Cyber threats are exponentially increasing and without a doubt, cyberattacks are the number one threat to the global financial system. Threat of hacking has become a top concern for our nation. Both government and private entities are on guard for the growing threats and a lot of effort is going into dealing with these threats.
It is important for organizations to be prepared for the unexpected, since lawsuits are also a reality of doing business. Cyber risk is evolving rapidly and it is impossible to know what form the next attack might take. Have a cyber response plan that includes cyber liability insurance to make sure that you are doing everything you can to prevent cybercrime from disrupting your business.
When looking to transfer technology risks, your cyber insurance should have 1st party and 3rd party coverages along with other included coverages based on your industry risks. Insurance companies are constantly studying and updating the ever-changing cyber coverages based on claims and technology growth. The Cybersecurity industry is changing so fast and it is the responsibility of the cyber insurance companies to constantly monitor, study, and update the coverage offered when they are leaders in the cyber insurance industry.
Let’s look at what a comprehensive cyber policy would cover for your company expenses, any 3rd party claims including regulatory bodies requirement in the event of a data breach, and cybercrime coverages including ransomware & social engineering:
It is very important to connect with cyber insurance experts in the industry when planning to transfer and mitigate risk as these coverages are comprehensive and can make a huge impact based on your company’s products & services offered! Get in touch with us to ensure you are properly covered and your business is protected.