Cyber security insurance protects organizations from the financial and business impact of malicious cyber activity. This can include targeted attacks, such as malware and phishing, as well breaches on mobile devices containing confidential material.
A cyber insurance policy is designed to cover privacy, data, and infrastructure exposures. The list of regulations and statutes continues to expand regarding the use and protection of cyber security information, as well as notification requirements in the event of a breach. As cyber exposures continue evolving, so will your need to ensure that your business is protected if a cyberattack occurs.
Cyberinsure functions much like your business’ Errors or Omissions policy. It insures against the mistake of not doing something you should have done or could have reasonably done to protect against a cyberattack or data breach.
How we work?
Laws and regulations require that senior executives take personal responsibility to ensure the “due care” that “prudent” individuals would do to secure their Information Technology (IT). A successful cyber breach can be caused by such “due care” not being done. This becomes the basis of the civil lawsuits and regulatory fines that follow most breaches. Cyber insurance helps protect against the financial risks to your business from the lawsuits and regulatory fines. Therefore, any business that relies on IT needs cyber insurance.
Private personal data such as contact details of customers or staff, intellectual property, or sensitive financial data are all potentially very lucrative to cyber criminals who could attempt to break into the network and steal it.
There's also the potential for hackers to cripple a network with ransomware. A cyber insurance policy that covers ransomware could go a long way to helping organizations that fall victim to attacks like this find a way out of the predicament.
We are cybersecurity industry certified cybersecurity professionals experienced with the entire cyber risk management landscape not just on insurance coverage. We understand what a business must do to demonstrate cyber security “due care” and how that helps reduce cyber risk profile. We know the role cyber insurance plays to ensure against financial risk to your business. In the same way that the combination of “due care” (installing fire alarms in your home) and insurance (to repair if your home is damaged from a fire), is prudent for your house; the combination of cybersecurity alarms and cyber insurance is prudent for your business. We have the expertise, tools and services to make your business “cyber prudent”.
