Five crucial reasons a cyber insurance policy justifies the financial outlay:

1 – Cyber risk is a business’s most significant liability.
In our digital era, businesses are dependent on digital assets instead of physical ones, making them susceptible to cyber threats, often ranking as the top risk for most companies. Given the frequency of cyber events compared to traditional hazards, the cyber insurance cost reflects a business’s primary exposure. Take a look at our cyber risk heat map – almost no business is immune!

2 – Premiums are a minor expense compared to cyber claim costs.
Though cyber insurance premiums might seem high, the exorbitant costs of a cyberattack make the decision straightforward. As per Coveware’s report, the increasing severity of claims due to higher ransom demands and different attack techniques is evident.

3 – A robust cyber policy provides preemptive protection against attacks.
CFC’s cybersecurity team offers round-the-clock protection once the policy is bound, identifying threats from numerous sources. The team mitigates issues proactively, which would otherwise require multiple costly external providers.

4 – Expert incident response and recovery.
Cyber policies must include immediate cyber incident response. At CFC, our dedicated team is available 24/7 to handle incidents, contain threats, and repair networks post-incident.

5 – Comprehensive coverage in cyber policies.
CFC’s standalone cyber policy provides extensive coverage, including access to enterprise-level security teams, threat intelligence, and multi-disciplinary expert response. It also covers incident response costs, cybercrime costs, and provides unlimited support during an incident.

In Conclusion
Cyberattacks, not cyber insurance, are costly. A fitting cyber insurance policy offers immense value, given the substantial exposure it covers. With CFC, businesses receive preemptive protection from cyber threats from the policy’s inception, making it a sensible investment.