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What You Should Know About Cyber Insurance
Invariably, it happens. Your IT department notices a strain on the network. The source of the strain is a leak. Hackers have found a way into your network and are stealing the sensitive personal and financial data of your customers. Now what?
A lot of money goes out the door trying to fix it, that’s what. Businesses that have considered how to respond to data loss scenarios in advance have an easier go of things. But, the fact is, a breach is a burden on any company’s resources.
Even a small breach requires a significant amount of time and money to address. A large breach can essentially cripple an organization, especially one that is caught off guard with no data breach response plan in place.
Because the burden of a breach is so severe, some companies are helping to ease it with a specialized type of insurance policy. Cyber security insurance addresses the costs and losses associated with cyber attacks, privacy law violations, data breach notification and more.
Is cyber insurance the right solution for your business? In a new whitepaper for Experian® Data Breach Resolution, Theodore J. Kobus II, Esq. and Kimberly M. Wong, Esq. of Baker & Hostetler, LLP explore that very question.
They write: “Policies can be customized in order to address any cyber-related incident that pertains to an entity’s data.” So the more you understand your data and your risks, the more you’ll know whether cyber insurance is for you.