Do I Already Have Cyber Security Insurance?
If You Have to Ask, the Answer is Probably "No."
Cyber
insurance -- also called cyber security insurance, cyber liability insurance,
cyber risk insurance, and data security insurance, among other terms -- is an
insurance product used to protect businesses from Internet-based risks, and more
generally from risks relating to information technology infrastructure and
activities. Risks of this nature are typically excluded from traditional
commercial general liability policies. Coverages provided by cyber-insurance
policies may include first-party coverage against losses such as data
destruction, extortion, theft, hacking, and denial of service attacks; liability
coverage indemnifying companies for losses to others caused, for example, by
errors and omissions, failure to safeguard data, or defamation; and other
benefits including regular security audits, post-incident public relations and
investigative expenses, and criminal reward funds. (Courtesy: White
House)
Just about every business today needs cyber insurance. More and more businesses are transacting online and the reality is it’s only going to increase as we move forward.”
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This often happens with car insurance companies. One may have more costs than another; they might be a bigger company so they have more personnel to support, whereas another larger company can charge less because they have more business.
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Protects against loss of goods whilst in transit or whilst temporarily stored in the course of transit. insurance agents
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