Many businesses rely on the cloud and ineffective prevention measures to save and store their information. Doing this puts them at risk. Cyber attacks are on the rise as more users are on the internet and using electronic devices to store data. By 2025, the total damages cost is expected to reach $28 billion globally. A very common cyber attack is ransomware, and if even a single attack is successful, a business could stand to lose everything. They have to pay money, they lose their privacy, and their reputation is tarnished. Perhaps cyber insurance is the answer?
What can a business do to ensure its safety? Cyber Insurance, sometimes called cyber liability insurance, is trying to alleviate the expenses involved in a cyber attack, covering lawsuits, liabilities and profit losses. However, using this type of insurance is by no means perfectly effective and needs careful consideration before paying sometimes steep prices. Surprisingly, it won’t cover the cost of ransomware, even though 41% of claims were related to ransomware. Still, there is an importance to cyber security, although it won’t keep your business safe from everything all the time, it is an extra layer of defense that might just keep your business protected.
Learn more about what cyber insurance is and how it can help in your organization in the infographic below: