Cyber Insurance

Cyber Insurance

Do I really need Cyber Insurnce?

Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

Cyber–insurance is a risk management technique via which network user risks are transferred to an insurance company, in return for a fee, i.e., the insurance premium. Examples of potential cyber-insurers might include ISP, cloud provider, traditional insurance organizations.

Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information probably needs cyber insurance.

As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:

• Retailers
• Restaurants
• Hair salons / Barbers
• Marketing companies
• Contractors
• Realtors
• Consultants
• Financial firms