Cybersecurity Insurance, (aka Cyber Liability Insurance or Cyber Insurance) is a kind of insurance policy that helps reduce the financial risks that are involved with doing business online! With this kind of policy you would pay a monthly premium like any other kind of coverage—and the insurance company will take on some of the risk of your company conducting business using the internet!
Since this is a new kind of policy for a new kind of problem, it will evolve with the problem and will probably help cover new cybersecurity risks that will inevitably pop up in the not-so-distant future! Cybersecurity is an always changing and shifting industry, and having a good policy that changes along with it might be what saves your business in the future!
If you ever had to use your policy, it would help you cover the financial losses that might occur due to the cybersecurity attack! Costs from legal assistance, remediation, customer credits and refunds can all be assisted with a Cybersecurity policy! Since cyber-attacks are starting to happen to all kinds of businesses, both big and small—all businesses should look into getting Cybersecurity Insurance!