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Cyber insurance is becoming increasingly popular. But what does it cover, what doesn't it cover and what should you be looking for when deciding on a policy?
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Cyberattacks of all types are an increasingly large problem for all
organisations, and as a result many are turning to cyber insurance as a
means of protection against some of the effects of an incident. But what
is cyber insurance, how does it work and what are some of the things
that your business needs to be considering when deciding on a cyber
insurance policy?
What is cyber insurance?
Cyber insurance – also known as cyber-liability insurance – is an insurance policy that helps protect organisations from the fallout from cyberattacks and hacking threats. Having a cyber insurance policy can help minimise business disruption during a cyber incident and its aftermath, as well as potentially covering the financial cost of some elements of dealing with the attack and recovering from it...
What sort of attacks result in cyber insurance claims?
Cyber insurance claims can be triggered by many sorts of incidents, but right now the most common are ransomware, fund-transfer fraud attacks, and business email compromise scams...
What is the future of cyber insurance?
As the frequency of cyberattacks continues to increase and cyber criminals get more brazen with campaigns, the way cyber insurance operates is going to evolve. As previously noted, cyber insurance providers are unlikely to want to offer policies to organisations that pay little attention to their cybersecurity.
Source: ZDNet
