What is Cyber Insurance?
Cyber insurance designed to protect businesses and individuals from the financial losses that can result from cyberattacks or data breaches.
What does Cyber Insurance cover?
Cyber insurance policies typically provide coverage for a range of losses and expenses, including:
Business interruption
Cyber insurance can provide coverage for lost income or extra expenses that result from a cyberattack or data breach.
Data loss or destruction
The policy may cover the cost of restoring or recreating lost or damaged data, as well as the cost of notifying affected individuals.
Liability
Cyber insurance can provide coverage for lawsuits brought against a business or individual for damages resulting from a data breach or cyberattack.
Cyber extortion
If a business is the victim of a ransomware attack, the policy may cover the cost of negotiating and paying the ransom.
Cybercrime
Some policies may also provide coverage for losses resulting from cybercrime, such as social engineering scams or fraudulent fund transfers.
Crisis Management Support
As part of the coverage businesses that take up cyber insurance will have access to a breach response team, whereby the insured obtains immediate access to expert consultants (including IT forensic, legal advisors and public relations) in the event of a cyber-attack or data breach.
Why buy Cyber Insurance?
Cyber-attacks have grown exponentially in recent years, causing billions of dollars in losses and damages to businesses. Cyber insurance plays a critical role in mitigating these growing risks for businesses, particularly as more and more organizations migrate to the cloud and support remote workers.
Many countries in Asia have introduced or updated their data privacy laws in recent years. In some countries there may be certain fines or penalties that if levied following a data breach could be recoverable under a cyber insurance policy.
How much does Cyber Insurance cost?
The cost varies depending on several factors including your industry, the sophistication of your cybersecurity, your revenue and how much data you hold. In recent years the cost of cyber insurance and the amount of required information requested by insurers has increased due to a spike in cyber claims. However, this is expected to stabilise as more insurers enter the market.
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When should I buy Cyber Insurance?
If you are a technology business, you should be considering cyber insurance as part of your risk management strategy from the start. It may be that the timing could coincide with your first major client or when you reach more than 10 employees. In recent years ransomware concerns have led to an increased demand for cyber insurance, but this has also led insurers being more careful to whom the insurance is offered. Transparency in terms of what cybersecurity controls you have in place is a pre-requisite.
Why work with Continuum?
Our in-depth knowledge of both the industry and the appetite of insurers allows to advise clients on the appropriate solutions to help them protect their business and offer value to their clients. We take a client-centric approach, appreciating that insurance may be a future requirement rather than an immediate need and advise on the timing of policy inception as well as helping with payment schedules and budgeting requirements. Our aim is to advise and assist digital asset firms from seed to flower and become a long-partner with them through their journey to success.
Choose your industry to find the coverage that suits you
Web 3.0 & Emerging Technology
Crypto, Digital Assets & NFTs
Financial Institutions
EduTech and E-Learning
Fintech, Insurtech and DeFi
Tech Start Ups and Developers
Digital Health and MedTech
