Cyber Insurance: An Invitation to Cyber Criminal or A Shield?

If you run a company and the data of the company is stored on the online server then purchasing a cyber insurance policy is a must for you. However, to answer the question, No cyber insurance is not an invitation to cybercriminals but not protecting your data with anti-malware and cyber insurance will surely attract cyber-criminals.

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Cyber Insurance as A Shield

As ransomware attacks have skyrocketed, some organizations are forced to purchase cyber insurance to cover the cost of a successful cyberattack. Coverage under a cyber policy typically includes costs associated with the remediation process. For example, Payments for investigations, crisis communications, legal advice and customer reimbursements.

Cyber coverage can save cyberattack victims and save them from bankruptcy. That’s the good news. The bad news is that people with cyber coverage might portray a huge goal on their backs. Why? Because anecdotal proof shows that cybercriminals are pretty adept at locating which corporations have cyber coverage. This is useful to them due to the fact they recognize that insured corporations are much more likely to pay a ransom.

Not An Absolute Solution

You may be aware in case your employer is a regular victim of a cyberattack, your coverage prices are going to move up and your insurance coverage may also become more limited. In addition to masking a part of or all the ransom, frequently cyber coverage can pay the alternative charges to a broken device and regulatory fines from dropping Personal identifying information.

However, organizations shouldn’t be fooled, cyber coverage isn't always a bandage for all of the wounds which could take place due to cyberattacks. There isn't any manner to get completely reimbursed for misplaced working charges, stolen property, horrific press or a destroyed reputation.

Improve Cyber Hygiene

A not-so-apparent advantage that includes cyber coverage is how it may propel an organisation to enhance its primary cybersecurity and undertake cyber hygiene practices. As a part of their settlement to offer cyber coverage, the insurance companies are going to call for their customers to improve their protection profiles as they'll exclude insurance on problems that have been preventable or resulting from human blunders or negligence.

Insurers anticipate companies to have primary protection packages and answers like endpoint detection and response (EDR) and protection systems like Fortinet Security Fabric that span the prolonged virtual assault surface, permitting self-restoration protection and networking to shield devices, data, and packages.

In effect, getting cyber coverage can pressurise an organisation into developing a better code of conduct and cyber hygiene to enhance its cyber defenses.

Advancement In Ransomware

Ransomware is a continuously evolving danger and leaves a deep and long-lasting effect on an enterprise. Cybercriminals might keep a victim’s information hostage, encrypt it and provide the encryption key once they get paid.  

Nowadays, cyber attackers with ransomware publicize stolen facts or absolutely erase information—even after the ransom or ransomware agreement has been paid. In addition to that unlucky development, hackers are also responding quicker than ever and taking gain of newly publicized vulnerabilities.

It is because there are no limits to ransomware, spanning political, geographic, and generation arenas, an included reaction related to the general public area in addition to the personal area is needed to absolutely guard in opposition to it.

What Can Be Done?

Well, keeping your company’s data protected with anti-malware and making sure that they are updated, and keeping your data secure is the first thing you can do. Secondly, you must protect yourself from any unforeseen cyber breach by purchasing a cyber insurance policy so that in case of a cyberattack, the insurance company would provide you the financial coverage and you do not have to take that financial burden on your shoulders.

Conclusion

Cyber attacks can take place anytime hence protecting your company’s data with cyber insurance is as important as it is to protect them with anti-virus software and anti-malware. There are several insurance companies in the market offering different types of cyber insurance policies. You can choose the one that suits your requirements and budget. Being an employer, it is your responsibility to protect your companies data so make sure to buy the one that serves your purpose.

Written By: PolicyBazaar - Updated: 18 January 2023
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Policybazaar for Business - Cyber Insurance - Customer Reviews
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4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
Agra
4.3 October 06, 2022
Amit
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
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