Cyber Insurance, an essential weapon for your company. In the modern world of the internet, cybercrimes especially data breaches are becoming a commonality for companies, small and large scale businesses and even corporations. Such breaches are inevitable and most businesses know that they are going to happen over time. They leave businesses with huge and irreparable data losses and the risk of bankruptcy. Because cyber security threats are only overcome by taking expensive measures that cost a lot more than what most businesses can pay for.
More cybercrimes such as eavesdropping, phishing, viruses, worms, scams, hacking, intrusions of various kinds, and denial service attacks also contribute to the increasing need of cyber security for businesses. Currently, a large industry including McAfee is carrying out research efforts centered on creating and devising tool and technologies that can detect cyber security threats and abnormalities in the cyber infrastructure. Despite these efforts over the last decade, cyber security methods and techniques have failed to achieve the perfect or near-perfect security protection due to software, hardware, and cryptographic methodologies. The failure arises because of a number of reasons, a few of which are given below:
Therefore, all cybercrimes make businesses vulnerable as they have no sound means of risk management whatsoever. And in order to plan risk management, businesses need to figure out what measures need to be taken separately for distinct types of risks. One such essential measure that proves vital in solving their problem is an insurance called the Cyber Insurance.
What is Cyber Insurance?
Cyber Insurance, sometimes also referred to as cyber insurance policy, cyber liability insurance coverage, and cyber risk insurance, it helps businesses and organizations in covering up the finances related to the loss of information or damage to networks and IT systems. Cyber Insurance also protects businesses from various risks that are related to information technology activities and infrastructure. It has its roots in Errors and Omissions (E&O) insurance and started getting the attention of mainstream IT companies back in 2005. Currently, at least one in three US companies has some sort of Cyber Insurance and the total value of premiums of Cyber Insurance are forecasted to reach $7.5 billion by the year 2020.
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As previously mentioned, both prevention of cyber risks and maintenance of cyber security are expensive responsibilities. According to a UK Government survey, the average cost of a cyber security breach can be anywhere from 600k GBP to 1.15m GBP for large scale businesses and from 65k GBP to 115k GBP for small businesses. So, although previously existing insurance policies including business interruption, commercial property, and professional indemnity insurance provide some coverage to a few cyber risks but for complete coverage of a range of cyber risks, most businesses are now buying specialized Cyber Insurance along with their regular insurances. Businesses also prefer to buy specialized Cyber Insurance due to the following reasons:
What Does a Cyber Insurance Cover?
As mentioned earlier, Cyber Insurance also protects businesses from various risks that are related to information technology activities and infrastructure. These risks are classified into the first party and third party risks and Cyber Insurances usually cover either or both types of risks. Hacking, data destruction, theft, extortion and denial of service attacks are a few of the most notorious cyber risks. To elaborate what elements of both the first and third party risks a Cyber Insurance can cover, here is a coverage list for first party risks:
Similarly, coverage list for third party risks is as follows:
Why Would a Business Need Cyber Insurance?
Big or small, all businesses are vulnerable to cybercrimes of various sorts, one example being cyber hacking. Businesses deal with sensitive data such the names, contact information and even social security numbers of their customers which often are of extreme importance not only to the business itself but also to a cyber hacker. Furthermore, the traditional insurance policies such as standard property and business insurance do not cover the high-value assets of a business. Such assets are not even covered by the so-called business interruption insurance policy, which leaves businesses with the specialized insurance policy catering cybercrimes known as the Cyber Insurance.
The US and all the first world countries currently have strict cyber security laws along with considerably appropriate penalties and punishments. But even such laws have not been able to stop hackers in their usually successful attempts of telephone hacking, identity theft, and phishing scams. Hackers also use various types of worms and viruses to virtually take over the network, system or the whole IT infrastructure of a business. For such desperate times, large scale businesses usually employ hundreds of people to devise risk management strategies that would safeguard the business from the perils of the cybercrime. But because small businesses cannot afford to employ hundreds of people to devise risk management strategies, they require a good insurance and a good insurance carrier to help them with their risk management.
Cyber Insurance and its providers prove to work best for the best interests of small businesses as they make sure that the business has all the necessary protection kept in place. They also make sure that a business has a firewall ready to protect its network and suggest social media policies that keep the business risk free. Most businesses live in the misconception that since their data is stored in the cloud, therefore, they are safe. But the reality is far from it. Because even clouds can get hacked and businesses are still liable for such a breach. Even in such instances, a Cyber Insurance keeps the business financially covered and protected.
What are the Benefits of a Cyber Insurance?
Suppose your company or small business comes under the attack of a skilled hacker who happens to be after all the valuable data that is present on your network. This data includes names, addresses, contact numbers, social security numbers, and bank account information of all your loyal customers. So just within a few minutes, all this data is taken away from you and your business is left to accept the fact that it has been hacked. Hacking without a doubt is a crime but networks and websites of most business are always vulnerable to a hacker’s attack. Therefore, it is a very nice idea to have Cyber Insurance in place for such times of desperate need. It would protect your business from the theft of data, equipment, and even defamation.
These benefits of a Cyber Insurance are just the tip of the iceberg and to dive deep into the many benefits of this insurance for companies and small businesses, a list of notable benefits of Cyber Insurance is given as follows:
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What Does a Business Need to look for in order to buy the appropriate Cyber Insurance?
Cyber Insurance, comparatively, is still a new product for the many well-known insurance companies but due to the increasing demand of IT companies and small businesses, it is soon destined to become a part of every insurance company’s product line. Though, just like any typical insurance, a Cyber Insurance coverage differs according to the policy and the insurer. There are a number of factors companies and small businesses need to look for while comparing the various Cyber Insurance policies of competitive insurance companies. Although these factors are not the only quantifier that is going to help companies and small businesses to decide on a particular Cyber Insurance policy because of their own separate interest, but these factors do help companies and small business in shortlisting their options.
To further elaborate what these factors are, given below is the list of a few of them:
Final Words of Wisdom:
So, if you have decided to purchase a Cyber Insurance for your company or small business then this might be the best decision in the interest of safeguarding your invaluable digital assets. Now to finally purchase a Cyber Insurance, you should create a cyber risk profile of your company or small business and then list down the expenses you want to be covered in case of an unfortunate event. You should also calculate the estimate of third party costs. All of these calculations can be done on the website of one of the many insurance companies that provide Cyber Insurance. Finally, select the insurance company that you feel comfortable with and secure your business for the future!