Cyber Insurance: The Policy You Didn’t Know Your Business Needed

Cyber Insurance

We all know about the importance of having support through health insurance, car insurance and even life insurance. However, not many of us seem to think about the importance of safeguarding the data found in the devices that are so essential for day-to-day activities. 

The Unthinkable Theft You May Never Learn About

When one thinks about the fear of theft, the first thing that may come to mind is to be mugged in an empty alley at the wee hours of the night. But, what if you were told that you could be robbed from the comfort of your own home without even realising a theft has occurred?

Without even having to open your wallet, cyber criminals can access your devices through malware and viruses that find security loopholes. By doing so, a cyber criminal can, and will, gain access to all of the personal or business data you have stored in your devices: from your family pictures to your bank account details. 

Cyber criminals target easy prey such as the common folk and small to medium-sized businesses who may not be so up to date with their malware and virus protection. People who do not run their software updates routinely are the most common victims. 

The Benefits of Cyber Insurance

Although it is difficult to prevent a cyber attack altogether, there are ways of mitigating your risk of becoming a victim and of protecting yourself in the unfortunate event that you do fall victim to these types of crimes. The best way to forestall such an event is by acquiring cyber insurance. 

While cyber insurance is relatively small compared to other types of insurance, it is the one type of insurance that both businesses and individuals alike can benefit from. 

Cyber insurance provides protection for businesses, entrepreneurs and individuals in the case of becoming victims of cyber criminals. Some of the coverage provided by cyber insurance policies include indemnification for a breach or loss of information privacy, extortion, hacking, data or identity theft, data destruction among other dangers of internet-based risks. 

Small to medium-sized businesses are some of those who would benefit the most from a cyber insurance policy, as a good policy can provide coverage of liability for losses that affect a third-party as a result of their security breach. 

Some of the services companies can receive as benefits of cyber insurance include loss indemnification, regular security audits, investigative support, post-incident PR support, consequences that come from failing to effectively safeguard certain data belonging to third-parties, clients or company employees, and other expenses that come as a result of a cyber attack. 

As a result of the growing cyber threat activity towards SMBs in recent years, businesses must consider acquiring a cyber insurance policy that will provide protection and a backup plan in case of a cyber security breach. 

For more information regarding a complete cyber insurance policy, CyberNinjas can help orient you towards the right direction in acquiring the policy that will provide the most complete form of protection. Contact us for the piece of advice that will help you safeguard your company’s well being. 

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