What is Cyber Insurance?
Cyber insurance policies are designed to protect businesses from the potential consequences of a cyber incident.
In general terms, these types of incidents are caused by cyber threats and hacking for the purpose of obtaining private information, such as financial details, and in some cases selling this information on illegal markets.
With recent changes in privacy legislation, certain cyber security breaches must be reported. In addition to potential breaches of privacy laws, cyber attacks can also result in severe interruption & detriment to your business. The unfortunate reality is that you may be as much a victim in these situations as any client whose data has been breached.
Cyber security insurance policies are designed to protect you from the fallout from these incidents so that you can recover and worry less worry about the potential for data losses, fines, and penalties.