The Internet has become a basic necessity. We upload tons of stuff on social media and also keep data on clouds.
The Internet has moved past as a leisure and has become an important medium for new features like web-based transactions, holding tons of information about individual and other classified data. Therefore cybersecurity is a pre-eminent need.
Cyber-attacks have a huge impact on any business and are almost impossible to come back from.
Different companies have now extended their help in making your data secure by providing cyber insurance.
What Is Cyber Insurance?
Cyber insurance is like any basic insurance and provides you protection against cyber-crimes and also protection against the attacks which result in financial, data and other losses.
If there is a breach in the cybersecurity, the insurance provider will take the entire responsibility of investigating such breach, recover data as well as the financial losses incurred.
Related: Global Cyber Attack Cripples Businesses Worldwide, Affecting Over A 100 Countries!
Cyber insurance also covers your business’ liability for a data breach involving sensitive customer information like credit card numbers, account numbers, health records etc.
They will also cover any other expenses incurred related to the cyber-attack including any lawsuit.
Here’s Why You Need Cyber Insurance
You need cyber insurance for the same reason you need any other insurance, safety, and protection.
In case of a cyber-attack, the insurer will cover for your losses, including digital assets, incurred during the recovery period and also the cost incurred in dealing with such attack.
It is not just about recovering the financial losses. Having a cyber-insurance will mean protection against software hijacking programmes.
The benefits of cyber insurance also include protection against reputational and manpower losses.
If you think that only MNCs are susceptible to a cyber-attack then you are wrong.
Symantec’s 2016 Internet Security threat report indicated that 43% of all cyber-attacks were targeted at small businesses and over 30% phishing attacks were launched against organizations with less than 250 employees.
Companies That Offer Cyber Insurance In India
Many insurance providers have set up shop in India with the increasing threat of cyber-attacks. Companies like ICICI Lombard, HDFC Ergo, Bajaj Allianz, Unison and Tata AIG currently provide cyber insurance.
It is superfluous to say that cyber insurance is the need of the hour when most businesses are now being dependent on the internet. In this age of technology, cyber insurance is a must.
Image Credits: Google Images
Sources: Huffington Post, CIO, Newsbyte + more
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