When it comes to natural disasters, such as floods or tornadoes, most companies wouldn’t even consider going a day without insurance. “It’s still a new idea for most companies,” says Julie Davis, executive vice president and managing director at Wired for Growth, a unit of Aon, a major risk assessment and insurance brokerage. Once called cyberinsurance and still sometimes known as cyber liability insurance, these terms all describe ways that a company can protect itself against the eventuality of a business-crippling hack, data loss, or privacy violation.<\/p>\n","protected":false},"excerpt":{"rendered":"
For an annual premium as low as $1,500 a year — or as high as several hundred thousand — enterprises can buy policies that will reimburse them in the event of unauthorized system access, stored data losses, customer privacy violations, cyber extortion, and cyber terrorism. Depending on the coverage, your company could receive reimbursements not only for downtime caused by a hack, but for lost business or legal settlements with complaining customers. If you work in a company that’s a high-risk target, and maintains shoddy security systems and practices, you can expect to pay a high premium for insurance.<\/p>\n
A site like MySpace has to concern itself with liability costs associated with libel or other offenses that might be committed via the site.<\/p>\n
There are many types of coverage — AIG’s NetAdvantage plan alone has 10 different offerings — but they can all be divided into “first party” or “third party” coverage, experts explain. “To get this type of coverage, you have to go through a broker,” Davis says.<\/p>\n
http:\/\/www.darkreading.com\/document.asp?doc_id=117536&f_src=darkreading_section_296<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-815","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=815"}],"version-history":[{"count":1,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/815\/revisions"}],"predecessor-version":[{"id":3302,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/815\/revisions\/3302"}],"wp:attachment":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}