Even 10 years ago, most business professionals would shrug at the term cyber insurance. Today, hackers target cyber systems in an effort to steal and sell personal and proprietary information stored digitally. They also attack businesses with ransomware and malware, which could cripple your business.
To protect your business, beyond high-end digital security practices, consider cyber insurance for those instances when the firewall isn't enough. There are a couple things to keep in mind when shopping for information security, or cyber, insurance.
Cyber Insurance is Relatively Inexpensive
If you run a small- or medium-sized business that does not deal in a lot of digital customer information, you could find an adequate information security policy for less than $1,000 annually. That depends, however, on the type of information security systems you have set up. The more you are protecting customer data, the less a risk you are, which translates into a smaller premium.
Know What's Not Covered
There are usually several exceptions to any information security policy. It is up to you to review what those are understand how you are protected. For example, you may not be covered if malware is downloaded to your network by an employee.
When hackers target cyber systems, they are almost always after sensitive information. As long as you have the right security plan and cyber insurance coverage, you should be okay.