What is Cyber Security Insurance?
Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.
Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products.
Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused.
For example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
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Companies those opt for Cyber Security Insurance
1. Online retailers
2. Financial, credit and banking institutions
3. Health care providers and hospitals
4. Educational institutions
5. Social service organizations
6. Technology companies
7. Manufacturers and supply chain services
How to Make Stronger Cyber Security?
Always Use a VPN system.
Keep your account or mail ids passwords very strong.
Use Two-factor authentication for your servers.
Keep your network security software updated.
What Doesn’t Cybersecurity Insurance Cover?
Cybersecurity policies are relatively new and still growing, but many don’t cover theft of intellectual property and have a difficult time protecting against damaged reputations and lower sales.
These shortcomings may change, but cybersecurity insurance is so new that underwriters remain unable to easily and accurately assess risk.
As a result, they exclude items—such as product designs, software code and reputation loss—that are hard to quantify.
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