The Benefits and Limitations of Cybersecurity Insurance
Cybersecurity insurance is one way to address the growing risks of cyberattacks. But it’s not for everyone, and it doesn’t provide complete protection. Learn how cybersecurity insurance works, and whether you need it in your organization.
What Is Cybersecurity Insurance?
Cybersecurity insurance is an additional layer of protection for your company. It covers both the costs associated with data breach incidents and the costs associated with defending against lawsuits filed by customers or employees who have been affected by cyberattacks.
While some companies opt for cyber liability insurance, which provides coverage for third-party lawsuits, others choose to purchase cybersecurity policies instead. The main difference between these two types of policies is that the latter protects against expenses related to defending against cyberattacks rather than simply paying out damages after an attack occurs (which is what most liability policies do).
How Does Cybersecurity Insurance Work?
Cybersecurity insurance is a form of risk management that allows companies to protect against the costs associated with cyberattacks.
Insurance companies provide coverage for cyberattacks, but they are not responsible for losses incurred by businesses as a result of these attacks. They can also help with the costs of recovering from an attack and mitigating future risks by providing advice on how to improve your defenses against future incidents. The cost of cybersecurity insurance depends on the size and type of business; larger organizations may have higher premiums because they’re more likely targets for hackers than smaller ones.
Do I Need Cybersecurity Insurance?
Do you need …
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