A Cyber Insurance policy is incredibly important moving into the future as it helps companies to avoid major losses as a result of cybercrime. Cyber insurance makes sure that your company is secure, by analysing previous breaches or problems and assisting in new techniques to prevent similar events happening via a protection plan.
Year on year, cybercrimes are increasing and companies with less than 250 employees are particularly in danger. Small companies are targeted because hackers are aware that they would not likely have high levels of security, making it incredibly easy to cause a breach. Big companies are also targeted but their security measures are much more effective, so it would take a lot of time and expertise for someone to breach larger companies. This is why 55% of small companies are experiencing cyber security breaches. Therefore, cyber insurance is vital to ensure your company avoids the negative implications associated with these breaches. Cyber insurance can help recover money as well as some lost data as the insurance has the ability to backup.
There are many different services that are covered in cyber insurance. There is protection identity recovery which helps you recover your data, it helps to identify cases of fraud and it also restores credit history. Another is CyberOne protection, which helps in protecting your business against any damage from viruses or any other computer attack. It also backs up your data and will restore it and will covering costs that have resulted as a result of the attack. Data can be recreated, a valuable tool for any business in the case of cybercrime. This is the reason why cyber insurance is needed in every small or big business now days to stop all these crimes, which become more frequent as we transcend into the digital generation especially with many devices being mobile these days. Mobile cyber security from Lookout is an example of some of the measures being taken to ensure that people on mobile devices are protected from digital attacks like mobile phishing. To learn more about this, check out the infographic in this article.