What is cyber insurance ?

Hey,

Many companies have cybersecurity insurance. It is not necessary to purchase it yet it is beneficial. Cybersecurity policies are changing month after month, this leaves us organisations open to many risks. These insurance have been formulated to minimise the risk taken by a company. Keep reading to know what is cyber insurance. 

It is a policy product that tackles insurance policy coverages, rates and premiums for any customer that wants to protect themselves from any cybercrime. A few examples of cybercrime are malware, ransomware, distributed denial-of-service (DDoS) attacks etc. The policy functions like any other insurance policy. In case of any act of cyber terrorism, the data of the company will be safeguarded.

What is cyber insurance coverage?

The coverage for insurance differs from each insurance provider to the next. For example, in the year 2011 Sony's PlayStation Network was breached by hackers. This led to the exposure of personally identifiable information (PII) of 77 million PlayStation user accounts. All businesses that keep customer contacts, customer sales info, PII and credit card numbers in an online space need to get cyber insurance. 

Cyber risk liability insurance is personalised according to the user company. This allows the insurance provider to mitigate specific risks after foreseeing the needs, wants and functioning of the company. 

This is all from my end on what is cyber insurance.