The new age world of connectivity
Are you on any social media site? Ask yourself, how many hours in a day do you spend on social media platforms and networks? This way your exposure to cyber risks increase. Similarly, many businesses have gradually increased using cloud storage. Also, they deal in transfer of large sums of money on a daily basis through online modes. In Today’s world, it’s important for businesses to be globally present. Thus networks establish necessary connectivity. Moreover, the relationship of a computer and the internet remains inevitable. Due to this inevitability many data breaches have come to light. So, the main question is that, how do we overcome the cyber risk?
Prevalent cyber risks
The answer is Cyber insurance. While many companies have developed world class applications and software that act as preventions to data breaches and identity frauds, many corporates and individual still continue to face risks. These attacks affect the mental state of many users. This is also because of rapid rise in exposure to social media. Not just mental issues, these attacks also make corporates loose valuable data as well as leads to long periods of business interruptions. Mostly, many corporates and businesses neglect the idea of a cyber insurance and its only when they make huge amount of losses do they opt for the policy.
Do you share your mobile number, email ID or even bank account details on any online sites? Whether it is for work purposes, to sell something online or in the quest of winning a jackpot. It’s important we also realise that not only companies but also individuals are exposed to various risks. We as individuals have remained socially active mostly by social media since the past few years. This is why we are prone to many identity thefts and personal data breaches. Thus, we need to get over the notion of only businesses having exposure to cyber risks. It’s also us, we may also get affected someday.
The answer to cyber risk
It’s very recently that we have been hearing cases of misuse of personal information on various social media pages. In fact a recent article stated that your Facebook information has been sold by users of the dark web. When things like that have become normal and happen on a regular basis, it’s important to realise the value of a cyber insurance. We can see a gradual uptake on cyber risks but the investment in cyber insurance remains less.
Such cyber risk in the near term may increase to large scales and it requires attention. The prediction of such increase comes with the need to go digital and the move towards a paperless world. You may want to know, what does a cyber insurance do? Well, the cyber insurance policy protects or covers:
- Businesses from liability
- Event response
- Business interruption
- Cyber extortion due to cyber attacks
- Data breaches
This policy can also be tailored to an individual’s per an institutions needs and wants. Also, it is important to note that you must choose a well known insurance broker or agency.