Most IT leaders plan for cyberattacks by constructing firewalls and installing security hardware and software. Even so, with the widespread proliferation of malware, companies are finding that their IT infrastructure has been attacked, customer data has been compromised, the IT system is being held for ransom, and assets are missing.
Almost every day there are reports of cyberintrusions, attacks and related security breaches. If your company does not have the right insurance, it could be even more of a disaster. For example, according to regulatory filings, at the time of Target’cyberbreach in 2014, it had about US$100 million in insurance coverage with a $10 million deductible, but that did not even make a dent in the estimated losses of $1 billion.
What company can afford not to have insurance for a potential cyberdisaster? Let’s look at some protective measures that can be taken to safeguard your business.