What is cyber insurance and why do I need it?

What is cyber insurance and why do I need it?

Cyber insurance is a policy that helps protect businesses from internet-based risks, including data breaches and cyberattacks. It's essential because it can cover costs related to recovery, legal fees, and even reputational damage.

What types of incidents does cyber insurance cover?

Cyber insurance typically covers incidents like data breaches, ransomware attacks, business interruption, and even social engineering fraud. Each policy can vary, so it's important to review the specifics.

How do I choose the right cyber insurance policy?

To choose the right policy, assess your business's specific risks, consider the coverage limits, and consult with an insurance broker who specializes in cyber insurance.

Are there any exclusions I should be aware of?

Yes, common exclusions can include acts of war, pre-existing vulnerabilities, and certain types of fraud. Always read the fine print!

How much does cyber insurance typically cost?

The cost of cyber insurance can vary widely based on factors like your industry, the size of your business, and the coverage limits you choose. On average, it can range from a few hundred to several thousand dollars annually.