Many business people mistakenly think their general liability insurance will protect them in the event of a cyber attack. In most cases, it won’t, and the losses can be devastating. That’s why cyber insurance is important.
It’s vital for insurance brokers to understand cyber risk, a complex type of exposure, and convey risks and solutions to clients.
Cyber insurance could potentially cover something as calculated and criminal as ransomware attacking a business, or as simple as individual internet use, online commerce, or even personal data exposure from a lost mobile phone. Cyber insurance policies are critical because they provide coverage specific to cybercrime losses. We in Sri Lanka are not immune to cyber attacks as seen recently with the .lk cyber attack, and documented attacks to some banks in Sri Lanka due to this phenomenon.
What does cyber liability insurance cover?
Cyber liability
Cyber liability insurance is an important type of insurance designed to specifically cover expenses, business losses, business interruption, and fines and penalties should a data breach happen to a business.
Cyber liability insurance also protects businesses in the event of a…
