What is cybersecurity insurance and why might you need it?
04 Apr 2021
From our identity number and contact details to our personal bank account details and social media logins, we store and save so much of our information online in today’s world. But as technology has become a 24/7 part of people’s lives, the risk of data being compromised has increased in tandem.
Cybersecurity insurance is a form of insurance for businesses and individuals against internet-based risks, including data breaches. It also covers losses from network security breaches, theft of intellectual property and loss of privacy.
Cybersecurity insurance is one tool for transferring some of the risk and limiting the damage of a security breach. When allied to strong and effective data security policies and procedures, as well as regular training and testing, cybersecurity insurance can add another layer of protection for an organisation.
Companies must take a proactive approach to approach to mitigate threats before they emerge. Being informed about cyber risks, and being insured against their potential impact, is central to a company’s ability to guard against the worst-case scenario.