Technology is a fundamental part of our existence. It ensures that the cogs of society continue to turn, and that everyone from the biggest businesses to the average citizen can work, communicate, and thrive in this fast-moving modern world.
But as more real world decisions and industries shift to the virtual sphere, the threat posed by cyber criminals becomes even more menacing. These online offenders are equipping themselves with more advanced tools, and targeting more lucrative victims with each passing year, making cyber insurance an essential weapon in this ongoing battle.
Cyber insurance is designed to help companies cover the costs associated with a security breach, such as a hack. This is true whether the attack was the result of employee negligence, phishing, ransomware, or a brute force hack. Cyber insurance covers a wide range, offering businesses of all sizes some peace of mind in an increasingly unstable sector.
In 2018, a report by the ISACA queried security professionals in key roles and found that 85% thought the chance of their companies being the victim of a cyber attack was either “likely” or “very likely”. In 2017, it was estimated that cybercrime had cost the companies and economies of the world over $600 billion, and that figure is on the rise.
As a business owner the onus is on you to ensure that your company is as secure as it can be, but even the best security can be prone to attacks. As companies like Equifax, Yahoo, and Sony have discovered in the past, those attacks can lead to catastrophic loss.
Cyber insurance provides some coverage against attacks like this. It helps companies with the financial burden and ensures that an attack is a minor bump in the road and does not lead to complete failure.
Cyber crime is an all-encompassing term that has been used to describe an array of online offences. Cyber insurance provides protection for most of these, specifically when the crime in question incurs losses on behalf of the insured business. As with all insurance types, the specific policy will dictate exactly what is covered and what is not, but a comprehensive policy may cover everything from:
• Investigative Work: During this process the company typically hires a team to look at the reasons behind the attack and the damage that was done, while also trying to gather evidence for the authorities.
• Losses: Cyber insurance would look to cover business losses experienced as a result of downtime and operational interruptions, as well as other financial loss.
• Lawsuits: This may include fines and legal fees associated with lawsuits and resulting settlements.
• Notifications: By law, a data breach needs to be reported to the customers who have (or may have) been affected. Cyber insurance can help to cover the costs associated with such an announcement.
Any company that processes sensitive customer data—whether that be basic personal data like emails and names or highly sensitive data like credit card numbers—should consider cyber insurance. No company is immune to the threat of an attack and all companies need to prepare themselves incase such an attack takes place.
One of the ways they should prepare is to beef-up their security, hiring specialists that can assess the risks and then monitor them. Another is to purchase cyber insurance, because even the most secure systems and the most diligent of security teams can be vulnerable to a cyber attack.
At KASE Insurance we are committed to providing a high level of cover for large businesses and concerned individuals. Our highly qualified personnel have years of combined experience in many burgeoning sectors, including cyber insurance, cryptocurrency insurance, and more. We understand the needs of modern companies and are able to adapt our services and our offerings in order to cater for them.
Insurance is a sector that has been criticized for being stuck in the past. At KASE Insurance, we think about the future. We’re forward thinking, innovative, and always ready to adapt to the rapidly changing world of business.
Cyber crime is often called the “crime of the future”, but that future is happening right now and at KASE we can ensure you’re prepared to face it.
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