How is Cyber Insurance Helping Enterprises Mitigate Potential Cyber Risks?
Cybersecurity insurance is a product that enables several businesses to mitigate the risk of cybercrime activity such as cyberattacks and data breaches. It mainly helps organizations from the cost of internet-based threats affecting IT infrastructure, information governance, and information policy . This type of insurance is not covered by commercial liability policies, or traditional insurance products. What makes cyber insurance important for organizations? Nowadays, cyber insurance has increasingly become essential for most of the organizations as the risk of cyberattacks against applications, devices, networks, and users grows. As data is everything for all organizations, the loss , compromise or theft of data can significantly impact a business, from losing customers to the loss of reput ation and revenue. Sometimes, organizations are also liable for the loss or theft of third-party data. A cyber insurance policy can protect the enterprise against cyber events, includin