What Every Business Owner Should Know Before Renewing Their Cyber Policy
Cyber insurance renewals used to be routine.
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Cyber insurance renewals used to be routine.
Cyber insurance is no longer a checkbox.
Cyber insurance is often seen as a financial lifeline.
Cyber insurance is often viewed as a financial backstop; something that will step in when security controls fail and a cyber incident occurs.
Cyber insurance is often seen as the final line of defense.
Business owners understand insurance. You insure your building, your vehicles, your employees, your liability. So, it makes sense to assume cyber insurance will cover you in case of a hack, right?
It’s October, which means it’s Cybersecurity Awareness Month! We always like to take this time of year to educate people about cybersecurity, why it’s such an important thing in today’s world, and why your organization should prioritize cybersecurity above most other things.
Have you set aside money in your IT budget for cyber insurance yet? If you haven’t, you most likely will soon. Cybersecurity Liability Insurance is a specific type of insurance intended to protect businesses from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. It’s something that many industries will be required to have within the next few years in order to maintain compliance, but there’s another issue; cyber insurance is getting more expensive and harder to obtain.