Cyber Insurance To Protect Your Data
Cyber Insurance To Protect Your Data: You all know what insurance is. You all have an idea the role insurance plays in protecting different assets be it a car, home, health, credit card numbers, account numbers, driver’s license numbers, online banking operations or any other property. With technological advancements, data breaches and other cyber crimes have become really common.
Have you ever thought of protecting your internet data and pondered at the risks involved while using internet and how it can be secured. Let’s give it a look and a sneak-peak into what a cyber-security is?
What is cyber insurance?
The concept of cyber insurance started in early 1990s and was formulated as a risk management tool.
Cyber Insurance offer protection to businesses and individuals from losing internet base information. Some of the popular and widely acknowledged are the insurance against theft of data, hacking and failure to safeguard data due to some one’s else mistake. Cyber Insurance gives you security services against cyber threats, improves internet security against large scale security breach.
Cyber Insurance companies partner with IT service companies, cloud provider, traditional insurance organizations to regulate their work.
What Type of losses Can Be Insured Under cyber Insurance
- Hacksurance: Insurance against cyber-attacks and hacking attacks.
- Theft and fraud: Transfer of funds
- Forensic investigation: Covers the legal, technical or forensic services
- Business interruption: Covers lost income and related costs where a policyholder is unable to conduct business due to a cyber-event or data loss.
- Extortion: Provides coverage for the costs associated with the investigation of threats to commit cyber attacks
- Reputation Insurance: Insurance against reputation attacks and cyber defamation.
- Computer data loss and restoration: Covers physical damage or loss of use of computer-related assets
In general cyber insurance covers
- Notifying customers about a data breach
- Restoring personal identities of affected customers
- Recovering compromised data
- Repairing damaged computer systems
Obstacles Cyber Insurance Industry Is Facing
Cyber Insurance is not widely covered and adopted as other insurance types or products. Today the market of cyber insurance have failed to thrive and remained in a niche for unusual demands. Following are some of the challenges and obstacles face by Cyber Insurance Industry:
- Absence of reliable accurate data to compute insurance premiums
- lack of awareness among decision-makers
- Legal and procedural hurdles have been identified as well
Advocates of cyber-insurance believe that cyber-insurance would lead to the design of insurance contracts that would shift appropriate amounts of self-defense responsibility to the clients, thereby making the cyberspace more robust.
So If You Want Your Information To Be Secured & Protected Get Cyber Insurance Today!!!
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