What is Cyber Insurance?
Cyber insurance is a type of insurance policy that protects businesses and organizations against the effects of a cyber attack. It is also referred to as cyber liability insurance and cyber security insurance.
Cyber Insurance Policy
A cyber insurance policy is essentially made up of two parts. It spells out the level of coverage that the insurance company or Lloyd’s syndicates will provide, and will also include the information provided by the insured, by way of proposal form, that forms the basis of the contract
Cyber Insurance Coverage
A cyber insurance policy is normally designed with the two areas of coverage in particular. One is to provide financial compensation for losses and expenses incurred in dealing with a cyber attack.
The other is to provide or make provision for the insured to be able to deal with the cyber attack in real time and manage the consequences, both short-term and long-term.
Cyber Incident Response Team
A Cyber Incident Response Team or Unit is normally a provision within the terms of the insurance policy to help manage the cyber attack.
This team will either be provided by the insurers themselves, or the policy will provide compensation for some/all of the cost of any in-house activities that come under the purview of an incident response team.
Cyber Insurance for Small Business
Many people assume, mistakenly, that cyber attacks are mainly focused on big businesses, organizations and governments.
Such data as there is tends to imply that cyber attacks are often focused on smaller businesses, organizations and non-profits, which in many ways tend to be easier targets for cyber criminals than large corporates.
Cyber Insurance Cost
People are sometimes put off getting a cyber insurance policy because they think the cost will be too prohibitive. While this can sometimes be true, generally speaking the cost of a cyber insurance policy can vary considerably, and there are many ways that an insured can reduce the risk of a cyber attack, and subsequently reduce the cost of an insurance policy
Personal Cyber Insurance
Cyber insurance policies tended to be focused on organizations and business’s, but increasingly insurance companies are offering some type of protection to individuals as the realization that normal people and families face this threat as well, grows ever more real.
Cyber Insurance Quotes
Getting a quote for cyber insurance is becoming easier all the time. This in part is due to the growth of the insurance market itself in providing cover, also to the level of technology that allows for online quotes, often in a matter of a few minutes.
Who offers the best Cyber Insurance Policies – Cyber Liability Carriers
There are an increasingly growing number of insurance companies and Lloyd’s syndicates who offer some type of cyber liability insurance policy. As with all types of insurance, their view of risk will differ from one other, which will be reflected in the cost and the coverage provided.
That are also a number of insurance brokers who have specialist teams working in this area, and they can often provide good and impartial advice on the best type of company or policy for any individual or organization.
Cyber Insurance Risk Assessment
A number of cyber liability carriers offer what is in effect a risk assessment for any potential insured. This can be done in a number of ways, either formally or informally.
Cyber Insurance Claims examples
Often cyber insurance carriers will give examples of what constitutes a cyber attack or a cyber crime, and at the same time show how their insurance policy has helped benefit the individual or business.
These can be useful but it should also be realized that these are examples chosen by the insurance company for their own benefit, and may not fully reflect their range of claims settlements.
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