Technology has made our life easier. Now you can do it all with the click of a button, whether you want to buy, invest, get a loan, or get in touch with loved ones. Digitization has also brought a new type of risk: cyber attacks. Whether it’s to steal your data, extort information from you, or just Digital station des enterprises you a bad time, it can take many forms. To protect your data and your business as a whole, there is a solution, cyber insurance or insurance against cyber attacks. These internet insurances offer you instant coverage against a multitude of problems. In this article, we will explain to you what cyber insurance is, why it is useful to have one and the criteria to take into account when making your choice.
Digitization of companies: against cyber attacks, the summary What is cyber insurance? Why take out cyber insurance? What are the guarantees offered by Taiwan Phone Number List insurance? Questions to ask yourself when choosing your cyber insurance How much does cyber insurance cost? What is cyber insurance? Cyber insurance, cybersecurity insurance, cyber risk insurance, whatever you call it, the purpose will be the same: to protect you and / or your business against the increasing risks of cyber attacks. Ransomware, malicious insider, malware, denial of service attack etc. these attacks can take a variety of forms. Protecting yourself against an attack is one thing, but sometimes some attacks still get their way. This is where cyber insurance comes in.
What are the guarantees offered by cyber insurance?
Cyber insurance also protects against the consequences of an online attack. Most of the time, it compensates for the costs incurred related to data recovery, possible damage or a person’s claim following this attack. The main goal of purchasing cyber insurance is to provide your business with financial stability when something serious happens online. And, as we’ll see, the survival of your business often depends on it.Why take out cyber insurance? In 2021, taking out cyber insurance has not yet become a reflex for the majority of companies. However, almost all sectors are affected: banking, services, software industry, automotive, media etc. Here are the reasons and benefits that could definitely convince you to take out cyber insurance:
It takes an average of 9 weeks to repair all the damage caused by a cyber attack. When you know that time is money …Your company has probably taken out a classic insurance contract, or even “all computer risks” insurance. Be careful, the vast majority of these contracts do not cover the risks associated with a cyber attack. Your customers, partners, employees want to build a relationship of trust with you. This trust is earned, in particular, in the protection of their data. In a cyber attack, sensitive data is often the target. By purchasing cyber insurance, your data will never be lost / stolen.
e careful, the vast majority of these contracts do not cover the risks associated with a cyber attack
Finally, remember that you are subject to penalties if you do not sufficiently protect your business data. It was in the summer of 2019 that British Airways had to pay a huge fine of € 213 million following the leak of certain customer data. If companies do not play the cybersecurity game, the fine can go up to 4% of its annual global consolidated revenue. The reasons given above should already convince you of the usefulness of taking out cyber insurance. But, if you still have doubts, know that 60% of companies victims of cyberattacks file for bankruptcy 6 months after the fact! A scary figure that shows on its own how dangerous and even irremediable these attacks are for your business.
So, if your online presence is not yet effective, consider including, in your specifications , a space for cybersecurity. What are the guarantees offered by cyber insurance? The guarantees offered by cyber insurance are not the same from one insurance to another. Although the level of coverage varies, most contracts offer similar guarantees for all sizes of business, here they are: Incident management which consists, 24/7, in restoring the attacked data thanks to the IT experts of the insurance that you will have chosen. Responsiveness is the key! Insurance will also cover you against damage, and there can be a number of them.