Phishing attacks increased by 48% in the first half of 2022 costing businesses a total of $12.3 million
Cyber insurance is a type of insurance that provides protection against financial losses that may result from a cyber attack or data breach. This type of insurance is designed to help businesses and individuals recover from a variety of cyber incidents, including data theft, ransomware attacks, and other cyber threats.
Cyber insurance policies typically cover a range of expenses associated with a cyber attack, such as costs related to notifying customers of the breach, restoring data and systems, legal fees, and public relations expenses. Some policies may also provide coverage for business interruption losses and extortion payments.
As cyber threats continue to evolve and become more sophisticated, cyber insurance is becoming an increasingly important tool for businesses and individuals to manage their cyber risk. However, it is important to note that cyber insurance policies can vary widely in terms of coverage and exclusions, so it is important to carefully review and compare policies before purchasing coverage.