As we all are aware that the word has now become a global village and today the most impotant asset of any organization is its database where all the information is stored, retrieved and used to satisfy the need whether its consumer buying habits to patient diagnoses to scientific data. At the same time, it is imperative for the companies to safeguard the information they hold, given the almost immense amount of information produced today, it becomes a reallt tough thing to do.
Statistics prove that data breaches are occurring more often than ever due to which many organizations are turning to cyber insurance as part of their risk management strategy and why not as there are a lot of benefits that are in place, offered by the cyber insurance companies. Now the question arises, which company to opt for, yes this is a quite a task considering all the cyber insurance companies onboard. But we have done the hard work for you. For the best online quotations of cyber insurance, do not hesitate to visit the website www.midas.net.au and that will do the job for you.
Now let’s dig into the advantages it offers:
- Considering the current needs:
It has been observed that the traditional insurance commercial liability insurance companies only cover liability of the “tangible” property. To further elaborate, lets take the exam of a server on which the data is stored would be covered, rather than the data itself. Traditional policies of the cyber insurance companies also do not explicitly cover first-party breach notification costs. This can cause of huge gap in coverage of an organization’s digital possessions exposing them to the full possibilities of a data loss occurrence.
- Balancing the cost of a Data Breach:
Considering the unpredictable nature, it is extremely difficult to budget the cost of a data breach. The size, scope, and complexity of each data breach vary widely. Many companies have found that cyber insurance helps cope with unexpected expenses and bear some of the data breach costs, especially the costs around data breach notification.
- Providing Resources to respond against the Data Breach:
Many cyber insurance providers offer resources to companies facing a data breach. Often, this includes a breach coach, an attorney who guides them through the breach response process and seeks to limit the organization’s legal exposure.
Having discussed all the advantages above, cyber insurance can be a great idea but it is also important to effectively address the risk by implementing proper training, testing, and education. There needs to be a cyber risk strategy that reviews the value, type and the exposure of data.