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Small businesses should buy cyber insurance

Look for policies that will cover third-party liabilities, costs arising after a hacking incident

Sanjay Kumar Singh 

Small businesses are, finally, waking up to the threat posed by cyber attacks. After the WannaCry ransomware incident, they are turning to cyber liability insurance to safeguard themselves against this risk. Earlier, these businesses only insured hard assets. But now they are realising the worth of their data, an intangible yet perhaps the most crucial asset.  If data gets stolen or destroyed in a cyber attack, it can cause great harm, both to the business and to its customers. The latter could even sue the firm for the damage they have suffered. “A cyber liability ...

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Small businesses should buy cyber insurance

Look for policies that will cover third-party liabilities, costs arising after a hacking incident

Look for policies that will cover third-party liabilities, costs arising after a hacking incident Small businesses are, finally, waking up to the threat posed by cyber attacks. After the WannaCry ransomware incident, they are turning to cyber liability insurance to safeguard themselves against this risk. Earlier, these businesses only insured hard assets. But now they are realising the worth of their data, an intangible yet perhaps the most crucial asset.  If data gets stolen or destroyed in a cyber attack, it can cause great harm, both to the business and to its customers. The latter could even sue the firm for the damage they have suffered. “A cyber liability ... image
Business Standard
177 22

Small businesses should buy cyber insurance

Look for policies that will cover third-party liabilities, costs arising after a hacking incident

Small businesses are, finally, waking up to the threat posed by cyber attacks. After the WannaCry ransomware incident, they are turning to cyber liability insurance to safeguard themselves against this risk. Earlier, these businesses only insured hard assets. But now they are realising the worth of their data, an intangible yet perhaps the most crucial asset.  If data gets stolen or destroyed in a cyber attack, it can cause great harm, both to the business and to its customers. The latter could even sue the firm for the damage they have suffered. “A cyber liability ...

image
Business Standard
177 22