Insurance for Cyber Security Attacks

Insurance for Cyber Security Attacks

cyber risk insurance

Insurance for Cyber Security Attacks

In today’s world, businesses are exposed to cybersecurity risks more than ever before. As such, insurance companies began providing cyber risk insurance to help companies recover from cyber attacks and data breaches.

The Dangers of Cyber Attacks

Cyber attacks or data breaches occur when someone finds a way into your network and breaches your security. From there, the hacker can steal information, delete files and even download viruses that can damage your systems. Some of the results of a cyber attack include the following:

Leaked or stolen customer data
Identity theft
Malicious software viruses
Lost information
Business interruptions
Heavy legal fees
A regulatory investigation

The Protection of Cyber Insurance

Having cyber insurance for your business means you understand the dangers of a data breach and want to be prepared. Cyber risk insurance covers the following if an attack occurs:

Customer notification in the event of a breach
Legal and regulatory fines
Public relations costs
Credit monitoring expenses

Protection for the Unexpected

To protect your business and your clients, you need cyber risk insurance. That way, you can be prepared for an attack even if you don’t know when or if it might happen. However, taking this step and adding cyber insurance to your business policy means you are serious about protecting your business and customer information.