Any business with an online component or one that sends or stores electronic data might benefit from cyber insurance, as may any organization that relies on technology to conduct its operations, which is pretty much every business.
Private personal data such as contact details of customers or staff, intellectual property, or sensitive financial data are all potentially very lucrative to cyber criminals who could attempt to break into the network and steal it.
There’s also the potential for hackers to cripple a network with ransomware. A cyber insurance policy that covers ransomware could go a long way to helping organizations that fall victim to attacks like this find a way out of the predicament.
As cyber risks evolve, so too must your coverage. Understanding where traditional policies and other property and casualty insurance policies complement, overlap, or exclude cyber exposure is critical. Contact us today to know more!