cyber insurance

cyber insurance

Cyber and privacy insurance policies cover organizations that consume technology such as website publishers. For example, if a site is hacked and sensitive customer data are stolen, the publisher is covered if its customer sues.

In contrast, tech E&O (technology errors and omissions) policies protect the manufacturer of the hardware and software. Both kinds of policies contain similar provisions.
References in periodicals archive ?
The San Francisco-based startup, which describes itself as an "end-to-end cyber safety platform and insurance provider," said the new platform will include employee training, web app monitoring and customizable security policies, along with cyber insurance coverage tailored to an organization's unique risk profile.
California Leads Nation in SMB Cyber Insurance Adoption, Report Shows
M2 EQUITYBITES-August 12, 2019--Analysts says cyber insurance could create false sense of security
Global Banking News-August 12, 2019--Analysts says cyber insurance could create false sense of security
BANKING AND CREDIT NEWS-August 7, 2019--Figures say California leads US in SMB cyber insurance adoption
The Insurance Commission (IC) even emphasized that a breach in data privacy and cyber security poses real risks for insurers and their policyholders, which is why the IC encourages businesses to be covered by cyber insurance.
Luckily, just weeks before the breach, David Shettler, deputy CIO and information security officer at the Massachusetts college had purchased a cyber insurance policy.
firms reported having no cyber insurance coverage in 2018 compared with 50% in 2017.
The relevance of cyber insurance is increasing as major companies around the world face huge Internet-based risks, says Doha Insurance Group president Bassam Hussein.
To reduce the impact of cyber-attacks and data breaches, companies today need to be financially prepared and having a cyber insurance makes smart business sense.