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Cyber Insurance: A Guide For Expats
Source: www.expatfocus.com
No content is completely safe and secure“The internet has become an unlimited source of information for just about any subject today, including the more confidential ones. No content is completely safe and secure, thanks to the internet. Unfortunately, this medium has also played a significant role in certain types of crimes.”
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Source: www.expatfocus.com
Cyber crooks
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“The digital world has offered numerous opportunities to cyber crooks everywhere. Moreover, networking has accelerated the speed at which security can be breached, files can be transferred, sites can be hacked and information can be compromised.”
Source: www.expatfocus.com
What Is Cyber Insurance? “Cyber Insurance, also commonly referred to as Cyber Liability Insurance Coverage (CLIC) or Cyber Risk Insurance, is a plan that has been designed to help companies reduce risk exposure by offsetting the costs involved with recovery of information after an online security breach or another similar event.”4
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Source: www.expatfocus.com
Who Needs Cyber Insurance?
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“An organization that maintains customer information, collects payment information online, or stores critical information on the cloud should definitely sign up for cyber insurance.”
Source: www.expatfocus.com
What Does Cyber Insurance Cover?
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“It is evident that firms do see the need for this facility but most of them are still not clear about what it includes. Typically, cyber insurance covers expenses that are related to first-party claims as well as third-party ones.”
While there is no set standard for policies, the most commonly reimbursable expenses are:
- Investigation- Business losses- Privacy and notification- Lawsuits and extortion
Source: www.expatfocus.com
Evolving phase “It is essential to bear in mind that cyber insurance is still in its evolving phase. The risks change frequently and many of the organizations don’t really report the full impact of the breaches to avoid negative publicity and damage to the trust of their customers.”7
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Source: www.expatfocus.com
Provider’s product line
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“When looking for a cyber insurance plan, try to opt for organizations that have an excellent reputation around the globe. Speculators claim that most corporate clients will soon expect protection against cyber losses to be a key part of every provider’s product line.”
Source: www.expatfocus.com
Paying For And Claiming Cyber Insurance “The premium amount you pay for cyber insurance will depend upon your industry, nature of business, the risks involved, security measures, policies, revenue and the cover you are asking for.”
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Source: www.expatfocus.com
How To Get Started
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“ 1) Signing up for insurance against digital loss is creating a cyber risk profile for your business. 2) Prepare a list of expenses that you would like to have covered. 3) Work out an estimate of third-party costs. 4) Start your quest for the most competitive provider, maintaining a balance of costs and services offered. 5) Get someone from your legal team to go through the terms and conditions before signing on the dotted line.”
ThankYou
