Does My Company Need Cyberinsurance?
Learn about cyberinsurance and whether taking out a policy makes the most sense for your organization.
The U.S. government estimates that malicious cyberactivity cost 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.
Cybercrimes 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 cyberthreats and attacks. This is why an increasing number of organizations are taking out cyberinsurance to help ensure information security.
What is cyberinsurance? It’s a form of insurance designed to help you recover costs associated with a cyberattack on your organization. You can obtain cyberinsurance 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
Currently, several top insurers offer a variety of cyberinsurance policies for both organizations and individuals. Costs vary greatly depending on coverage breadth, coverage amount, and your organization’s exposure to risk and risk-management procedures.
As to whether you need cyberinsurance, the best measure is how destructive a cybercrime 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 assets and compromise that information’s security. 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.
Cyberinsurance can help you survive cybercrime, and you should consider purchasing it if you find a policy that makes sense for you. But cyberinsurance is just coverage for losses. If you’re serious about avoiding cybercrime, you also need to have a full understanding of cyberthreats and what you can do to protect yourself. You can start by reading articles such as “DIY Cyber Security.” You can also take advantage of Walden University’s Graduate Certificate in Fundamentals of Cyber Security or Graduate Certificate in Advanced Cyber Security, which are great ways to gain the knowledge you need to better address the various elements of cybercrime.
Advance Your Knowledge of Cyberoperations With an Online Certificate Program at Walden
With more than 55 certificate programs to choose from—including information technology programs—you can gain the knowledge you need to help protect your business. At Walden, an accredited university, you can earn your graduate certificate online while you continue to work full time. That means you don’t have to put your career on hold while you further your cybersecurity knowledge and skills. With online education, there’s no need to completely rearrange your schedule or commute to campus—you can take classes at whatever time of day works best for you as you learn the essentials of cyberthreats, risks, and keeping data secure.
Walden University is an accredited institution offering a variety of degree and certificate programs, including a Graduate Certificate in Fundamentals of Cyber Security and a Graduate Certificate in Advanced Cyber Security. Expand your career options and earn your degree using a convenient, flexible learning platform that fits your busy life.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.