Forum User Asking About Cyber Insurance

Insurance Forum
1

Hallo…

So, a close friend of mine runs a small online store, and his website recently got hacked. The hackers asked for ransom, he didn’t pay, and now he’s lost access to his store along with his income. It’s been a huge mess.
This whole thing got me thinking about getting cyber insurance for my own business. Does anyone here have any experience with it?
I’m mostly curious about:
:saluting_face:

  • What kind of stuff cyber insurance actually covers?
  • Would it cover something like what happened to my friend—ransomware and losing access to the store?
  • Any suggestions for good providers?
  • What’s the typical cost for a small e-commerce site? * Are there any hidden catches or things I should watch out for?

Your help will be greatly appreciated,

2

Cyber insurance is intended to assist businesses in reducing their exposure to risk by paying the expenses :unamused: of recovery following a cyberattack or other incident of a similar nature.

3

Cyber insurance underwriting can be a difficult procedure. :thinking: Frequently, insurers need comprehensive details on your incident response strategies, data handling procedures, and security policies.

4

Understand what the policy does not cover. Certain cyber events may not be covered by certain plans, or the amount of coverage may be limited.

5

Make :persevere: sure the policy includes coverage for third-party claims (such as penalties and legal costs) as well as first-party losses (such as data recovery and business disruption).

6

Having cyber insurance might offer monetary security and assistance in the case of data breaches, :innocent: ransomware attacks, and other cyber events, given the increase in cyberattacks.