Getting cyber insurance – pragmatically essential for safeguarding your business

TLDR:

• Cyber insurance considerations include impact on premium costs, legal cover, and contribution to extortion demands.
• Understanding cyber risks, enhancing cybersecurity posture, and selecting the right insurance broker are crucial steps.

The article emphasizes the key considerations for cyber insurance in a pragmatic approach. It highlights the ethical dilemma of contributing to extortion demands when paying a premium and the importance of understanding cyber risks faced by businesses. By preparing for cyber insurance eligibility, companies can improve their overall cybersecurity posture. Selecting an insurance broker with expertise in cyber-related risks can streamline the insurance process and ensure proper coverage. Insurers may require advanced cybersecurity technology as a condition for coverage, reflecting the increasing complexity of the threat landscape. Ultimately, the selection of a trusted broker and insurer is crucial to ensure support and services in the event of a cyber incident.