Business vision: Cyber ​​Security Insurance potential for business | Local Business News

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  Business vision: Cyber ​​Security Insurance potential for business |  Local Business News

Chris Leffingwell

In 2022 it will likely be more of the same. Cybercrime statistics get wilder each day. Regardless of how big, or small, your business or industry is, it’s not if — but when, a cyberattack will happen.

1. What is cyber insurance and is it something I need for my business?

Cyber liability insurance is quickly becoming a big industry and will likely be a must-have for nearly every organization. Here are three things to know to better protect your business.

Story Highlights

  • Courtesy

  • It’s been a battle for the headlines between the COVID-19 pandemic and major ransomware attacks.

In short, cyber insurance can encompass a wide range of insurance policies to help cover financial losses from cyber events and incidents. Additional cyber-risk coverage can help with the cost of remediation, legal assistance, investigators, crisis communicators, and customer credits or refunds.

Currently, there is no standard type of cyber insurance. A traditional business owner policy does not cover a cyberattack or the collateral damage that may result from one. Adding cyber insurance adds that extra protection.

2. Is cyber insurance required? The answer is both yes and no, but the situation is fluid. Two acronyms to be familiar with are NIST and CMMC for compliance requirements.