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Cyber Insurance Myths Must Be Busted

Businesses are hesitating to pick cyber insurance due to various myths they have built up in their minds. But these myths are not true! This PPT will help you meet the reality.

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Cyber Insurance Myths Must Be Busted

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  1. Top5 CyberInsurance MythsMustbe Busted !

  2. Let'sgetstarted Cyber is the latest trend in the insurance sector and in the coming years, it will experience a remarkable growth according to the market forecast. However, many companies find themselves confused with regards to how cyber insurance actually works, whether it makes sense for their company to invest in such kind of policy.

  3. Sotoclearallyourdoubts, herearethe 5commonmisconceptions insurancebusinesseshave & waytoovercomethem !

  4. InvestinITsecurityinsteadofbuying cyberinsurance EventhoughyouhaveagoodITsecurityplaninplace, itdoesn’t meanyoushouldnotinvestincyberinsurance. Thismeansyou don’tneedtheftcoveronapropertypolicyasyouhavehigh- gradelocksonyourdoorsorfirecovers. Remember, thereisa differencebetweenvulnerabilityandrisk. Cyberthreatsarerapidlyevolving & therearenumberofways attackerscanaccessthenetworks. Asloopholesalwaysexist, accordingtoIBM, 95% ofsuccessfulcyber-attacksareresultsof humanerrors. Itdoesn’tmatterhowmuchacompanyspendsonITsecurity, theywillnotbe100% secured.

  5. Zeroexposureasweoutsourceall theIToperations Seekinghelpfromathird-partyforITmanagementmight reduceyourexposurebutitdoesn’tavertitcompletely. Incaseof adatabreach, ifanorganizationoutsourcestheirdata managementtoathird-partyvendor, thethird-partywouldnot atallresponsiblefordataloss. Itistheorganizationthatwillbeliableforanyfinesorpenalties, regulatoryinvestigations, anditwillbetheirreputationthat wouldgetimpacted, notthevendor’s. Ifyouareoutsourcing, makinganassumptionthatyouwouldattain successinclaimingbackdamagesfromathirdparty, canberisky.

  6. Don’tneedcyberinsuranceaswe don’tcollectsensitivedata Cyberinsuranceisbeyonddatabreach & privacyrisks. Itis typicallyassociatedwiththefundtransfers, whichareperformed byfraudstersusingfraudulentemailsorconductingsocial engineeringoverthephonetorequestthetransferoffundsfrom businessaccounttotheirpersonalaccount. Notpay- aLogisticFirmsufferedalossofEuro1billion, not becauseofdatabreach, butduetodamageofbusiness-critical computersystems. Anybusinessthatreliesoncomputersystemsforcarryingoutits operationsispronetocyberexposure.

  7. Giantbusinessorganizationsaremostly targetedbytheattackersnotthesmall ones Asthebigfishinthemarketusuallyhighlightthemainpageofthe newspapers, itdoesn’tmeansmallbusinessesarenottargetedby theattackers. Typically, attacksonsmallbusinessesaresocommon thattheyarenolongernews-worthy. Cybercriminalsseesmallorganizationsaslowhangingfruitsas theyoftenlackITsecurityresources. ArecentreportofVerizon stated58% ofvictimsofcyberexposurewerecategorizedassmall. Cybercriminalsattackmostvulnerablefirmsnotthemostvalued one.

  8. Cyberinsurancedoesn’tpayout Cyberinsurancedoespayout! Youwillamazedtoknow, atCFC, cyberinsuranceactuallyhasaminimalnumberofclaimsdeclinature rateascomparedtootherlinesofinsurance.Earlier, cyberinsurance wasintroducedinthemarketwithoutanytestandinsurerswere naturallynervousandwantedtoprotectthemselvesfirstasaresult, earlycyberpolicieshadriskmanagementwarrantiesinplace. Butnowthemarkethaschangedalot. Thebestcyberpolicywillnot behavingcontrolbasedconditionsandriskmanagement warranties. Therewon’tbeanysurprisingelementfortheinsured whilehe/shewillbemakingaclaim. Inthenearfuture, cyberclaimswillcontinuetoincrease, interms of, severityandfrequency, andinsurersreimbursingthem.

  9. PRESENTEDBY ISW Insurance Support World

  10. Insurancesupportworldis  a competentpoolofindustry certifiedprofessionals. Anenterpriseservedover100 insurancesectorclientsglobally withtheirneedsfromnewbusiness toinsurancerenewalsservices.

  11. Getintouch ! Address 12648AgaveBayStreet, Victorville,LosAngels, California, 92392, UnitedStates Phone Email +1646-688-2821 Info@insurancesupportworld.com

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