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Showing posts from February, 2020

What to consider when investing in cyber insurance

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What to consider when investing in cyber insuranceAs a business, you are probably aware of the term, cyber insurance. With the cybercrime rates rising consistently, cyber insurance is increasingly becoming a necessity for survival. Here are a few things to consider before you sign up with a cyber insurance service provider.Risk analysisFirst, perform an internal risk analysis. Research to understand what kind of cybercrimes are most rampant in your industry and ensure your insurance policy covers those for sure. Like we discussed before, the most basic of cyber insurance covers data breach and associated costs, but you definitely want more than just that.What is the scope of your policyBe clear about the scope of your policy before you sign the dotted line. Remember that cyber insurance functions on the same principles and policies as like any other insurance, which means there will be deductibles, waiting periods and exclusions. Be sure to ask your insurance service provider about th…

Cyber insurance: What’s the cost and what does it cover

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Cyber insurance: What’s the cost and what does it coverCyber insurance covers a range of elements, the most basic being the legal expenses incurred as a result of falling victim to cybercrime. This includes legal fees, expenses, and even any fines that you may have to pay or financial settlements that have to make with your customers or third parties who have been affected as a result of the incident. Apart from this, depending on the coverage you opt for, your cyber insurance may cover the following.Notification costsIn the event of a data breach, the business is required to inform all affected parties of the breach. This involves reaching out to them individually and also through the press. Cyber insurance may cover the costs related to this process.Restoration costsAfter a cybercriminal attacks your IT infrastructure, you will have to spend money restoring it. There will be considerable expense in terms of recovering the lost data and repairing or replacing affected IT systems.Ana…