The Internet has fundamentally altered the way businesses work, ushering in a new era of opportunity and uncertainty for both services and commerce. In most circumstances, a business must have an internet presence to be successful nowadays. Today's businesses must be able to sell their goods and services, market themselves, and communicate with their consumers via the internet.
It's no surprise, then, that the number of cyberattacks against organizations of all sorts is continuously increasing year after year. This is critical since cyberattacks can be financially and reputationally harmful to your company.
In general, cyber insurance claims are typically submitted due to assaults that fall into one of three categories: hacking, social engineering, or malware attacks. Recovery after a malware assault, whether it's ransomware, spyware, or a DDoS attack, may be costly and time-consuming.
While there are best practices that one may apply to safeguard one’s company from cyberattacks, there is no failsafe way to avoid them totally. Purchasing business insurance plans to transfer some of the risk associated with cyberattacks to a third party, primarily an insurance company, is the next best approach to safeguard your organization against cybercrime.
Certain aspects of your organization are considered the primary drivers of coverage cost, regardless of the type of insurance policy you purchase. This implies that the cost of cyber insurance will be determined by the type of business you operate and the level of cyber risk you face.
According to a recent study conducted, the average annual cost of a cyber liability policy in 2019 was $1,500 for $1 million in coverage and a $10,000 deductible. Of course, depending on several criteria, businesses can spend a lot less or a lot more for coverage.
It’s better to learn about the threats that one can face in today’s internet age. Visit our blog to learn about cyber security threats.