As cyber threats escalate, businesses face significant risks of security breaches and financial losses.
Cyber insurance offers a safety net, providing financial protection and support during cyber incidents. This article from WeLiveSecurity explains that while cyber insurance isn't a replacement for strong cybersecurity practices, it complements them by covering costs like pre-breach assessments, post-breach notifications, forensic investigations, legal services, and crisis management.
Policies typically include first-party coverage for direct business impacts and third-party coverage for claims from affected parties. However, coverage for cyberattacks deemed "acts of war" may be excluded. With the rise of hybrid work environments and digital investments, the need for cyber insurance is more critical than ever.
