Even though the invention of the Internet has revolutionised the way businesses function, it has also made cybersecurity one of the biggest concerns for organisations. The plethora of cyber risks hiding on the web are the bane to the digital boon, casting their dark shadows over every company that makes use of the Internet in its operations. The increasing frequency of cyber attacks and their disastrous impact on businesses worldwide have made cyber risk insurance
the dire need of the hour. However, there are a number of misconceptions surrounding this type of corporate insurance, and we at Raghnall - the reputed insurance broking company in India - are here to debunk them for you!
Below we bust 5 common myths about Corporate Cyber Insurance:
Myth 1: Strong passwords and antivirus softwares eliminate the need of cyber insurance.
Setting strong passwords and installing antivirus softwares on your workplace systems are surely ideal practices from a cybersecurity perspective. However, these are not adequate enough to keep your company completely secure from cyber attacks! Along with strong passwords, two-factor authentication and data monitoring is also imperative. And protective softwares despite being a key part of an organisation’s comprehensive cybersecurity plan, cannot filter out every cyber threat. Therefore, Corporate Cyber Insurance is a must-have for your business as it can protect it from enduring financial losses triggered by such unpreventable cyber risks.
Myth 2: If you run a small or medium scale business, you don’t require cyber insurance.
There are several instances of large, high-profile businesses being targeted by hackers, but this has led many owners of small and medium scale businesses into thinking that they won’t come under the radar of such cyber criminals. But small and medium businesses are also equally prone to cyber threats although their cyber attack incidents may not make for big news. Raghnall offers the finest small business insurance
solutions for such organisations, which includes sourcing the best cyber insurance policy for them among other requirements.
Myth 3: Cyber attacks can be detected instantly as soon as they occur, so cyber insurance serves no purpose.
Detecting cyber attacks the moment they strike might have been possible a few years ago, but modern malware and viruses are stealthier and can be much harder to detect. The possibility cannot be denied that your office systems will continue to operate smoothly for a while even after getting infected. This can give the virus sufficient time to do the damage it intends to do before finally getting detected, so then the losses cannot be avoided. Corporate cyber insurance is vital as it lends the required financial assistance to your business in such situations.
Myth 4: You can’t make a claim for losses due to multiple cyber crimes simultaneously.
It is an extremely common misconception that if you become the victim of more than one cyber crime at the same time, then you cannot make an insurance claim for them all - but this does not always hold true. If the provision to cover losses due to multiple simultaneous cyber crimes falls within the corporate cyber insurance policy coverage, then the insurer will surely pay for the same upto policy limit.
Myth 5: If your business has a cyber insurance policy, it can never experience a cyber attack.
This couldn’t be further from the truth. The whole purpose of getting your business insured with a cyber insurance policy is to provide a safety net for it - in case it experiences a cyber attack that could not be prevented even with all the cybersecurity measures in place!
Raghnall is a top insurance broker
and risk advisor in the country where you can avail your business of the best cyber insurance and other policies from leading insurance companies!