Cyber Risk Insurance (also known as Cyber Liability Insurance or Cyber Insurance) is designed to protect businesses against financial losses that may arise from a range of cyber threats and exposures, including cyber crimes, data security breach and system disruption.
With the prevalence of electronic transactions in recent years, cyber risk is now greater than ever, as hackers become more sophisticated in their methods and more persistent. This fact makes Cyber Risk Insurance an essential protection for almost every business around the world.
• Almost every business in the world is exposed to cyberspace, whether it is operating online, sending/receiving bank payments or processing sensitive data
• Even small businesses are cyber-vulnerable - in fact, over 60% of cyber attacks target small and medium-sized businesses
• Any large organization such as a college or university