Cyber Insurance

Technology, social media and transactions over the Internet play key roles in how most organizations conduct business and reach out to prospective customers today.

 

Those vehicles also serve as gateways to cyberattacks. Whether launched by run-of-the-mill hackers, criminals, insiders or even nation states, cyberattacks are likely to occur and can cause moderate to severe losses for organizations large and small.

 

As part of a risk management plan, organizations routinely must decide which risks to avoid, accept, control or transfer. Transferring risk is where cyber insurance comes into play.

 

A cyber insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. 

Cyber risks change frequently, and organizations tend not to report the full impact of breaches in order to avoid negative publicity and damage the trust of customers. Thus, underwriters have limited data on which to determine the financial impact of attacks. Essentially, the true risk of cyberattacks is not completely understood.

*©2019 by Best Commercial Insurance. Best Commercial Insurance is owned by George Chemedi, RIBO, trusted by over 1,000 clients,  producer of FSB Insurance Ltd. and FSB Commercial Ltd. All rights reserved.

  • Instagram Social Icon
  • Facebook Social Icon
  • Twitter Social Icon
  • LinkedIn Social Icon
  • Pinterest
This site was designed with the
.com
website builder. Create your website today.
Start Now