© Simply 3 Capital
© Simply 3 Capital
Cyber Insurance have been gaining in popularity off lately. Through cyber insurance, insured business is protected against losses arising due to a network-based event or from the effects of cyber-attacks.
It also covers first-party and third-party liabilities arising directly from a cyber security breach. It covers expenses arising due to data breaches, cyber-attacks, human error, business disruption, and electronic media claims. If you are dealing with international clients – they might insist on you buying such type of insurance covers in order to ensure Business Continuity Planning.
The expenses related to emergency response costs, event management costs, notification costs, business loss, and recovery costs can also be covered through Cyber Insurance.
This kind of insurance helps insured to mitigates these risks by covering costs after a cyber-attack or security breach has happened, it covers the expenses and legal costs associated with cyber breaches which may involve hacking of systems, data theft, and loss of important information in an organization.
In addition to Businesses being offered cyber insurance, individuals can avail these types of policies as well.
There are many cases where individuals have to bear losses because of cyber fraud. Everyone uses the internet for money transactions, shopping, social media, and therefore, all personal information is available online which makes it vulnerable to cyber threats. Coverage under the individual cyber insurance includes identity theft, social media liability, malware attack, phishing, data breach by the third party, etc. It also covers counselling services in many cases where a victim goes through an emotional setback due to identity theft or data breach or even cyber bullying.
In case you feel the need to get your business insured from cyber threats or want to take an individual policy, feel free too reach out to us and our insurance experts will assist you in choosing the Right Cyber Insurance Protection Plan.
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