Cybersecurity threats continue to rise as hackers develop new strategies that fly under the radar while companies struggle to keep up. There are plenty of security options for businesses to use to counteract these threats, but it is still a good idea to understand common cyber risk insurance claims examples, detailed by Axis, in the event that one is brought against your company.
Reasons Claims Are Filed
The risk of a cyber breach is something all businesses face, and there are plenty of resulting scenarios that can be nightmares for both companies and consumers. If an insurance claim is filed, it is usually for costly damages as a result of these breaches. Some risks can be from unavoidable events, such as a hacker breaking through a firewall or security network, while others can be due to human negligence or malicious acts. Either way, the following are common examples of these claims that businesses face:
- Spyware virus
- Stolen data
- Cyber extortion
- Rogue employee theft
- Identity theft
It’s Time To Protect Your Business From Cyber Threats
There are many options for protecting your business against insurance claims, such as having a cyber risk insurance policy that can help with the covered expenses of a lawsuit. However, simply understanding common cyber risk insurance claims examples can help you be more aware of the steps you need to take to ensure security for your business.