There’s digital gold in your data storage units, computers, networks, and clouds. There is also a large portion of your reputational capital, liability of multiple kinds, and quite possibly the economic viability of your enterprise. With all this at stake, protection against IT incidents and accidents is a priority. However, data backups and IT security measures can only handle so much. Cyber insurance can help shield your business against the rest.
What is Cyber Insurance?
Cyber insurance is insurance for organizations and individuals against Internet-based risks. More generally, it may also cover risks related to IT assets and their usage. As with other kinds of insurance, cyber insurance allows you to transfer your risk to somebody else (the insurance company), instead of eliminating, mitigating or simply accepting it within your enterprise. On the other hand, it often differs from traditional business insurance products, which tend to exclude Internet and IT-related risks.