Digital protection insurance is an important safety net against the consequences of cybercrime. While it does not prevent cyberattacks, it helps mitigate their impact by providing specialist support and reducing the financial liability of an organisation when incidents occur.
Digital protection insurance — also referred to as cyber risk insurance, cyber liability insurance, cyber coverage, or cybercrime insurance, among other designations — offers protection against the consequences of digital security incidents.
This type of insurance does not replace cybersecurity measures, nor does it prevent attacks from occurring. It does, however, complement existing security technologies and best practices, helping organisations reduce risk and limit losses when an incident takes place.
There are various types of coverage and protective measures that can be included in a policy. Organisations should assess their specific needs and consult their insurer to understand the precise coverage conditions available, taking into account the nature of their operations and their level of risk exposure.
What are the main benefits of digital protection insurance?
Digital protection insurance offers a range of advantages, from reducing the financial impact of an incident to supporting the recovery of operations and managing the consequences of an attack.
Financial protection: the policy can cover a variety of costs arising from cyber incidents or data breaches, reducing the financial burden on the affected organisation.
Operational support: in the event of a cyber incident, policyholders may gain access to a team of specialists, including digital forensics professionals, lawyers specialising in privacy and data protection, and communications and public relations experts.
Greater peace of mind: holding a digital protection insurance policy can instil greater confidence among clients, partners, suppliers, and employees, demonstrating that the organisation is prepared to respond to the consequences of a cyberattack.
Source: Sophos
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=537989
