So much have been said about cyber insurance but it is still surprising that many do not know for certain what the policy actually covers. Well this could be as a result of the different in policy offered by different insurers. Irrespective of these differences, all cyber insurance insurers offer these three covers to clients.
Data loss and Damage
Property insurance policy covers all hardware parts of the computer. Like if there is damage to the computer or it gets stolen, then property insurance pays for the loss but when data inside the computer gets damaged or stolen, cyber insurance pays for it.
Public Relation management
When data breach occurs, depending on the magnitude, one of the things the business has to deal with is image or reputation damage. A cyber insurance policy will provide and pay for the services of a PR firm to help rectify or prevent damage control.
A hack on your business security could cause you to be out of business for a while. This can cause untold losses, especially financial losses, to the business. Cyber insurance would pay your business for the period of time it suffered interruption because of a data breach.