A relatively new threat to businesses and individuals, which is commonly not included in traditional general liability products, is the reality of internet-based attacks. Thankfully, cyber insurance exists as a protection for companies and users against losses such as destruction of data, theft, extortion, and hacking.
Compared to other insurance products, the cyber insurance market in many countries is small, so its impact on emerging cyber threats is difficult to quantify. As the current scope of protection of insurance products is relatively small compared to the broad impact of cyber threats to companies and individuals, insurance companies are continuing to develop their services.
Cyber insurance is constantly developing and changing and is more often being purchased along with existing IT security services.
This type of insurance provides coverage for companies and helps them get back on track for operation after a cyber-attack and would reduce the need for government assistance.
The cost of this type of insurance distributes risk fairly, which, in other words, means that companies with a higher level of risk of cyber-attacks will pay a higher premium than a company that has a low level of risk.
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