What is cyber insurance?
Let’s start with a different question: Ask yourself what part of your business isn’t reliant on digital systems and, if a cyber attack meant that was the only part of your business still functioning, what could you do?
Not much? That’s what cyber insurance is for. It’s about keeping businesses trading in a world where digital systems dominate.
- If you came into work and you were told you that someone had got into your systems and accessed your data, would you know what to do next?
- Or if someone hacked your business – to put out messages on social media for example – would you know how to stop them and repair the reputational damage?
- Or you came in and switched on your computer and there was no response except for a ransom demand? Who would you call? Would you pay?
Cyber insurance is designed to tackle all of these threats and more. It not only protects businesses, but supports them to meet their commitments to customers and employees if their digital systems are compromised, paralyzed or attacked.