Introduction about the cyber insurance

Costs related to a cyber incident can easily reach six figures even for a small or medium sized company. As business is increasingly depending on digital assets including client data, the risks are also becoming digital. Criminals are targeting companies of all sizes and the probability of becoming a victim of a cyber attack is increasingly high nowadays.

Regardless of the security systems you have in place, there will remain some risk of a security breach. Traditional insurance solutions do not cover losses arising from cyber risks. To be financially prepared for such a situation your business needs cyber insurance.

Cyber insurance covers losses which affect you directly such as business interruption and notification costs. You may also be liable to your customers whose data can be compromised or be sued by third parties affected by the breach. Reputational losses can be reduced with timely and appropriate response by a PR professional. Additionally, the costs of investigating what exactly happened in the incident and restoration of computer systems are covered.