What you need to know about cyber insurance.
Firstly, it helps protect against losses related to computer or network-based incidents.
Because of this, cyber insurance is becoming more common for businesses recently.
Therefore, we will discuss what you should look for when purchasing a new policy.
Cyber insurance will not magically solve all of your security issues.
That’s because businesses are still responsible for their cyber security policies and processes.
For example, businesses who store data of customers, need to ensure it is handled lawfully.
However, businesses who rely on technology for their operations can still benefit from a cyber insurance policy.
As well as this, organisations with poor scoring might find that they end up paying more.
Cyber-insurers investigate your business and look into previous cybersecurity breaches to give you a score, for this reason.
Lastly, different sectors such as health and finance may find policies will cost more.
Make sure it covers ransomware, phishing and DDOS.
This is due to these being common attacks that are important to protect against.
Also, a common attack which might not be covered is business email compromise (BEC).
This is when someone pretends to be the CEO or an official and asks for payment to be sent to an attacker.
To summarise, make sure you research as to exactly what you are covered against.
Following on, policies are reassessed yearly and therefore it’s important to ensure you maintain secure procedures.
In one example, insurers never paid out because a ransomware attack was deemed an “act of war” by Russia.
Also, it greatly benefits a companies reputation to be without any cybersecurity incidents.
Total Support Solutions aims to protect clients from all cybersecurity incidents.
