When you opened your business, you knew you needed some basic insurance, like fire and theft. But have you thought about investing in a cyber insurance policy? Cyber insurance is coverage that protects businesses from cyber crimes and risks that can corrupt the company.
So, why would a business like yours want or need cyber insurance?
Your business could incur some major costs if you were infected with ransomware, malware, a virus, or have stolen data. If this happens to you, you’re going to have to figure out a few things. This includes what went wrong, how the cyber criminals got in, whether they are still in, and what, if any, data was stolen.
What does a cyber security insurance policy cover?
This type of investigation is done by cyber security experts, and they don’t work for free! That’s where your cyber security insurance policy kicks in. It can cover the cost of paying a ransom, recovery costs from breaches, and credit monitoring if required. The decision to purchase cyber insurance is ultimately up to you. But we highly recommend that cyber insurance is a part of your incident response strategy. Doesn’t matter whether you’re a company of 2 or 2,000.
A cyber security insurance policy helps your business by adding another layer of business flow. It’s there to keep your business running while you recover from a cyber attack. Make no mistake, cyber insurance doesn’t replace cyber security. Just like when you lock the doors at night, you have insurance against cyber theft to secure your network from attacks.