Curious to know more about cyber liability insurance? Take your first step by reading the blog below!
With greater reliance on technology and with the majority of business meetings and transactions being conducted remotely through the internet, more and more businesses are looking into buying a Cyber Liability Insurance to prepare for the unexpected. But what is cyber liability insurance and how necessary is it to obtain? In this blog, we aim to answer precisely that!
Defining Cyber Liability Insurance
Cyber Liability Insurance, also known as Cyber Insurance or Cyber Risk Insurance is an insurance cover that protects an individual or an organisation’s financial losses resulting from a data breach or other forms of cybercrime, including but not limited to: malware ransomware, spyware and much more.
Such incidents may expose you to way more risk than just financial damages: some attacks may aim at your clients and customers’ details and credentials and as such, can break a bond that won’t easily be remedied.
How serious of a risk is Cyber Crime?
Recent reports highlight an incredible growth in Cyber Crime as opposed to other forms of organised crimes. The “bad guys” realize that their possibility of launching a successful cyber-attack has greatly increased since the 2020 Covid-19 pandemic has left a high proportion of the world’s population working and shopping from home and using online payments methods and data-laden technology more than ever!
In their recent “2020 Cyberthreat Defense Report”, CyberEdge Group highlighted the following:
- 81% of surveyed organisations were affected by a successful cyber-attack.
- More than two-thirds of IT security professionals believe a successful cyber-attack is imminent in 2020
According to Emsisoft: “The State of Ransomware in the US report”: US ransomware attacks cost an estimated $7.5 billion in 2019. Another research by SonicWall found that the first nine months of 2020 reported 200 million ransomware attacks, representing a large increase over the previous year.
As the numbers and statistics demonstrate, the chances of falling victim to a cyber-attack have increased rapidly and as with all insurance matters, your motto should always be “Better Safe Than Sorry”. And it’s way more cost-effective to invest in Cyber Insurance than spend far bigger amounts trying to remedy your organisation’s status post being affected by a cyber attack.
How simple is purchasing Cyber Liability Insurance?
Granted buying Cyber Liability Insurance isn’t as easy or direct as buying other types of insurance, and there are some specific terms and conditions that need to be met to ensure you’re fully covered. However, there is an easy way to start the process: head over to InsuranceMarket.ae whether online or on the phone! Our one-page Proposal Form makes getting this insurance a whole lot easier and once completed, we can work on getting quotations for you to compare. Our partnerships with the leading Cyber Insurers in the UAE, mean we can secure you with great cover at great prices.