Insurance: Common Cyber Security Myths

A successful cyber-attack can cause serious damage to your business, whether that’s an SME or a large corporation.

It can affect your bottom line, as well as your business reputation and in turn significantly damage consumer trust. The impact of a security breach can be broadly divided into three categories; financial, reputational and legal.

Many companies are confused by how cyber insurance actually works and can be somewhat sceptical about arranging a suitable policy for their business.

Here we look at the myths around cyber insurance and ask the million-dollar question: can your business afford not to have it?

Many companies believe that cyber is already covered by their current business insurance.

Unfortunately, traditional policies lack the depth of standalone cyber cover and won’t come with experienced cyber claims and incident response capabilities.

Another myth around cyber is that attacks only affect big businesses.

This couldn’t be further from the truth. Many cyber criminals target the most vulnerable companies not just the most valuable. In fact, a recent Verizon report found that 58 per cent of victims were categorised as small businesses.

Another common myth we often hear is that businesses believe they don’t require cyber insurance if they outsource their IT Security.

Though using a third party might change your risk exposure, it won’t eliminate it completely.

It’s likely that you’ll still be liable for any cyber breach and relying on claiming damages from a third party is risky.

Having a specific cyber insurance policy in place, is crucial in the current climate of increased cyber-attacks. Failing to have the relevant protection could prove detrimental to your business.

Lancashire Business View:

You Might Also Read:

About Cyber Insurance

Cyber Insurance: Good News & Bad News

« Hackers Step Out Of The Shadows With Bigger, Bolder Attacks
Edward Snowden Calls For Google To Stay Out Of China »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

Watch this webinar to hear security experts from Amazon Web Services (AWS) and SANS break down the myths and realities of what an NGFW is, how to use one, and what it can do for your security posture.

Alvacomm

Alvacomm

Alvacomm offers holistic VIP cybersecurity services, providing comprehensive protection against cyber threats. Our solutions include risk assessment, threat detection, incident response.

Spambrella

Spambrella

Spambrella provides email security with real-time threat protection. 100% SaaS (nothing to install)

IntSights

IntSights

IntSights is an intelligence driven security provider offering rapid, accurate cyberthreat intelligence and incident mitigation in real time

Thermo Systems

Thermo Systems

Thermo Systems is a design-build control systems engineering and construction firm. Capabilties include industrial control system cybersecurity.

National Information Technology Development Agency (NITDA) - Nigeria

National Information Technology Development Agency (NITDA) - Nigeria

The National Information Technology Development Agency (NITDA) is committed to implementing the Nigerian National Information Technology Policy.

Protiviti

Protiviti

Protiviti consulting solutions span critical business problems in technology, business process, analytics, risk, compliance, transactions and internal audit.

Intelligent Waves

Intelligent Waves

Intelligent Waves holds and manages contracts to provide an array of intelligence, operational, communications and IT support to the USG in austere, forward-deployed, hazardous duty environments.

Infosistem

Infosistem

Infosistem is a Croatian ICT company with extensive expertise and experience in enterprise and SMB ICT projects and solutions.

Jenson Knight

Jenson Knight

Jenson Knight is a global cyber security, cloud and IT infrastructure staffing specialist.

iosiro

iosiro

iosiro was created to guide companies through securely using blockchain technologies. We help teams launch and manage ICOs, deploy secure dApps, and integrate private networks into business practices.

TalaTek

TalaTek

TalaTek is a full-service risk management firm providing expert services in risk management, cybersecurity, and compliance.

Calypso AI

Calypso AI

Calypso AI build software products that solve complex AI risks for national security and highly-regulated industries.

BridgingMinds Network

BridgingMinds Network

BridgingMinds Network is an industry leading best practices and IT security training provider in Singapore.

Condition Zebra

Condition Zebra

Condition Zebra has wide experience in providing IT Security Services, Training, and Certification in the field of cybersecurity.

Security BSides Cayman Islands

Security BSides Cayman Islands

Security BSides is a non-profit, community-driven event built for and by information security community members. Our aim is to help build an Information Security community in the Cayman Islands.

Persistent Systems

Persistent Systems

Persistent Systems are a trusted Digital Engineering and Enterprise Modernization partner, combining deep technical expertise and industry experience to help our clients.

IT Voice

IT Voice

IT Voice specializes in Managed IT and VoIP solutions. Our focus is simplifying the technology so our customers can stay focused on what they do best.

Scalarr

Scalarr

Scalarr is an innovative, next-generation cyber security firm focused on automation and AI to detect and prevent threats in mobile and Edge/IoT infrastructures.