Part of the responsibility of being a leader in risk management or cybersecurity isn’t just to prevent an attack, it’s to minimize damage and mitigate the extent of an attack if a compromise ends up happening. And that mentality should be adopted by all.
Data breaches are an inevitability, and if you’re solely focused on prevention, you may be in for a rude surprise. In 2021, nearly 50% of all companies suffered a data breach, which was actually a reduction from 2019, where 65% of companies suffered a data breach. With those odds, you’re better off having a plan when a data breach happens.
One way organizations have been able to reduce financial damage is through cyber insurance.
In this article, we’re going to go through what cyber insurance is, whether you need it, and what you can expect from having it.
Cyber Insurance coverage details
Cyber Insurance generally covers liability that stems from data breaches and related attacks and can also cover costs associated with forensic analysis, investigations, and other expenses that result from the data breach. While all cyber insurance policies differ, what they cover (and don’t cover) are generally consistent.
What does cyber insurance cover?
Some cyber insurance