Cybercrime is one of the widespread realities threatening every sector of the digital world. Irrespective of the size of your business, your IT systems are vulnerable to cyber-attacks online that can result in the compromising of sensitive data and loss of valuable assets. So, protecting your business from cyber-attacks online is a very important topic today than ever in the past. So, let us understand what a cyber-attack is and how cyber risk insurance can protect your business.
Cyber-attack- what it means?
A cyber-attack can be defined as the attack on one or more computers in your organization the can disable them maliciously, steal data or deploy a breached computer to infiltrate into a network to be able to unleash other kinds of attacks.
Types of cyber-attack
Some common examples of cyber-attacks are ransom ware, malware, phishing, and denial of services. Illegal selling of your customer information or trade secrets online can also be called as cyber-crime.
How cyber insurance can protect your business in the event of cyber-attacks
The prime purpose of cyber insurance policies are to protect your business from the different kinds of malicious attempts to steal information, disrupt your business or spoil your reputation. Cyber risk insurance lets you take proactive measures to safeguard your business and customers from malicious attempts to steal information like customer details, credit card number, disrupt your business functions and spoil your reputation.
Different covers you can get under cyber insurance
A commercial general liability insurance policy you might buy does not include cyber risk. The different kinds of risks covered by cyber insurance include the following.
- An event of threats to your business from outside.
- All kinds of data destruction in a single system or in an entire network
- Stealing of sensitive information, money or data by online hackers
- Different kinds of cyber-attacks that happen during routine daily business functions
- Cyber risk insurance can also cover the mistakes that happen at your office leading to errors, defamation, omissions or compromising with valuable data.
- Cyber insurance also covers the expenses you might incur while dealing with cybercrimes during investigations, handling the public relations, security audits and criminal rewards funds.
Gather the following details while shopping for a cyber-insurance plan
A number of factors will be taken into account while providing you a cyber-insurance plan and hence you must gather the following details while applying for a cyber-insurance product.
- Your business size
- Annual income generated by your business
- Your industry domain
- The kind of information and data your business handles
- The volume of the data and records your business has at its disposal
- Different options in the insurance plan like deductibles, coverage and policy limit
- Tips to lower the cost of your cyber insurance plan
How can you lower your cyber risk insurance costs?
While you will have to verify that the cyber-insurance policy you buy covers your business from all possible risks related to cyber-attacks, there are a few ways to lower your insurance cost.
- Bundle your cyber-insurance product with other insurance products
- Lower the chances of a cyber-attack by mitigating all the possible risk factors
- Compare between the quotes given by different insurance providers
- Do not over-insure that what you actually need
- Go for higher deductibles
- Create a typical cyber-crime plan for your business
- Study your insurance policy thoroughly and decide if any changes need to be made
Why go for a cyber-insurance plan?
Despite the expensive software you have installed, your business is not free from any possible cyber-attacks. No anti-virus or anti-spam software can provide 100% protection to your business from cyber-attacks. Cyber-attacks are becoming sophisticated and hence only a good cyber-attack insurance plan can help protect your business.
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