Should You Get Cyber Insurance?

Cyber attacks and ransomware attacks have been making the news continuously. Almost to the point where they are coming out of nowhere. Why are we as a society and businesses so at risk? There is a greater number of devices than ever on the internet, and it is growing significantly every day. With so many attack vectors, it is almost no longer a question of whether or not a company will get hacked, but when. Many of us do the standard levels of security such as antivirus and antispyware, maybe some of us do a bit more such as using VPNs and complex passwords, yet all of these steps aren’t enough when it comes to fighting the modern threats of ransomware. Cyber insurance may be a valid answer.

Can cyber insurance cure all ills? While it is quite useful, it should not be looked at as a magic bullet solution. Virtually any system in modern times has the potential to be hacked and compromised, so don’t think of cyber insurance as preventative but rather a good insurance policy to try to recoup some losses. There have even been cases where a hacker will infiltrate a company network, find the policy that the company has, and then show the company a copy of their cyber insurance policy! The attacker will then ask for the policy maximum as ransom. Never a dull moment in the world of cyber security, you could say.

Want to learn more about cyber insurance and why it matters? Check out the visual deep dive for more:

cyber insurance - why it matters
cyber attacks are on the rise
why attacks are increasing
businesses are unprepared for cyber attacks
is cyber insurance the solution
ransomware payments may not be covered