With the advent of the internet, many businesses and organizations have moved their operations in the digital space and criminals have since been targeting this organizations.
There have been many reports of targeted at individuals and companies by individual hackers and groups of hackers.
Damages and losses cause where there is a cyber attack on an individual or an organization is very dire. According to reports, the loss in cyber attacks and damages for 2018 were estimated at $8 billion, and for 2019 the figure rose to $11.5 billion.
Following this, huge losses cause by cyber attacks, the insurance industry have developed a new insurance policy called Cyber Insurance.
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What is Cyber Attack?
A cyber attack is a malicious attempt to disrupt, damage, or gain unauthorized access to a computer system, network, or device.
What is Cyber Insurance?
Cyber insurance is a type of insurance that helps protect businesses and individuals from the financial losses associated with cyberattacks, data breaches, and other online risks.