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What is Cyber Insurance?

What is Cyber Insurance?

Cyber Insurance is a necessary tool to protect your business from the potential risks and costs of cyber attacks. Cyber Security risks can be unpredictable, devastating and costly – with an average cost of data breach in Europe reaching €3.5m for SMBs alone. A comprehensive Cyber Insurance policy covers the financial losses that may occur through these incidents, as well as providing a range of cyber risk mitigation services.

Cyber Liability (i.e. third party liability for breaches) is the most common cover available from specialist insurers and ranges from £1m to unlimited cover, with all policies offering coverage specific exclusions such as outsourcing business operations to non EU countries where local data laws may be less stringent than in your own country or where there is a lack of established regulatory bodies enforcing GDPR standards.

Cyber Crime & Fraud Insurance also provides protection against the costs associated with investigating fraudulent transactions that have been made using stolen credit cards or identity theft amongst others – this includes reimbursing you for the loss incurred by your bank if one of your banking partners has lost.

Need more information on Cyber Insurance? Drop us an email on sales@ncrypt.my or contact us through our website https://ncryptmalaysia.com/.

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