According to Statista, the global Cyber Insurance market is expected to grow to over 20 billion U.S. dollars by the year 2025. The increasing number of cyber incidents pose the biggest risk to global businesses that are slowly moving towards digitalization.
It’s becoming hard to predict cyberattacks and data breaches because attackers use new and sophisticated techniques to compromise their victims. Therefore, companies must have an incident response plan along with a solid cyber insurance to protect their assets and reputation in case of a cyber incident.
Why is Cyber Insurance Important?
Cyber Insurance plans help businesses and organizations recover from a cyberattack. This type of insurance can help businesses pay for the costs associated with recovering from a cyberattack, including the costs of repairing or replacing damaged or stolen data, hiring security consultants, and paying for legal services.
Cyber Liability and Data Breach Insurance
Companies are always at risk of facing a potential liability as a result of a cyberattack. This liability could cause damage to their reputation, and it can also directly impact business operations. Therefore, many companies get in touch with cyber insurers to stay secure from financial and regulatory liabilities. A Cyber liability and data breach insurance policy protects companies from liability and reimburses them for expenses incurred due to a data breach, such as legal counsel and defense, data forensics, notification costs, crisis management and credit monitoring.
What is a Breach Coach?
These insurance companies have breach coaches who are appointed to different cases. These breach coaches connect their victims to the most reliable firms for performing digital forensics and remediating threats.
BreachQuest has an excellent reputation among these insurance companies, and breach coaches often take security advice and assistance from our experts. We deal with all sorts of data breaches and ransomware attacks. Moreover, we also help these insured companies to secure their infrastructure using our managed services.