What is Cyber Insurance?
Cyber insurance policies are designed to protect large and small businesses from the potential financial costs related to a cyber incident.
In general terms, these types of incidents relate to data breaches, hacking, or other malware that puts any third party information at risk of being exposed or where a cyber attack results in money being transferred to a fraudulent account.
With recent changes in legal requirements, any cyber security breaches have to be reported to the government within 30 days. Not only could you be exposed to cyber liability to dozens or hundreds of clients, but you could also face situations where business interruption becomes a crippling cost. The unfortunate reality is that you may be as much a victim in these situations as the clients whose data has been breached.
Cyber security insurance policies have been designed to protect you from the financial fallout from such incidents so that you can focus on getting your business running again without having to worry about whether it will be able to cope with the losses from claims, fines, and penalties.