It’s the 21st century business nightmare. A cyber-attack. A modern “monster” with many faces. Hackers can trick your employee into disclosing sensitive information. They can figure out a weak password. A virus or malware can leave your data vulnerable. The mobility of devices or laptops makes them easy to steal—and any data stored on them can often be stolen just as easily. Hackers can scramble your network and demand a bitcoin ransom to release it. They can down your website with bot traffic. They likely have other ways to get to data we haven’t even heard about yet.
And once they have your data, you can’t stop them from using it; you can only manage the fallout. That costs you not just time, but money too. For example, dealing with compromised personal information often requires attorneys, information technology specialists, a public relations firm, notices to the affected individuals, and identity-theft coverage for them too.
For modern businesses, then, cyber insurance has become a necessity. It can cover many of the costs you incur from a cyber-attack. But how do you know if you have the right coverage and enough of it?