Cyber and privacy insurance

What is cyber insurance?

Cyber insurance protects companies from hackers and other people attempting to interfere with private, protected information. It helps protect against losses from data breaches or interferences with sensitive, personally identifiable information or personal health information. 

What is privacy insurance?

More specifically, privacy insurance protects companies against claims made by someone who suffered from a cyber security breach within your company. 

Why should your organization have cyber and privacy insurance

Cyber and privacy insurance softens the blow to companies if an unfortunate incident like a data breach occurs. Data breaches can ruin a company’s reputation. Current customers may work with a competitor if their data is compromised, and prospective customers may be wary of working with your company because of the incident.

Customers may file a lawsuit against the company, and companies may get charged for any financial losses during a data breach. These are all expensive and time-consuming consequences that could potentially happen in the face of a cyber security breach. 

However, if a company has cyber and privacy insurance, the company can recover because there will be fewer financial burdens.