Imagine your business is under attack in an instant. Hackers break into the system, disable services, and steal customer data. Panic, losses, and a damaged reputation are not movie scripts, but real risks faced by IT companies.
What is cyber insurance and how does it work?
Cyber Insurance is the financial and legal protection of your business in the event of a cyber attack. The policy covers:
- The cost of restoring systems and data after a hack or virus.
- Legal costs if customers file a lawsuit because their information was leaked.
- Compensation for losses due to downtime or business interruption.
- Expenses for cyber experts and incident investigations.
Why is it no longer a luxury but a necessity?
Case 1: In 2021, hackers attacked the IT company Kaseya, hacking their software. As a result, 1500 businesses around the world were affected. The recovery cost millions of dollars.
Case 2: A Ukrainian company suffered from the Petya virus, which paralyzed servers and caused data loss. Business stopped for several days, and losses amounted to hundreds of thousands of hryvnias.
Who is affected?
- IT companies and startups.
- Freelancers who work with customer data.
- E-commerce and online services.
- Any business that uses CRM, cloud services or has a customer base.
Cyber insurance = your confidence and peace of mind. While you are creating cool products, your finances, reputation and customers are under reliable protection.
How do you protect your business from cyberattacks?