Will 2023 Increase the Demand for Cyber Insurance to Curb Risks of Cyber Incidents?

Cyber security incidents are on the rise since a wide spectrum of #digitaltransformation services are being adopted by organizations across global platforms. The risks emerging from new technologies have disrupted the digital scenario and hence the demand for cyber insurance is bound to increase in the new year #2023 to limit cyber risks. Adhering to #cyberinsurance policies and norms improves cyber security practices significantly. Investing in cyber insurance also increases credibility of the organization amongst customers and partners.

Here are few reasons why corporates will get inclined towards cyber insurance in 2023. Secure or renew your cyber insurance policy for the below reasons:

• Aim to mitigate risks arising from rampant ransomware attacks
• Address concerns arising from the software supply chain
• Cover expenses to protect security controls and incident response plans
• Risk coverage for cyber incidents occurring from open-source tools
• Safeguard sensitive data and company systems

When you are in the process of renewing your existing cyber insurance policy ensure the security level is better than before with affordable premium rates. The insurers verify third-party privileged users who are given the permissions to access the company data and systems. Besides, the evaluation of cyber security awareness training is done with the teams to confirm the level of cybersecurity knowledge the company people truly hold.

It is #2023 now and many companies are taking a step ahead to bolster ransomware defences. A business acquiring cyber security insurance is not 100% safe from breaches but will definitely gain some major advantages as given below:

• One who opts for a cyber insurance can collectively get a coverage from major potential threats – identity theft, malware attack, data breach, unauthorized access, phishing etc.?
• Financial loss can be recovered in case of a cyber-attack. A data breach, duplicity or an attack are common but cyber insurance proves to be of use to cover defence costs.
• Generally, victims of cyber-attack experience a financial set back that leads to medical conditions of the heart and brain. Cyber insurance covers counselling costs in case of a loss.
• IT consultancy costs are also inclusive under cyber insurance to get the right assistance for recovery and rearrangement of technical assets.
• Organizations irrespective of their size can apply for cyber insurance to stay protected against cyber threats.

Thus, a cyber insurance policy is very important for corporates, specially to recover first part and third-party liabilities. Enhance cyber security expertise, boost security measures and prevent cyber risks with a timely cyber security insurance in the new year #2023.