Cyber insurance a must for businesses: How to choose right policy

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 policy protects the policyholder against