• Home
  • Archive
  • Tools
  • Contact Us

The Customize Windows

Technology Journal

  • Cloud Computing
  • Computer
  • Digital Photography
  • Windows 7
  • Archive
  • Cloud Computing
  • Virtualization
  • Computer and Internet
  • Digital Photography
  • Android
  • Sysadmin
  • Electronics
  • Big Data
  • Virtualization
  • Downloads
  • Web Development
  • Apple
  • Android
Advertisement
You are here: Home » What is Cyber Insurance?

By Abhishek Ghosh March 4, 2020 7:13 pm Updated on March 4, 2020

What is Cyber Insurance?

Advertisement

Estimating and securing IT risks as best as possible is at the top of the agenda for IT and security officers in many companies. Numerous insurers now offer cyber insurance for the companies against theft, hacking, data destruction, extortion, denial of service attacks and so on. Risks under these insurance titles are typically excluded from traditional policies or are not specifically defined in traditional insurance products. The coverage of cyber-insurance policies may include first-party coverage.

What is Cyber Insurance

IT-related incidents together with business interruptions are among the largest business risks worldwide. To counteract this, it is necessary to reduce the digital attack surface with suitable security measures. Numerous insurers offer cyber policies for the remaining residual risks. Cyber ​​insurance is a kind of safety net if, despite all IT safeguards, an emergency occurs. However, cyber insurance does not necessarily step in when it is needed. The companies have to check very carefully which cyber insurance is right for them when the protection works and under what conditions it expires. Insurers are also demanding that their clients take certain safety precautions. You can find out how companies prepare and what pitfalls they should avoid in the following.

 

Types of insurance

 

Most of the cyber insurance providers cover the below issues :

Advertisement

---

  1. Cyber attacks and hacking attacks.
  2. Theft and fraud.
  3. Cost of legal, technical or forensic services necessary to assess whether a cyber attack has occurred, to assess the impact of the attack and to stop an attack.
  4. Business interruption.
  5. Extortion.
  6. Reputation attacks and cyber defamation.
  7. Computer data loss and restoration.

 

What should be insured?

 

The first step is to determine what exactly should be insured. To sort out, some points can be followed by the answers to the questions :

  1. Which data and information, systems and business processes are ready to accept their loss or damage?
  2. How should investments reduce cyber risk be divided between basic and advanced protective measures?
  3. What options are available to help mitigate certain cyber risks?
  4. What options are available to help transfer certain cyber risks?
  5. How should the impact of cybersecurity incidents be assessed?

The insurers offer policies based on different criteria. As a rule of thumb, the more sensitive the collected and processed data is, the better it needs to be protected. At least, some of the general safety standards that insurers generally require are :

  1. Antivirus programs must always be kept up to date.
  2. Data must be backed up at least once a week.
  3. Updates and security patches for software and plugins should be installed as soon as possible.
  4. Company servers must be secured by a firewall as well as security monitoring and intrusion prevention solutions.
  5. Companies have to set up IT administrator access and strictly limit access rights.
  6. Individual employee access must be set up with your access data and collective accounts with standard passwords avoided.
  7. Users should be forced to use complex passwords (minimum length, digits, upper/lower case, special characters, regular changes).
  8. Mobile devices and data carriers must be fully encrypted and secured with their passwords or two-factor authentication (2FA).
  9. Tampering with the backup copy must be prevented by keeping it physically separate from the server. The so-called 3-2-1 rule applies to critical data: three copies should be stored on two different media in the company and at least one copy outside the company.
  10. The backup data should be checked regularly to see if it can be restored.

The scope and content of the questionnaire should be adapted to individual risks.

This Article Has Been Shared 704 Times!

Facebook Twitter Pinterest
Abhishek Ghosh

About Abhishek Ghosh

Abhishek Ghosh is a Businessman, Surgeon, Author and Blogger. You can keep touch with him on Twitter - @AbhishekCTRL.

Here’s what we’ve got for you which might like :

Articles Related to What is Cyber Insurance?

  • Turning an old computer into a web server of your own

    It is possible to use your old Computer as web server to host your own website or blog. In this article, we will give you the basic principle on how to create a home web server of your own.

  • Cloud Computing : What Really Matters

    Cloud Computing and migration of IT into the cloud replace capital costs (capex) by operating costs (Opex). But, does Cloud Computing makes IT operations cheap?

  • Session Initiation Protocol or SIP

    Session Initiation Protocol or SIP is a network protocol for setting up, controlling and terminating a communication session between two or more participants.

  • Simple Mail Transfer Protocol (SMTP)

    Simple Mail Transfer Protocol, usually abbreviated as SMTP is a communication protocol used to transfer electronic mail (email) to the email servers.

  • Cloud Services for Your Everyday Life

    Cloud services for your everyday life starts from sharing content in Dropbox, Editing documents online to advanced features in online meetings.

Additionally, performing a search on this website can help you. Also, we have YouTube Videos.

Take The Conversation Further ...

We'd love to know your thoughts on this article.
Meet the Author over on Twitter to join the conversation right now!

If you want to Advertise on our Article or want a Sponsored Article, you are invited to Contact us.

Contact Us

Subscribe To Our Free Newsletter

Get new posts by email:

Please Confirm the Subscription When Approval Email Will Arrive in Your Email Inbox as Second Step.

Search this website…

 

Popular Articles

Our Homepage is best place to find popular articles!

Here Are Some Good to Read Articles :

  • Cloud Computing Service Models
  • What is Cloud Computing?
  • Cloud Computing and Social Networks in Mobile Space
  • ARM Processor Architecture
  • What Camera Mode to Choose
  • Indispensable MySQL queries for custom fields in WordPress
  • Windows 7 Speech Recognition Scripting Related Tutorials

Social Networks

  • Pinterest (22.1K Followers)
  • Twitter (5.8k Followers)
  • Facebook (5.7k Followers)
  • LinkedIn (3.7k Followers)
  • YouTube (1.3k Followers)
  • GitHub (Repository)
  • GitHub (Gists)
Looking to publish sponsored article on our website?

Contact us

Recent Posts

  • The Cost of Doing Business as a Handyman July 1, 2022
  • Samsung Galaxy S22 Ultra: Long Term Review June 30, 2022
  • How to Make the Most of Your S Pen (S22 Ultra) June 29, 2022
  • Safe Chargers for Samsung Galaxy S22 Ultra June 27, 2022
  • How Telecoms Can Use The Cloud To Power Their 5G Network June 24, 2022

About This Article

Cite this article as: Abhishek Ghosh, "What is Cyber Insurance?," in The Customize Windows, March 4, 2020, July 2, 2022, https://thecustomizewindows.com/2020/03/what-is-cyber-insurance/.

Source:The Customize Windows, JiMA.in

This website uses cookies. If you do not want to allow us to use cookies and/or non-personalized Ads, kindly clear browser cookies after closing this webpage.

Read Privacy Policy.

PC users can consult Corrine Chorney for Security.

Want to know more about us? Read Notability and Mentions & Our Setup.

Copyright © 2022 - The Customize Windows | dESIGNed by The Customize Windows

Copyright  · Privacy Policy  · Advertising Policy  · Terms of Service  · Refund Policy