Workers in glass officeThe U.S. government estimates that malicious cyber activity costs the nation’s economy upwards of $109 billion in 2016.1 When the numbers come in for more recent years, the cost could be even higher.

Cyber crimes take on numerous forms, and no one is safe from them all. If your organization has a network tied into the internet, you’re vulnerable to attack. This is why an increasing number of organizations are taking out cyber insurance.

What is cyber insurance? It’s a form of insurance designed to help you recover costs associated with a cyber attack on your organization. You can obtain cyber insurance that will cover some or all of the costs associated with:

  • Losses from business interruption, including lost revenue
  • Notification to customers of a security breach
  • Settlements for customer lawsuits arising from a security breach
  • Regulatory fines
  • Cyber extortion

Currently, a number of top insurers offer a variety of cyber insurance policies for both organizations and individuals. Costs vary greatly depending on coverage breath, coverage amount, and your organization’s exposure to risk.

As to whether or not you need cyber insurance, the best measure is how destructive a cyber crime might be to your organization. Do you store customer information like credit card numbers? A hack of that data could lead to a large lawsuit. Do you rely on a 24/7 website to connect with customers? A denial-of-service attack can cost you business. Do you develop products or create media that you want to keep secret until you decide to release them? Spyware can cause you to lose control of those secrets. Do you depend on daily access to your system and its data? Ransomware can shut you out of your network until you pay a ransom.

Cyber insurance can help you survive cyber crime, and you should consider purchasing it if you find a policy that makes sense for you. But cyber insurance is just coverage for losses. If you’re serious about avoiding cyber crime, you also need to have a full understanding of the threats and what you can do to protect yourself. You can start by reading articles about cyber security, such as DIY Cyber Security. You can also take advantage of Walden University’s graduate certificate program in cyber security, which is a great way to gain the knowledge you need to better address the threats of cyber crime.

1Source: www.bloomberg.com/news/articles/2018-02-16/cyber-hacks-cost-as-much-as-109-billion-in-2016-u-s-estimates

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