The number of hacking attacks on various companies, irrespective of their business have been on a rise across the world. The increasing frequency and the extent of such attacks have driven the costs of obtaining a cyber insurance cover upwards. The premium for such insurance policies vary from business to business, based on the factor of risk associated with them.
Among all the businesses, banking, finance and especially cryptocurrency based businesses are the worst affected due to drastic increase in rates and deductibles. Over that, insurers in some cases are also setting a cap to coverage amount.
What is Cyber Insurance?
Cyber insurance is a product of changing times, these categories are relatively new in the insurance industry. Cyber insurance products offers protection to individuals and businesses from any risk/s and losses arising from the internet or computer and informational technology products.
Why Cyber Insurance?
In today’s world, most of the work happens on electronic computing devices over the internet. Lot of information and assets are stored in electronic format on electronic media which are susceptible to unauthorized access by cyber criminals looking to make a quick buck either by stealing the assets or information which they can use to blackmail those it belongs to