Technology has become an essential part of modern business. Companies use computers, cloud platforms, online payment systems, websites, and digital databases to manage their daily operations. While technology provides many benefits, it also exposes businesses to risks such as data breaches, ransomware, phishing attacks, and other cyber incidents.
Cyber insurance is designed to help businesses manage the financial consequences of certain cyber-related incidents. As organizations become increasingly dependent on digital systems, understanding cyber insurance can be an important part of a broader risk-management strategy.
What Is Cyber Insurance?
Cyber insurance is a type of insurance coverage designed to help businesses respond to certain losses arising from cyber incidents. Depending on the policy, coverage may include costs related to data breaches, business interruption, cyber extortion, legal services, notification expenses, and other response activities