With corporate hacks on the rise in Zimbabwe, many business leaders should start are rethinking their security practices and strategies for risk management. Organizations have been investing heavily in cyber-security, but less have signed on for cyber insurance to protect their firms after an attack. Why not? What roadblocks exist, and what steps could the industry take to help clear them?
Cybersecurity insurance is a relatively new type of coverage, which explains why it’s often misunderstood. Hacks, breaches and network outages present more than just technology issues come with financial repercussions, a potential loss of customers and a negative reputation in the marketplace.
Minerva Risk Advisors has recently begun offering personal cyber security insurance plans to individuals. The company appears to be riding on a wave of corporate’s fears about losing online data or becoming victims of ransomware, and should find success with wealthier customers who have a lot to lose. But it remains to be seen whether corporate Zimbabwe will come to regard Cyber Liability Insurance as a necessary expense.
Preventative measures help secure network defenses and implement best security practices. Response plans involve Cyber Liability Insurance, a policy designed specifically to trigger when a security incident occurs.
The product – Cyber Liability Insurance – is the first-of-its-kind insurance policy for property/casualty and Internet of Things. This product will provide cyber solution for theft of information, business interruption, cyber extortion, identity theft expenses, and network and information privacy liability. It will also provide protection against privacy and security liability.
In targeting consumers instead of just business customers, Minerva Risk Advisors is following in the steps of companies such as FBC, which provides Cyber Liability Insurance.
Hacks and breaches are on the rise, but businesses can make two types of offensive moves. First, they can adopt best security practices. Second, they can develop a robust recovery plan that prominently features cyber-security insurance. These two tactics will not only help guard against cyber attacks, but they will also help get businesses back on their feet quickly if their data is compromised.
The policy is applicability across all industries, so each risk will be careful independently and on its own merits, taking into account an organization’s specific cyber exposures and risk mitigation, including cyber security posture, incident response/disaster recovery planning and cyber resilience. As with all policies the coverage is subject to individual policy terms and conditions.