Having specific insurance in place to mitigate these risks can make a big difference in reducing the financial impact.
Conventional policies may not cover many of the losses associated with cyber risks such as:
- Costs of dealing with data breaches
- Costs of dealing with cyber liability claims
- Cover for business losses from a cyber event
- Cover that helps organisations with the impact of cyber crime.
Having access to expert advice and support e.g. IT, legal, forensic and media relations when an incident occurs can help mitigate the financial impact of a loss or cyber event and any reputational damage.