Now that you understand the importance of having cyber insurance, how should you go about selecting your policy?
Unlike many other insurance policies, cyber insurance coverage can vary significantly from business to business. With different industries exposed to different forms of cyber-threats like DDoS attacks and phishing, you should select coverage for potential threats you will face in your operations. In certain cases, you might have to request for additional coverage for specific cyber threats faced by your business. Therefore, when selecting your cyber insurance, taking into consideration cyber threats that your firm is prone to will help greatly in keeping your premiums down.
Apart from the coverage, the premium also depends on several factors as underwriting of a cyber risk is not as common as insuring of a vehicle. With little case studies in this field, insurers tend to take precaution in providing such insurance coverage. Hence, getting a professional agency in managing your insurance policies will greatly help in resolving such problems as they are able to help you identify the right coverage for your firm at a competitive rate.