Thursday, 9 June 2016

Understanding the Basics of Cyber Insurance

Not many people are quite aware of what cyber security insurance is truly all about. It is easy to explain the effects of cyber-attacks to small and big businesses but the role of these cyber insurance brokers are often misunderstood. Basically, a Cyber insurance broker is one that bears some of the risks associated with a Cyber security breach. In other words, these cyber insurance brokers mitigate financial damage for companies affected by cyber-attacks.

Usually when you are covered by a Cyber insurance broker like the Greater National Group, you have risk management strategy options to choose between First-party or Third-party insurance coverage. The former would cover all damages on your digital assets and business mishaps. Occasionally, it can assist in reputation control of the business. Third-party insurance looks to cover the cost of the following: legal defense, credit monitoring, regulatory fines, forensic investigations, compensation, public relations, and customer notification.

When dealing with cyber insurance, it is important to understand that different markets operate with different rules. When in doubt about any information, it is good to get a clear wording on it. Companies like GNG have professionals that sit with you and explain every aspect of the insurance to customers. Cyber-attack is a global epidemic that every one of us has to take seriously and protect our businesses at all times. 

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