Cyber Insurance
When you run a small business, you face many physical risks, like property damage and injuries. But your business also faces risks that come from using technology. These include everything from data breaches to hacking.
To protect against those risks, many businesses add cyber insurance to their business insurance policies. Cyber insurance can offer broad coverages to help protect businesses from various technology-related risks.
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Why do I need Cyber Insurance?
Unsurprisingly, cyber insurance emerged onto the insurance scene recently as a result of the fact that other traditional business insurance policies were simply not created to cover the types of risks most commonly associated with cyber insurance.
Therefore, many insurance experts will argue that cyber insurance policies are still in their infancy and a lot of work needs to be done when it comes to standardizing coverage and making sure that insurance carriers are able to support the needs of modern businesses. Not only that, education is important in order for businesses to understand the threat of cyber attacks and the seriousness of these types of threats (related: read our guide on cyber threat modeling).
A very recent report claims that seven out of 10 firms do not have a quality cyber security strategy in place.
There is, however, no doubt that the cyber insurance space will continue to grow rapidly and offers will certainly be expanded and customized. Also, as is the case with most other types of insurance offers, cyber insurance policies are evolving towards more industry-specific solutions and becoming less general.