What You Need to Know

    Identifying cyber risk is crucial for any business, especially in today's digital age. Common exposures to cyber attacks include data breaches, cyber extortion, loss of data, and network interruption. However, this list is not exhaustive, and it's important to conduct a thorough assessment of potential cyber risks.

Inconsistency in handling data security and a lack of a documented cyber security policy can create vulnerabilities and lead to financial loss. Smaller businesses, without a dedicated IT security or cyber risk management function, may be more susceptible to these types of risks.

To protect against financial loss, Cyber Insurance is becoming increasingly important for many businesses. This type of insurance covers claims made by third parties, such as customers or business partners, who have suffered a loss as a result of a cyber attack on the insured company. It also covers the costs of responding to a cyber incident, such as forensic investigation, public relations, and regulatory fines. Even the most well-managed businesses, with solid cyber security practices, can still fall victim to cyber attacks. Cyber Insurance serves as a final layer of risk management, providing an added level of protection for businesses.