Security News > 2021 > January > Why cyberinsurance can save your business

"In its early days, cyberinsurance coverage was offered through either expensive, highly manuscripted policy forms or cheap, sublimited endorsements to other policies," said Dan Burke, senior vice president at Woodruff Sawyer and Company, in his article Cyber 101: Understand the Basics of Cyber Liability Insurance.

It's important to be realistic, in that cyberinsurance protects against the costs of cyber breaches, not the actual attack.

Burke said cyberinsurance should include the following components.

Network security: Cyberinsurance must cover security failures of the organization's network, including data breaches, malware infections, cyber-extortion demands, ransomware, or business email compromise.

Burke said most cyberinsurance policies contain a combination of the above coverage elements; however, he cautions that one size does not fit all.

For additional information about cyberinsurance, read these TechRepublic articles: Top 5 things to know about cyberinsurance, Cybersecurity insurance: Read the fine print, and The FTC's cyberinsurance tips: A must-read for small business owners.

News URL

https://www.techrepublic.com/article/why-cyberinsurance-can-save-your-business/#ftag=RSS56d97e7