Today is the start of Cybersecurity Month 2022.
As the number of cyber attaches increases, organizations continue to work to put proper safeguards in place. Cyber liability insurance protects your business against cybersecurity threats by helping you recover if the worst case happens. Additionally, Cyber liability insurance protects businesses from losses that result from cyber attacks and data breaches. Policies cover the costs of investigations, lawsuits, and other obligations following an attack. This insurance is essential for any business operating today.
Cyber liability insurance should not be considered optional. Why do we say this? Because the direct costs of a data breach will be significant, the indirect costs can quickly become devastating. Still, many companies forego coverage due to the perceived high cost of policies, confusion about what they cover, and a belief that their organization is immune to cyber-attacks.
As part of Cybersecurity Month, we were interviewed by the Kansas City Business Journal to discuss in depth why some insurance carriers may deny cyber security coverage for the business.