Why do I need Cyber Insurance?
In the age of the General Data Protection Regulation (GDPR) and Big Data, it is imperative for every business, large or small, to know the amount of data collected, processed and circulated by various institutions, as well as to protect the data that the company itself maintains and stores.
Cyber Insurance is a crucial part of the risk management strategy that every company must use to manage the residual risk that cannot be reduced through certain procedures and policies.
With the help of Cyber Insurance, companies will protect their balance sheets and effectively manage the consequences of potential incidents.
”Companies spend millions of dollars building encryption protection systems and security devices. However, none of these measures can cover the weakest link in their security, namely the person who uses computer systems.”
That phrase says it all and belongs to Kenvin Mitnick, the most famous hacker in the world.
