Everyday thousands of computer systems all over the world are attacked. There are criminals who take advantage of the anonymity of the online world to deceive, hack and steal if the opportunity arises.
Though the risk to large corporations is nothing new, cyber criminals are increasingly targeting small and medium-sized enterprises (SMEs).
What protection does Cyber Insurance provide?
Also Kown as Cyber Security Insurance, is a legal protection insurance that provide liability protection to businesses or organizations during a data breach. Main features of a typical Cyber Insurance contract include;
- Cover against hackers stealing data and demanding a ransom not to release it
- Cover against the fines and penalties that businesses will incur if they are assessed as non-compliant on data protection or privacy
- Cover against viruses that paralyze systems – and protection for the income lost while they are being restored
- Cover against the accidental loss of data – including legal expenses protection against subsequent legal proceedings brought on by customers/users etc.