Cybersecurity insurance is no longer a luxury. Instead, it’s a necessity that can help organizations mitigate damage from an attack.
What is cybersecurity insurance?
If an organization is the subject of a targeted or an accidental attack because of employee error, it might incur significant regulatory fines, legal expenses, and business income losses due to an interruption in operations. If an attack results in the loss of sensitive employee or customer information, such as credit card numbers, Social Security numbers, or personal health information, an organization might incur costs to notify the affected parties and provide credit monitoring, even if the data is not exploited. An organization might even be forced to pay a ransom in order to regain access to its data and systems and return business operations to normal.