Cyber insurance, also known as cybersecurity insurance, is a type of business liability insurance that protects your business against cyber security risks and data breaches. Cyber insurance can help restore employee and customer identities, recover compromised data and repair damaged computers and networks, whether your business is the victim of a data breach, social engineering, ransomware or phishing attack.
You could be at risk for a cyberattack. A staggering number of small and medium-sized organizations get attacked each year — many without the support of cyber insurance coverage. What’s more, COVID-19 has upped the stakes, as remote working makes computer systems more vulnerable.
And if your systems or data are compromised, it can put you out of business or cause a significant financial loss.