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Cyber Insurance: Is it Worth It?

Sunday, September 27, 2020 1:16

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The internet has afforded us numerous ways to change and improve the way we live our lives. We can now use smart technology to control devices, make transactions, work, play our favourite games, or interact with others among many other benefits. However, even with these numerous advantages, there have been negative vices that take advantage of the internet to drive their own agendas. There have been numerous stories of how criminals have used the internet as a gateway to carry out cyberattacks, some with devastating effects. Cybercriminals do not discriminate their suspects, whether they be individuals, small, or large businesses, and even sometimes governments. While you can take measures to protect yourself from these cyber criminals by adopting safe practices while accessing the internet, sometimes there is not much you can do when sophisticated cyberattacks occur. One way to ensure you are safe is by considering investing in cyber insurance.

What Is Cyber Insurance

Cyber insurance is a product designed to help businesses recover by offsetting costs that may arise from a cyber-breach. It can also help in dealing with the legal and regulatory issues that may arise from such an incident. However, having a cyber-insurance policy will not fix any security threats that may be present, or prevent an attack from taking place. It is therefore recommended to have the necessary security measures to ensure you prevent threats from happening in the first place. The way most cyber insurance works is by offering cover to the immediate effects a cyber-attack may have on a business, such as restoring network systems and data and minimising losses as a result of business interruptions.

Do You Need Cyber Insurance?

While it has its benefits, it is important to understand that cyber insurance cannot be a replacement for safe security practices. For example, you may want to visit legit Online blackjack in Canada sites that are licensed, regulated, safe and secure instead of being lured by suspicious sites. While some individuals and organisations may benefit from a policy, it is not really necessary for everyone.

What to Look for in a Company Providing Cyber Insurance?

Before deciding on whether you need a policy, you should take into consideration the type of cybersecurity defences you have. If you feel they are not adequate enough and are vulnerable to attacks, then you can seek an insurance policy. You should also be able to assess the policy and see what it covers or does not cover. For example, you may find some providers may not cover losses arising from email fraud. This will help you in knowing what to expect should you be a victim of a cyber-attack. It is also important to evaluate the cybersecurity services that are included in the policy and assess if you really need them. It is advisable to seek as much information from the insurance provider and find out the type of support they offer during and after a cyber-attack. It is also important to know the requirements for claiming or renewing your cyber insurance policy. If you are unsure, you may look upon online reviews where various competitors are compared to one another through what they offer. It is also important to take into consideration the changing types of cybercrime threats as they are constantly coming up with sophisticated ways to steal from internet users. You may also want to consider the extent of investigations an insurance company does, and if they advise on ways to better your security and prevent future attacks.

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