Cyber Insurance: how it works and the benefits of Information Governance

  As the number and size of cyber attacks on businesses continues to increase, the risk of experiencing a data breach is higher than ever. The resulting cost of these breaches can be significant – according to the Ponemon Institute’s 2017 Cost of Data Breach Study, these totalled $2.51 million per year across the organisations that were recruited for the research. As a result, an increasing number of organisations are choosing to invest in a cyber insurance policy, which allows them to claim cyber incident response expenses, regulatory fines, legal defence costs and business interruption losses. In other words, offset the cost of a potential data breach. This article outlines the benefits of cyber insurance and explains why, in today’s digital age, it is vital for organisations to invest in this class of insurance, in addition to understanding the information governance obligations that their insurance policy places on them. What […]