Cyber Insurance Market 2022: FAQs & Updates with iBynd Business Development, Cyber Risk

Q: What are the most important cyber insurance policy coverages for businesses?

Notification and expense coverage
After customer data is compromised, there are state-regulated notification requirements an organization must follow. Cyber insurance companies help navigate and handle the notifications and expenses associated with them such as hiring a forensics expert to identify the cause of the breach, monitoring the affected individuals’ credit score, and paying costs to restore stolen identities. Business interruption
Remember when Kaseya, a US ransomware attack, led to Swedish supermarket chain, Coop, shutting down 800 stores? If Coop had business interruption coverage, it would help recoup (no pun intended) some or all the lost revenue. Liability
In the event a group or individual decides to sue your business after a breach – for example, for negligence because you didn’t have the right security controls and procedures in place to stop sensitive data from being compromised — liability coverage would assist with legal expenses and/or settlement costs. Funds transfer fraud
The FBI estimates that since 2016, business email compromise (BEC) attacks have caused $43B in losses. If an unsuspecting employee falls victim to a BEC scam, funds transfer fraud covers helps cover losses. Ransom/extortion
If you find yourself being extorted after cybercriminals encrypt and potentially exfiltrate sensitive data, this coverage will help you attribute the threat actor, negotiate, and pay on the behalf of the business to regain access.

Q: How is the price of a cyber insurance policy calculated?

Cyber insurance policy premiums are calculated through

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