Cyberattacks against small and medium-sized enterprises (SMEs) have surged dramatically within the last year. These attacks cause significant disruptions and financial losses for SMEs that result in business closures due to financial burdens. These losses can stem from data and intellectual property theft, service interruptions, regulatory penalties, reputational damage, and repair and investigation costs. Cyber insurance can help organizations mitigate the impact of financial losses due to cyberattacks. Cyber insurance companies usually offer incident-specific coverage with specific limits for risks such as ransomware attacks and data breaches. Business owners and security leaders must understand the cyber risks they face, the key elements of a cyber insurance policy and the types of coverage their business requires to ensure they are adequately protected.
What is Cyber Insurance
Cyber insurance, also known as cyber risk insurance or cyber liability insurance coverage, is a form of risk transference that covers financial losses caused by cyber …