How can a company protect itself from threats like Ransomware?

Cyber crime is growing day to day in our life and we come across many occasions where lot of financial data from banks has been erased or transferred through cyber-attack. In 2016 many of the Indian banks fell to the cyber-attack and there was a breach to obtain millions of data credentials. You can install cyber security information systems to safeguard your company but in what ways can you ensure that even after a cyber-attack you can minimize the loss to your company. There comes the role of cyber insurance. What is this cyber insurance? Let us look about that.

The traditional approach of protecting your computing environment is almost obsolete now. It is no more restricted to virus threat of data format risks; it is beyond that and in much more complex in nature. There are incidents that an attack has not only crated a huge financial damage, in some cases it has even destroyed the existing computing environment.

Cyber Insurance can be claimed even after your security systems are breached and there is a loss of confidential data that cannot be recovered. This policy covers your expense against any litigation or damages claimed by third party.

The key aspects of the cyber insurance policy need to contain major aspects like first-party and third-party liability coverage to an organization when cyber-risk materializes and or cyber security controls at organization fails. The coverage mentioned in the cyber insurance policy should cover for Property, Theft and liability as a whole.

Property and theft:

Destruction of software applications, data, systems and network, Unrecoverable loss of information of organization’s stored data, Business interruption due to cyber-incident, Information Theft – Loss of control of customer’s data/record ,Breach of intellectual property and any losses due to cyber-terrorist acts. Any occurrence of these activities will allow you to claim for the insurance policy. You are eligible to claim for the amount mentioned in the policy but not more than that.

Liability:

Breach of confidential data, loss of personal information, Damage to the reputation of the company,Business continuity/supply chain disruptions, Cost of repairing, replacing and updating computer system. These are some of the areas which are covered under cyber insurance policy.

Securing your company before any unforeseen events can minimize the risk factor and also the losses which occur after the event. This will ensure that the operations of our company run smoothly even at difficult situations.