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What is cyber insurance?

Cyber insurance is a type of insurance that shifts the risk and liability of a data breach or other compromising cybersecurity incident from an organization to the insurer. As with typical insurance, organizations pay a premium to an insurance provider and will get paid out if a data breach does occur.

Why is cyber insurance helpful?

Data breaches can be costly and the bill can easily run into the millions. This is often due to the expenses related to investigations, fine, communication, remediation, and any additional services that an impacted organization needs to pay for in case of a consumer breaches, such as identity theft protection. Organizations with cyber insurance can offset much of the costs associated with data breaches.

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Is cyber insurance necessary?

Top 3 Reasons Cyber Insurance Policies Make Sense for SMEs Threat actors don’t discriminate and often leverage advanced attacks that are deployed continuously, ready to hit companies that may not have the resources, technology, or awareness to properly defend themselves. This often results in SMEs taking the brunt of these attacks. As a result, almost half of all small businesses admit to having been victims of cyberattacks in the last twelve months. Yet, despite this increase in risk, small businesses […]

Hwei Oh

Jun 23, 2022

6 min

Cyber insurance: What SMEs need to know

It’s no surprise that data breaches and cyberattacks are on the rise. The Identity Theft Resource Center issued a press release in October of 2021 saying that the number of data breaches that had occurred in 2021 through September had already surpassed the number of attacks in all of 2020 — a year in which small businesses saw a 424% increase in cyberattacks. What’s worse is that adversaries don’t discriminate and they’re using the same tactics against businesses big and small. […]

Hwei Oh

Mar 01, 2022