In today’s world, cyber risk is not just limited to business that are focused on the IT/online spaces. Most businesses have a wide range of cyber-based exposures threatening them from a financial and operational stand-point and the likelihood of these threats are quickly overtaking losses from a fire or flood. In turn, Cyber insurance has become an integral component in protecting a business from loss.
The number of files, systems, programs, processes and marketing that are based online now exceeds those that are not. Taking this into account, Cyber insurance has never been more important. This coverage offers more than just protection for viruses and hacking – it offers protection for the wide range of possible cyber-based attacks and resulting financial losses affecting a business. It focuses on protection from cyber-attacks, privacy breaches, cyber theft & crime, physical damages to hardware, damages to IT systems & information, cyber liability, business interruption costs, defense costs, and more.