Cyber Insurance: What Is It, Do You Need It?
The cyber world is growing, causing more businesses to invest in cyber security. This article from HuffPost describes what cyber insurance is helps to determine if it is right for your business.
Buying all sorts of insurance — car, home, flood, fire — is a common practice. These protect physical assets in case of an unfortunate event. But what about digital assets? As we move further into the digital transformation, assets are slowly but steadily being moved into the digital world. Cyber attacks and breaches can be detrimental to business and are often too devastating to come back from. It stands to reason then, cyber insurance (or cyber liability insurance) is a necessity in today’s world. In fact, 70 percent of companies are transferring the risk of a cyber attack to a third-party insurance company. When asked in the RIMS cyber security survey why they made this decision, 82 percent of companies said they were concerned about how having a breach can cause harm to their reputation. 76 percent were concerned about business interruption and 75 percent were concerned about data loss. Let’s look at the ins and outs of cyber insurance.
Original article by Daniel Newman on July 25, 2017