Cyber threats pose a major danger to every organization, regardless of the size and status of the business. Individuals, SMBs, and enterprises develop and improve their cybersecurity to counter potential threats efficiently. However, hackers always have the first strike advantage. So an attack causing a data breach or IT system disaster is a matter of when not if, for an organization.
Cybersecurity insurance is a tool to mitigate security breach consequences for an organization. In this post, we at ANY.RUN decided to find out what cyber insurance is, what it does and doesn’t cover, who needs to develop appropriate policies, and why.
What is cybersecurity insurance?
Cyber insurance (cyber attack insurance, cybersecurity insurance, cyber-liability insurance) is one of the insurance policies that protect organizations from hacking attempts, ransomware attacks, and other cyber threats. It serves to avoid or mitigate the disruption of workflows during an attack and the consequences that follow. The potential coverage of financial expenses connected with the site recovery can also be included.
Speaking formally, cybersecurity insurance is a contract that an organization concludes with an insurer about protection from IT-related issues. Those issues can be connected with computers, internal and external networks, and software.
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