What is Cyber Insurance? Is it right for your organization? In the quest to mitigate the damage and manage the risk that can come from cyberattacks, organizations are now investigating and employing cyber insurance. You can get the inside scoop on cyber insurance and key data protection info in this article. What are your thoughts on cyber insurance?
5 Spice ups
To help with the expenses of recovering from a cyber incident, yes. To pay ransomware authors, absolutely not.
7 Spice ups
If you ever have your systems compromised or suffer a ransomware attack, you’ll wish you had it. A firm I worked with luckily had coverage that covered the cost of remediation and support. We did not have to pay a ransom but did have some down time and spent quite a bit on additional support and resources during the DR phase.
2 Spice ups
Just the point of notifying any potentially affected customers and dealing with the aftermath alone makes having it better than not!
2 Spice ups
Huw3481
(Huw3481)
5
Yes. Especially if you have compliance standards to deal with.
3 Spice ups
In Terms of Security, insurance is what covers you when things go wrong. If data is lost for example it can be very expensive. Obviously you do whatever mitigation, prevention, offloading to 3rd parties you can do, but at some point there is real costs that could be incurred due to damage that either you have to accept or get insurance against. And as per what others said above, the costs or sabotage can be very expensive.
2 Spice ups
