Cyber insurance is a specialized form of protection that helps businesses manage the financial and operational risks of cyber attacks such as data breaches, ransomware and other forms of cybercrime.
If your organization handles electronic data, conducts online transactions, or stores sensitive information, cyber insurance can provide:
a. Financial protection against the costs of a cyber attack.
b. Access to emergency response services to contain and recover from incidents quickly. These include cyber incident investigators and breach coaches.
c. Support to maintain customer trust and business continuity in the aftermath of an attack. These include public relations consultants and legal support.
With cyber threats growing more frequent and sophisticated, cyber insurance ensures your business can recover faster, limit losses, and protect your reputation.
A cyber-attack happens every 20 seconds. The loss, compromise or theft of electronic data can have a negative effect on a business, including the loss of customers and revenue. Business owners could be liable for damages stemming from the theft of third-party data.
Financial Protection
Business Continuity
Customer Trust
Regulatory Compliance
Risk Management
Reputation Protection
Vendor Requirements
Peace of Mind
Cyber insurance also gives you bundled access to critical emergency services — including incident response, digital forensics, legal support, and public relations. Engaging each of these experts separately on a retainer would often cost far more than the price of a cyber insurance premium, making coverage a cost-effective way to secure both protection and expertise.
Any loss, compromise, theft of electronic data or computer systems can severely impact your business. This can result in a loss of customer confidence or incur significant financial costs to recover from such an attack.
Cyber insurance helps mitigate this financial risk, preventing your business from bearing the full burden out of pocket. Here's what you get covered for:
Business operation can be severely impacted by corruption and/or encryption of your data assets and computer systems, costing your company time and money
In typical ransomware attacks, your company's data assets and computer systems can be held hostage by cyber criminals, in exchange for large ransoms
According to Singapore's PDPA, regulatory fines could be handed out in the event of breach of privacy like leaked customer data
Third-party damages can occur in the event of a cyber attack, affecting the operations of your vendors and partners
Dealing with cyber attacks may require additional expenses such as IT forensics, data restoration and privacy response
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