Cyber Insurance, Explained
Cyber security insurance protects businesses against computer-related crimes and losses. This can include targeted attacks, such as malware and phishing, as well as the occasional misplaced laptop containing confidential material.
If your business computer system is compromised by a targeted or accidental attack, you may be liable for the cost to notify the affected parties and provide credit monitoring, even if the data is not exploited. You could lose money to a phishing attack or lose business due to a ransomware demand.
A cyber insurance policy is designed to cover privacy, data, and network 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 cyber attack occurs.
You can learn more about Cyber Security Insurance here.
The Small Business Administration (SBA) has a post here about “Stay safe from cybersecurity threats“.