Is Cyber Insurance Worthwhile?
More and more companies are looking to protect their assets against cyber-attacks. Most of these organizations are not aware of what can happen until it does happen, a network breach, a ransomware demand, business interruption, or social engineering event are often accompanied with unforeseen expenses that can bring a company to its knees or worse put them out of business. These expenses materialize in the form of lost income from interrupting business operations, hiring IT forensics and crisis management firms, and regulatory fines.
Carrying Stand-Alone Cyber Insurance transfers these potential risks and expenses to the Cyber Insurance carrier and reduces the financial burden of being un-insured or under-insured with the traditional packaged property and casualty business insurance policy.