In the realm of cybercrime, businesses typically fall into three categories: those that have been attacked, those that will be, and those that have been attacked but are unaware of it. Cybercrime encompasses a range of criminal activities using computing devices and data, from simple viruses or phishing scams to severe attacks like malicious code or web-based threats that compromise business security.
The cost of cybercrime insurance depends on specific business needs, risks, and size. It’s a crucial consideration for businesses to weigh against the potential costs of not having coverage. Cybercrime can impact anyone, from individuals to large corporations, and cyber insurance is essential for protecting against significant financial losses, business disruptions, and regulatory fines or penalties.