When cyber insurance was introduced several years ago, it didn’t really catch on as a means of offsetting a digital catastrophe’s costs. With the impending threat of far graver cyber threats, though, companies are increasingly seeking assistance through insurance brokers who understand the potential threats caused by cyber-crime and can put in place effective strategies to combat potential loses. However, many businesses on the Sunshine Coast and elsewhere are still undecided if this is, indeed, necessary.
Unlike typical insurance policies primarily intended to cover the costs of a loss; cyber insurance was originally intended to give companies an incentive to amplify their digital security. Today, whether or not a company needs actual cyber security coverage is highly dependent on certain factors.