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Korcomptenz - Total Transformation Blog - Cyber Insurance – A Rescuer
Data/Information breaches and other digital wrongdoings are becoming very common nowadays. In the past couple years, data/information breaches have brought about real fines and lawful charges along with the headaches. The issue is faced by everyone including a retail chain, banks, an entertainment company and even the government organizations.
However, it is not just big companies that are susceptible to being hacked or getting a virus. Even the small businesses are facing a huge challenge in the data theft. There are around 55% of small companies have been facing the data theft and around 53% of companies have faced data theft issues multiple times.
An information theft or breach can harm something beyond the company PC network. Thus, "Cyber Insurance" comes into the picture. It is a precaution for any kind of business.
Digital protection by and large covers the liability of business that is caused by data breach/theft including confidential client data, for example, Social Security numbers, credit card numbers, account numbers, driving license numbers and medical records.
General insurance covers bodily wounds and property damage resulting from the items, operations or services. Normally General insurance doesn't include Cyber insurance.
Normally, Cyber insurance cover the following,
Most of the countries expect organizations to inform the clients about a data breach/theft including personally identifiable information, a process that can be exceptionally costly.
Some of the Cyber insurance policies offered by different companies are,
In short, each & every serious business should have their data related risks covered by cyber insurance, that will help them in bad situations and enhance their reputation in the market.
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