Every company these days is online. If not fully then at least partly. But connected to the Internet it surely is. Cyber maliciousness is also increasing day by day. In such a scenario, for any company, the biggest question is whether they should get “Cyber Insurance” coverage or invest in “Cyber Security”.
Cyber Insurance
Insurance that provides protection against Internet-based risks is called Cyber Insurance. Therefore, it can be rightly said that data breaches and loss of information are covered under cyber insurance to mitigate any risk. Similarly, the cover is also provided to ensure that there is no business interruption.
Cyber Security
Also known as IT Security or Computer Security, Cyber Security is the term used to define the steps taken to protect the computer systems against data & information theft, and hardware & software disruption. In the present times, your data or your servers are as safe as the most dedicated hacker.
Who Provides Cyber Insurance?
All well-established Insurance companies provide cyber insurance. Most of these companies have well drawn out insurance plans to cover the internet-based risks.
Who Provides Cyber Security?
Again, there are well-established companies that have strict protocols for providing efficient and effective cyber security. However, the norm these days is to employ ethical hackers who find the breaches and backdoors in the computer networks. Once discovered these loopholes are fixed to strengthen the internet security.
Cyber Insurance Or Cyber Security
Now that you are aware of what cyber insurance and cyber security do, it is time to address our original concern. Where should one invest in cyber insurance or cyber security? Cyber insurance cannot fully protect you against the financial implications of any cyber attack. Similarly, cyber security can also just strengthen your internet procedures and firewalls. But it is still not foolproof. Ultimately, on its own neither is sufficient. So what one needs is the right mix. Hence, the aim should be to get a cyber insurance policy that covers most of the expected risks and some along with a more fortified IT network that is extremely difficult to breach.
Cyber security together with cyber insurance is the best choice anytime.
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