Cyber insurance is a type of insurance that provides protection against losses resulting from cyber attacks, such as data breaches and hacking. It can help cover the cost of responding to a cyber attack, such as hiring a public relations firm to manage the situation, providing credit monitoring services to customers, and paying for legal expenses. It can also help cover the cost of any business interruption caused by a cyber attack.
Many businesses today rely heavily on technology and the internet, so having cyber insurance can be an important part of protecting your business from the potentially devastating consequences of a cyber attack. It can provide peace of mind, knowing that you have a safety net in place to help you deal with the aftermath of an attack. Additionally, some industries, such as financial services, may be required by law to have cyber insurance in some countries.
There are many reasons why a business might need cyber insurance. First and foremost, cyber attacks can be extremely costly. In 2018, the average cost of a data breach was $3.86 million, and this number is expected to rise in the coming years. Cyber insurance can help a business recover some or all of these costs, allowing the business to focus on recovering from the attack rather than worrying about the financial impact.
Another reason to consider cyber insurance is the increasing prevalence of cyber attacks. In recent years, we have seen a rise in the number and severity of cyber attacks, and this trend is expected to continue. This means that even businesses that have not previously been targeted by cyber criminals are at risk. Cyber insurance can provide protection against these attacks and help a business recover if it does become a victim.
In addition to the financial benefits, cyber insurance can also provide peace of mind. Knowing that you have a safety net in place to help you deal with the aftermath of a cyber attack can be incredibly reassuring, especially for businesses that rely heavily on technology and the internet.
Overall, cyber insurance is an important consideration for any business that uses technology and the internet. It can provide protection against the potentially devastating consequences of a cyber attack, as well as peace of mind and compliance with industry regulations.
Recent Cyber Security topics In Singapore:
Recent PDPC Commission’s Decisions:
Breach of the Transfer Limitation Obligation by Shopify Commerce Singapore and Supernova Nature of Breach: Transfer Limitation Decision: Directions Published Date: 18 Nov 2022 Breach of the Protection Obligation by Farrer Park Hospital Nature of Breach: Protection Decision: Financial Penalty ($58,000) Published Date: 18 Nov 2022