Business are no longer solely operated the traditional way. Brick and mortar stores are no longer the only point of contact between the business organisation and its customers, but in additional, online stores play a crucial role. Internet presence is considered not just an additional business channel, but a necessity. Further, retail business aren’t the only ones that are using internet to operate, but also other scale of organisations engaged in various services. With every organisation having some digital footprint, it has given birth to a new type of risk known as cyber threat.
In addition, the year 2020 saw increased remote working thereby increasing dependence on internet technology to carry out business activities. When critical business functions are carried over the internet, it is of prime importance to safeguard your organisation for any threats that may arise. A cyber insurance policy helps mitigate these modern-day business risks. These policies provide a specific safeguard to tackle the various events like a data breach or similar liabilities arising due to such negative elements. Here are some of the ways how a cyber insurance coverage helps lower the risk to your organisation.
Data breach protection: Data, for any organisation is their biggest asset in today’s day and age. With the right set of data to look at, the products can be targeted ensuring the demands is created for the specific product. Also, some organisations like a financial institution hold crucial data about the customers and an outflow of such data can attract legal consequences. With the help of a cyber insurance policy, any expenses relating to incident management, investigation, legal costs associated with it along with any fines imposed by the concerned regulators are covered under the policy scope.*
Cost of reimbursement: When such cyber attacks take place, there are various costs associated with hiring personnel to recover the necessary information along with tackling any further data breach posing critical threat to the organisation. At such times, a cyber insurance cover aids the insured organisation to cover these various expenses associated with engaging the human resources, technology, and more.*
Protection against defamation: A cyber insurance coverage also includes any defamation to the organisation along with copyright infringement and invasion of privacy.*
Network security protection: Cyber attacks on any organisation are not of the same level since each organisation has its own level of security. Thus, every organisation posses a different level of risk that needs to be covered. A cyber insurance plan is available in different types covering these various potential threats including the one like damages inflicted by third-parties that may result in denial or access attack, actions pertaining to theft of data, and other expenses concerning recovery of lost information.*
Liability coverage: Cyber insurance policies provide coverage from liabilities that arise on your organisation that may result from extortion threats, and the related professional fees to address the crime.*
* Standard T&C Apply
This is how cyber insurance plans ensures protection for your business. When you make an insurance claim, make sure to familiarise yourself with the different terms of the policy beforehand. Also note that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.