A vital tool in your risk management strategy and your shield against digital threats in an era of prevalent cyber-attacks.
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A cyber insurance policy covers a broad range of risks such as credit card data leaks, data breaches, cyber-attacks, and other digital threats. Whether it's a data breach where sensitive customer information is exposed, a ransomware attack that holds your systems hostage, or a business email compromise that tricks your employees into wiring money to criminals, cyber insurance has you covered.
Also referred to as 'cyber risk insurance' or 'cyber liability insurance', this policy can help cover the costs of responding, including legal fees, public relations efforts, and notifying affected customers. It not only covers damages caused by cyber assaults on bank accounts, credit and debit cards linked to your website, but also unintentional payments made using digital wallets.
File or program malfunctions
Unauthorized password changes
Appearance of unwanted software or spyware
Difficulty installing plugins
Random file scanning
Unusual toolbars on your internet browser
Persistent pop-ups while accessing the internet
According to a report by Nordlocker, small businesses with an employee base of 500 are at the highest risk of ransomware attacks, accounting for around 54 percent of total attacks between Jan ‘20 to Jul ‘22.
Almost every organization in today's digital age relies on technology in their everyday operations. Customers' names, addresses, and financial information are handled by a wide range of businesses, including IT services, product corporations, e-commerce companies, finance firms, real estate brokers, online marketplaces, restaurants, and many more. All such organizations must carry cyber liability insurance to safeguard themselves against the risk of internet fraud.
A breach can harm your company's reputation, potentially leading to lost customers and decreased trust
If sensitive financial information is compromised, you may face substantial fines from credit and debit card companies.
Cybercriminals may attempt to make false wire transfers using your clients' online banking credentials if your computer system is hacked.
There are some shocking statistics related to cyber attacks in India reported by Cisco’s report titled ‘Cybersecurity for SMBs: Asia Pacific Businesses Prepare for Digital Defense’.
Such statistics push cyber security and insurance to the forefront of every business’s priorities.
Mitigating financial losses caused by cyber threats such as data breaches, system intrusions, and ransomware attacks is crucial for corporations to safeguard their operations and reputation.
Cyber insurance provides coverage for a range of costs associated with cybercrimes, including investigative charges, data restoration costs, and crisis management fees. By purchasing cyber risk insurance, corporations can ensure continued success in the face of ever-evolving cyber threats.
Business loss compensation to clients
Ransom fees for restoring stolen data
Cyber forensic investigation costs
Legal attorney fees
Credit monitoring expenses
This is an article by YouStory written by Palak Agarwal and published on October, 2022
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