In this article, we aim to dispel a common misconception among business owners regarding cybersecurity – the belief that cyber insurance alone is sufficient protection. We'll shed light on the truth about cyber insurance for businesses and explain why it's not a substitute for comprehensive cybersecurity measures.
Global data protection regulations (new or updated) are being enforced aggressively, resulting in a tsunami of hefty fines and penalties handed out to violators. The majority of these violations are a result of the failure to conduct regular risk assessments, which form an integral part of the ‘appropriate measures’ a business must take to ensure information security.
As the world becomes more digitized and cybercrime increases, the need for cyber insurance is something businesses should not overlook. If your company handles, transmits or stores sensitive data, you need to know about cyber insurance.
Cyber insurance is intended to protect businesses from the monetary losses arising from a cyber incident that could jeopardize their future.
As the world increasingly moves online, so do the risks to our businesses. Cyber insurance is one way to help your business recover following a cyberattack. It covers financial losses caused by events such as data breaches, cyber theft, ransomware and more.