Do I Need a Cyber Insurance Policy?

 The concept of Insurance is not new at all for us. Instead, each of us is primarily obsessed with getting multiple Insurance done such as health insurance, life insurance etc. Have you ever wondered and asked yourself whether you are covered with cyber fraud insurance? Mostly the general insurance plans do not include cyber fraud insurance. So, the next question you ask yourself is: Do you require the Insurance against cybercrime? The answer to this question is a clear Yes; you do need cyber fraud insurance.

Need for Cyber Insurance

Let us assume that one of your colleagues or employees is going through his or her mail, and they receive a link that says to open it and update the software they use. However, the email states that it is from Microsoft, so you assume it surely be must be legal and ethical. The employee to adhere to the timeline click on the link to continue their link. However, that email was not secure and on clicking would disturb the system. However, the employee who was in a hurry did not realize this and continued it. All the employee ended up doing was enter the password, giving hackers more access to your private account. The malware slowly gets spread to the workstation in the entire office.

The next morning when you return, everything is locked, and you get a pop up to pay the bitcoin ransom to access those files. However, what is bitcoin? You end up calling the IT guy and ask him to fix it, but he cannot come immediately. However, the IT person gives you an option to fix the entire thing by sending some emergency crew, but that crew would end up charging three times the standard rates.

Recurring Costs:

Generally, an individual would pay the extra amount, because they would have deadlines and want their system to work immediately. Hence, you also lose the client, because of the delay it is causing. So, you end up losing more revenue here. The clients do not return to you, because they have got comfortable with the other vendor, then why would they come back even if you had a good rapport with them? However, this also ends up damaging your reputation. Hence, you would end up cleaning the entire computer workstations, ending up losing time and all your data.

Annual Cyber Insurance Premium Makes All the Sense:

After reading the above points, we are sure you are convinced about how significant the cyber insurance premium is. However, in the current times, cybercrime is very important, and one should get their hands on the cyber insurance premium at the earliest. The likelihood for a firm or an individual experiencing a data breach is as high as 1 in every three firms, a shocking number.

Also, the cyber insurance premium amount will be much lesser, that the amount you would end up paying post the damage is done.

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