Whether you’re new to the cyber market or an experienced cyber whizz, sometimes it helps to go back to basics. Especially, as there’s so much going on in the cyber market that it can be difficult to cut through the noise and find the facts that matter. Introducing our New to cyber series—here to help you brush up on your cyber skills. So, let’s get started.
Cyber insurance: What it is and how it helps
Cyber liability insurance vs. cyber security insurance
Cyber insurance, cyber liability insurance and cyber security insurance all refer to the same thing: an insurance product designed to cover a range of cyber incidents, from ransomware attacks and data breaches to cryptojacking and social engineering.
Cyber cover in traditional lines of insurance often falls far short of the cover in a standalone cyber policy. For instance, property insurance was designed for brick and mortar, not digital assets, and goes so far as to specifically exclude cyber events. Equally, crime policies rarely cover social engineering scams, a significant source of financial loss for many businesses. Cyber insurance is designed to fill these gaps.
Financial security—priceless
The financial impact of dealing with a cyber incident can be a huge burden for any business working alone, with around 60% of small businesses shutting down within six months of suffering a cyber attack.
That’s where cyber insurance comes in. An essential part of cyber risk management, cyber insurance helps businesses respond and recover from the financial costs of a cyber event, including loss from operational disruption, remediation and recovery expenses, legal fees, reputational harm, regulatory fines and more. By taking out a broad policy, businesses can receive cover for financial loss throughout the lifecycle of an incident, empowering them to get back up and running.
Proactive and reactive services
More than a piece of paper with a promise to pay
Cyber insurance differs from traditional lines of insurance in that the words in a policy are just the start. More than covering financial loss, the best cyber policies offer advanced proactive protection services. Because stopping cyber attacks from happening is better than recovering from them.
At CFC, we’ve assembled the largest incident response and claims team in market, here to help you recover quickly and effectively when a cyber incident hits. On-call 24/7, our team of over 130 cybersecurity specialists provides a range of proactive security services as well as post-event remediation to get our customers back online fast.
These types of proactive and reactive services can cost tens of thousands every year but come as standard with a standalone CFC cyber policy, at no extra charge.
What about cyber security?
Cyber insurance isn’t a replacement for effective cyber security. The two work in tandem to help protect against risks in the world of cyber.
CFC provides vulnerability scanning, threat hunting and real-time cyber attack prevention from the moment a business binds. Sitting alongside good cyber security practices, these can be the difference in a quick recovery following a cyber event and a business-endangering loss.
Getting started with cyber insurance
With cybercrime costing the world trillions each year, any modern business can use cyber insurance as an invaluable tool for mitigating cyber risk.
With over two decades’ experience in cyber, CFC is one of the most established providers in the market. Not just here if the worst happens, our proactive service is designed to get businesses ahead of cyber risk.
Learn more about comprehensive cyber cover in our cyber insurance guide. Reach out to our expert team with any questions at cybermarketing@cfc.com.
