Cyber Insurance

As the frequency and cost of data breaches continues to rise, companies may want to look at purchasing Cyber Insurance. Small to mid-size companies are buying Cyber Insurance because of the support, guidance on how to effectively respond to a cyber-attack, financial protection and guidance on the needed infrastructure.
 
Key considerations include cost and coverage, limits on what the policy will recover, the policy term limits, as well as what guidance the insurance company can provide. With more employees working remotely, the risk of cyber attacks has increased, as it is more difficult for companies to control the employees’ home environment. Cyber Insurance may be another way that companies can protect themselves, especially if the insurance companies provide help with best practices.