Is it worth getting cyber insurance?

One of the first lessons I learned as a computer engineer in college was that, in the long run, preventative maintenance is safer than corrective maintenance. In general, you'd agree that the widespread adage "prevention is better than treatment" is more likely to reach men's ears than an ordinary book on a shelf waiting to be read. Isn't it true that the voice of the people is the voice of God? [Vox populi, Dei vox]

With an entry as such in the first paragraph, you already have an idea of my stance if it's worth getting cyber insurance. 

In today’s read, I will be doing an expose on what cyber insurance covers, why we need cyber insurance, a brief on cyber extortion insurance, and a similar topic to help your information bank. 

 According to Wikipedia, Cyber-insurance is a type of specialized insurance designed to protect organizations from Internet-related hazards, as well as risks associated with information technology infrastructure and operations in general. 

Considering the flux in use of the internet for most business relationships and the likes, other caveats could come in business interruption, income loss, equipment losses, legal fees, public relations charges, forensic investigation, and costs connected with legally mandated notifications are all costs that cyber insurance could assist your firm to recover from after a data breach where applicable 

When in doubt, ask questions, as the saying goes. In the case of a data breach involving sensitive customer data such as Social Security numbers, credit card information, account numbers, driver's license numbers, and health records, cyber insurance protects your company's responsibilities.

Certain features are not included or covered as features depending on the insurance company and its principles. some of the things not covered by cyber insurance are: 

Upgrades: Your insurance may not cover upgrades if you have a data breach and opt to improve your systems to prevent future accidents.  

Future Earnings: Cyber plans seldom cover possible future profits that may be lost as a result of a breach's reputational damage. 

Cyber liability is a wide range of scope, however, there are four main covers under cyber liability namely: 

1. Privacy risk,  

2. Security risk,  

3. Operational risk,  

4. Service risk  

Having conducted a couple of research on insurance and the different fields of businesses they spread to, it is easy to say that ransomware is covered by insurance. Just as we have motor insurance, home insurance, and the like, we also have an insurance policy for ransomware under cyber insurance. 

Yes, cyber insurance covers ransomware, especially when it comes to how powerless a ransomware assault on your company's data might make you feel. This is where ransomware insurance comes in. People should be aware that ransomware insurance will not prevent a cyberattack; nevertheless, it will assist with expenditures incurred as a consequence of ransomware, extortion, and other forms of cybercrime, which may be the difference between continuing in business and closing your doors.

A typical waiting period in a cyber policy is less than a day, and most fall between 6 and 24 hours. Additionally, income loss calculations can continue to accrue until the insured's system is back to the same functionality and level of service that existed before the incident. 

Cyber extortion insurance is an insurance contract included in certain policies meant to cover claims related to data breaches. Cyber and privacy insurance, information security and privacy insurance, and "cybersecurity insurance" are some of the terms used to describe such plans. 

Truthfully, one needs to own more than one strategy and the best way to go about them asides from penning them down is to be true to them. 

1. Assume and accept risk. 

2. Lower or avoid the risk 

3. Control your risk 

4. Watch and monitor risk 

In computers, cyber extortion is a type of cybercrime in which hackers keep your data, website, computer systems, or other sensitive material hostage until you pay them a ransom. 

 In conclusion, as the world gravitates to internet usage and online businesses, it is only in the place that you have your form of preventive maintenance which happens to be cyber insurance. If you seek clarity on the subject before purchasing a cyber insurance policy, please be sure to liaise with the agent.