Cyber insurance, also known as cyber risk insurance or cyber liability insurance coverage (CLIC), is an insurance policy that helps cover costs associated with data breaches or cyberattacks. Cyber insurance mitigates the risk exposure of a business by offsetting costs involved with damages and recove...
While insurers use various labels for cyber-related coverages,cyber insurancegenerally has a broader meaning thandata breach insurance. Cyber insurance includes third-party liability insurance and data breach coverage (a first-party coverage). Cyber liability insurance pays for damages or settlements that...
Cyber liability insurance has grown exponentially in recent years as more businesses invest in policies to protect themselves from the growing risk of a cyberattack. That said, with the increased risk comes higher premiums. Cyber policy premiums rose by 11% in the first quarter of 2023 and 28%...
Indemnifiable Damagesshall have the meaning set forth in Section 9.1 herein. Excluded Hedge Liability or Liabilitiesmeans, with respect to each Borrower and Guarantor, each of its Swap Obligations if, and only to the extent that, all or any portion of this Agreement or any Other Document that...
MFA is a security control solution that is user-focused, meaning it starts with you.Secure SMB Cybersecurity Small businesses need to invest in MFA even if their company’s size deems them exempt from some of the heftier regulatory compliance mandates. As new statutes arise to protect ...
Cyber insurance (also known as cyber-liability insurance) minimizes the costs of a cybersecurity event such as ransomware, data breach or network compromise so that businesses do not suffer from severe financial strain. Cyber Kill Chain The Cyber Kill Chain is a concept developed by Lockheed ...
Businesses that have implemented strong cybersecurity measures, such as firewalls and intrusion detection systems, can reduce their insurance costs. A good claims history, meaning no previous claims or a low number of claims, can also lead to lower premiums. Strengthen your cybersecurity to meet ...
Yev Pusin is the senior director of Marketing and sometimes Marketing chief of staff at Backblaze, which he joined in 2011. Yev has a degree in business and communications from the University of Iowa, where he developed an alliteration affinity. Yev enjoys writing in an amusing way about the...
“claims made” basis—meaning that the insurer must pay only those claims made during the policy period or very shortly afterwards. As a result, insurers know their cyber losses relatively quickly, and they can reprice and revise the coverage terms every year. Moreover, cyber insurance ...
Cyber insurance is no longer a buyer’s market It’s no surprise that in the midst of these growing cyberattacks, demand for cyber insurance has also grown – even outgrowing the available supply. Unable to take on the liability for every business, insurance providers are becoming choosier, ...