Cyber Insurance is a means that can help organisations transfer the risk against cyber attacks. (Representational Image -Reuters)By Gaurav Shukla
Cyber Risk Insurance
Continuous advancement in technology and hyper-connectedness of users and systems over the internet and social media have transformed business models, deepened existing customer relations and created opportunities for organisations to tap into potentially profitable markets. Whilst these improvements bring success to organisations, they also widen the scope for cyberattacks having serious implications on the working of an organization.
Recently, the infamous cases of cyber attacks such as WannaCry and NotPetya have compelled the organizations to be cognizant of the possible damages caused by notorious software agents and malware. With increased complexity and sophisticated nature of cyber attacks, it is imperative that organisations re-visit their risk management strategy and have risk transfer as one of the important pillars of it. Cyber Insurance is a means that can help organisations transfer the risk against cyber attacks.
Relevance of Cyber Risk Insurance
Cyber Risk Insurance, also referred to as…
