Tips & Tutorial | Admin | Updated: 2013-11-21
To put it simply, Cyber Insurance refers to the insurance that covers the risks associated with cyberspace. Use of Internet in the business world is quite extensive, & as such the risks with computers are also many. To protect your business from such cyber risks, it is essential to avail Cyber Insurance. As per the figures published by UK government recently, the yearly losses suffered by businesses due to cyber crime amount to about 27 billion. The worst thing is that many countries across the world have been hit by cyber crime, whether we talk about U.S or India even.
Broadly speaking, the list of cyber risks is quite extensive & may require a whole new article to discuss the topic in detail. Some of the common cyber risks include:
In case an insurance holder suffers any loss due to the cyber risks mentioned above (or any other kind of cyber crime detailed in his policy), then the insurance company is liable to pay him compensation. This compensation is referred to as the Claim. The amount to be paid out to the insurance holder is calculated on the basis of several factors, but the conditions are cleared stated in the contract. On his part, the insurance holder is bound to pay a monthly premium to the company.
With most companies having an online presence & carrying out trade in a cyber environment, it has become essential for all such entities to avail Cyber insurance, in order to protect themselves from any kind of cyber crime.
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