The recent cyber security reports are alarming especially when you focus on the financial impact of cyber attacks to an economy. Africa Cyber Security report released earlier on in the month estimated the cost of cyber attacks in the continent to be $3.4 billion! The financial cost of cyber crime is getting heavier and worse it could even take down a business. Organizations are appreciating the need to transfer that risk through cyber insurance. A cyber attack has both direct and indirect cost which is covered under cyber insurance.
Where do you start when you want to buy a cyber insurance cover?
How do you get the right coverage at a competitive rate?
Buying cyber insurance can get as complicated as buying a suit. It’s rare (never happened to me) to pick a suit off the rack that fits you perfectly. Apart from fit, there is color, fabric, pattern and style to be considered.
Buying cyber insurance is no different; you want to get coverage that right for your business at the best price. The cover should protect your business from financial loss but also improve your cyber security posture. To complicate it further, the buying decision isn’t a one man’s show- there is an entire team to be involved. A cyber attack isn’t just a technology issues anymore as it impacts organizations operations, customers and organizations reputation. The CIO, CISO, CFO, Legal, Risk teams and other senior managers need to be on board for the enterprise risk to be addressed and for the organization to get the best deal from the market.
Some questions to consider as you shop for a cyber insurance cover
Consider consulting with an independent cyber insurance consultant before jumping into buying a cover. With their experience you benefit by getting answers to the above and much more as you confidently buy a cyber insurance coverage.
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