Cyber insurance has quickly become an essential coverage for many businesses, not just those in the technology sector handling sensitive information.
Businesses get breached / attacked from cyber criminals on a daily basis. Fixing a data breach usually requires cyber specialists to pinpoint the root cause of the problem, and the costs for repairing the issue can range from small to very large. If customer data has been breached, there is also statutory privacy remediation laws to consider, which can be difficult to navigate, and costly to manage. Finally, costs that you become responsible for may range from 3rd party costs (customers, suppliers etc.) as well as your own direct costs and loss of business income.
Cyber insurance is more than just an external breach of your systems, it can often be an employee accidentally doing the wrong thing. Mistakes happen, and with many business systems online, cyber insurance is a key risk management strategy to protect you from the downside of everything being online.