Thursday, February 26, 2015

Cyber insurance - what is that?

Nearly every day you hear in the news that there was a hacker attack and a well-known company had a data breach. Such a data breach is costly for the breached company and they often have no possibility to recoup their losses from the hacker. Therefore it is a good idea to think about a cyber-insurance.

Maybe you think, you have a business liability insurance that covers these issues too. Don’t be fooled, such a risk is not covered by your liability insurance. Also the argument, such a cyber insurance is very expensive maybe not the correct argument because in the case of a data breach the data loss will be much more costly for you because you will lose your data and the trust of your customers.

To find the matching cyber insurance you should consult your business insurance broker and assess with him/her your business risk. You have to cover your own business risk as well as the third-party risk like your customers.

With such a cyber-insurance you not only get the coverage for your risk but you will get very valuable information too how to protect and secure your IT-systems.

For more information you can contact us at