Cyber insurance, or 'cyber risk' insurance, is a way for companies to protect themselves against the type of data breaches that have affected many businesses over recent years. The aim of cyber insurance is to cover the business's liability when sensitive information, such as private customer data or financial records, has been exposed. Cyber insurance can protect your business from direct liabilities that can arise from a breach in customer privacy.
As a business owner, there is nothing more important to you than the protection of your customers' personal information. That's why purchasing cyber insurance is essential. Even the most diligent business owners have difficulty anticipating all of the things that could go wrong with their computer systems, so having the peace of mind that comes with major data breach protection is priceless. For many businesses, it's also required under their general liability policies. Understanding how cyber insurance works and what sort of policy best suits your needs can help you get started on the path to peace of mind.