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Technology has become an important part of every business. It pays a significant role in maximizing the efficiency and functionality of every company. The development of internet infrastructure has forever changed the way we conduct business and reach out to potential customers. While technological improvements allow better communication and storage of data, they create a significant threat to security. Cyberattacks can lead to theft and leaks of sensitive information, intended to be only visible by the company and its client. Cybersecurity breaches not only cause significant financial damage but also tarnish the reputation of a company and break the trust between the business and its customers and partners. Every company should utilize cyber insurance as one of the ways to protect itself and its clients.
Cyber insurance helps businesses reduce the potential damage and exposure in the case of a cybersecurity breach. Large companies and even banks are under constant threat of a cyberattack, but trends show that SMEs are a desirable target for cybercriminals as well. More than half of small businesses have experienced security breaches that ended up causing damage to their clients. Cyber insurance covers the costs of informing harmed customers about a breach of their data, works on compensating affected customers and recovering sensitive information.
Utilization of cloud and computer systems to store customer data and sensitive company information can always make your business a victim of a cyberattack. Although the prominence of big organizations should make them the main targets of hackers, small businesses suffer just as much, if not more due to a lack of cybersecurity. Because small companies usually do not have IT departments, cyber-crimes against them are frequent and quite successful.
If a company suffers a loss of data or damage, theft, corruption of its electronic systems during a cyber-attack, cyber insurance covers:
Cyber insurance coverage can also be divided into first-party and third-party costs. A first-party coverage helps to investigate the alleged cyberattack, protect the reputation of a business, recover sensitive data and restore the damaged computer systems, needed for the functional continuation of business activities. It also covers the potential loss of income, notification costs for potentially affected third parties.
Third-party coverage is utilized for covering damages, settlements and defense costs against third-party security breach claims. Third-party cyber insurance is needed when a third-party has sensitive information in your database and makes a claim of a cybersecurity breach against you. In this case, the coverage covers settlements and damages, as well as pays your defense costs.
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