Cyber security insurance is a form of insurance that protects your business from technological threats such as data breaches, ransomware and cyber-attacks on your IT systems. As technology advances, companies require new forms of insurance that will protect them from these new digital threats that can create large liabilities. Cyber insurance provides coverage for an organisation’s exposure to network risk which includes privacy liability, regulatory fines and business/network interruption.
Techinsure.ie have access to a number of insurers who offer a comprehensive cyber crime extension to its cyber and data insurance policy, covering both cyber-dependent, cyber-enabled crime and social engineering derived losses.
These types of crime can only be carried out via a computer, examples include:
1) someone hacking into a system to steal funds or place fictitious orders for physical goods
2) keylogger malware used to capture online banking credentials with funds subsequently transferred
3) compromised telephone systems used to make calls to premium rate numbers.
These risks typically fall into the realm of social engineering and involve the reach of traditional crime being extended by the use of electronic means, examples include:
1) an email account of a director or supplier being cloned or hacked and used to send fraudulent payment instructions
2) a phishing email sent pretending to be from a business’s bank, prompting them to enter account details and passwords into a fake website.
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More on Cyberinsurance
As technology continues to evolve and play an increasingly important role in business,
having cyber insurance is becoming more and more important. Cyber insurance is a type of
insurance that protects businesses against the financial costs associated with cyber attacks
and other types of online threats. Here are just a few of the benefits of having cyber
insurance for your business:
Protection against financial loss.
Cyber attacks can be financially devastating for businesses,
as they can result in lost revenue, legal fees, and other costs. Cyber insurance can provide
financial protection against these costs, helping your business to recover from a cyber attack
and to continue operating.
Compliance with industry regulations.
Many industries have strict regulations regarding data security and protection, and businesses that fail to comply with these regulations can face significant fines and penalties. Cyber insurance can help your business to meet these regulations and to avoid costly penalties.
In addition to the financial costs, a cyber attack can also damage your business’s reputation. Cyber insurance can provide financial support for public relations efforts and other measures to protect your business’s reputation in the wake of an attack. Peace of mind. Dealing with a cyber attack can be stressful and time-consuming, and it can distract you from running and growing your business. Cyber insurance can provide peace of mind, knowing that you have financial protection in the event of an attack and that you can focus on your business.
As more and more businesses are recognising the importance of cyber insurance, having coverage can give your business a competitive advantage. It can demonstrate to customers and partners that you take data security and protection seriously, and that you are committed to protecting their sensitive information.
Overall, having cyber insurance is an important consideration for businesses of all sizes and industries. Cyber attacks are becoming more common and more sophisticated, and having insurance can provide financial protection and peace of mind in the event of an attack.