As computer technologies advance, so does the risk of in the modern digital age, cybercrime is more prevalent than ever. According to statistics, cybercrime will cost the world $1 trillion by the end of 2021. The cost of cybercrime is expected to be an enormous $6 trillion, Which is expected to rise further to $10.5 trillion by the end of the year 2025. Furthermore, over 4.8 million cases will appear in the year 2022 in identity theft & fraud, 55% higher than the previous year.
The Necessity of Cyber Liability:
It safeguards your business against unintentional or irresponsible disclosure due to the loss or theft of electronic devices and other cyber events that may occur due to financial risks and adverse effects on the security of your company in the modern cyberspace world.
Valuable to businesses:
Every business, including small and medium-sized enterprises, is now exposed to advanced cyber threats and risks associated with digital customers to participate in a revolution, place orders, or gather data. Every organization must contribute to reducing the possibility of cyber-attack and other similar occurrences.
Key Features of Cyber Security:
- Protection against external threats
- Protection against internal threats
- Security regulatory compliance
- Cloud security services
- Detection, prevention, and response to threats
- Integrated solutions
- Adequate security analytics
What Does it Include?
Cyber Insurance protects your businesses by providing vital cyber protection to:
Legal and defense fees
Repair professional fees/costs
Hardware repair or replacement costs
Administrative fines imposed as a result of a regulatory investigation