Cyberattack Insurance a Challenge for Business

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cyber inCyber insurance sounds vaguely familiar, but it is now a necessary measure that needs to be taken by large companies in order to be protected against online attacks.

Some of the problems companies such as American International Group, Chubb and Ace face are quantifying losses from attacks.  It is quite difficult to predict when an attack will occur and attackers get more advanced with time.  Cyber insurance policies reimburse for immediate cleanup costs like hiring a forensics firm, notifying customers, setting up call centers and paying for free credit monitoring. Some also cover legal fees and the cost of hiring a crisis management firm.

Experts typically conduct a questionnaire to see a client’s chances of being attacked.  Companies have to however step to the plate when they have lost data.

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