cyber insurance is, what does it cover? Examples include:
Given the ever-changing nature of the internet and the threats out there, it could be argued that any organisation with a digital presence needs cyber insurance coverage.
A common misconception banded around is that their organisation may be too small to warrant paying out. However, as attacks occur every few seconds, those in the SME space are far from safe - meaning it's relevant to all organisations.
However, it's especially important if you're a business that handles:
More and more people are of the school of thought that you may need to invest in cyber insurance, whilst some continue to remain sceptical. With many brokers now offering some form of cyber insurance, it doesn't look to be going away any time soon. So, is it right for you?
If you're unsure, turn to the experts and get advice to see if it fits your business. Equally, stay tuned to Fifosys' social media channels for updates on an upcoming debate on the topic.
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