Antivirus software is a type of cybersecurity defence against viruses, spyware, and other unwanted programs. The program checks emails, webpages, and downloads for dangerous information, and if it finds anything suspicious, it will stop it from damaging your computer. However, antivirus software is only capable of detecting known threats and is ineffective against novel variations. Since antivirus software cannot access operating systems, browser-based assaults can get around it. These attacks use malicious scripts and malware to infiltrate your device. As a result, your company needs cyber insurance coverage if you want to fully defend it from financial losses caused due to online threats.
Businesses are shielded from financial damage by cybersecurity insurance from events like data breaches and theft, system hacking, ransomware extortion, and more. Cyber insurance policies provide coverage for the financial losses caused by cyber-related events and incidents. The costs of recovery, such as paying for attorneys, investigators, crisis communicators, and consumer credits or refunds, are also assisted by cyber-risk coverage. You must definitely get cyber insurance coverage if your company keeps sensitive data online or on a computer. In order to provide your company with the widest coverage possible and to defend it, Raghnall provides specialised cyber insurance solutions that are optimised to the demands and size of your company.
The Alarming Rise in Cyber Attacks on Global Businesses
In the latest Proofpoint’s 2023 State of the Phish Report, almost one-third of companies reported losing money to successful cyber attacks last year. The loss rate of successful phishing attacks increased by 76% in the past year. Approximately four out of five surveyed organisations are reported to have experienced at least one successful phishing attack in 2022, with more than half reporting three or more successful attacks.
(Source: The Hipaa Journal)
Business cyber attacks are on the rise, which shows that the scope of potential losses is expanding as well. These losses might include physical and monetary harm to firms' property and equipment as well as costs associated with business disruption. As a result, both large and small businesses are placing a higher priority on the subject of cyber defence.
The major issue is still that it is important to deal with these expanding security problems. "What can businesses do to lower risks and boost their chances of surviving an attack?" is a major question that an increasing number of firms are raising. Cyber insurance, an insurance policy created to shield businesses from the effects of cyberattacks, data breaches, and other hacking-related risks, is used to defend against these attacks.
The risky aspect of many cyberattacks is that they aren't discovered until after they've already happened. All businesses, especially small and medium-sized ones, should carefully consider getting their companies covered by cyber insurance. A strong cybersecurity plan and incident response plan are important in the modern threat scenario, in addition to other types of business insurance.
With the increase in ransomware assaults and other dangerous online threats, now is the best time for companies to strengthen their cybersecurity measures. Cyber insurance coverage is essential in the current corporate environment because of the increase in cyberattacks. By providing cyber insurance coverage that meets client requirements, Raghnall, the reputed insurance broker and risk advisor, may assist businesses in reducing risks. To give you a competitive advantage through our exceptional corporate insurance solutions, we offer the greatest assistance and resources.