Cybersecurity Insurance
Cybersecurity Insurance (Electronic Insurance) is relatively new insurance. Many Cybersecurity teams try to get best of it. In 1997, the first insurance policy for Internet Security Liability (ISL) was launched. This was in the conference of the International Risk Management Institution. This ISL insurance was designed to protect E-Retailers (e.g, Amazon)-who collect and store customers sensitive data. This ISL was one of the first Cybersecurity Insurance Policies sold to Companies.
Now, after more than 25 years, the market of electronic Insurance was dramatically developed to cover large group is Cybersecurity incidents. This market reached size of 12.83 Billins Dollars in 2022 and it is expected to reach 63.63 by the end of 2029.
Last year was a clear reminder that attackers are targeting and succeeding in deploying new attack strategies for different categories of victims such as Governments, Governmental agencies, Software Development International Companies, and Email Platforms, etc…
It seems that threat actors always find suitable fertile ground to execute different attacks. For this, different agencies-even these with smallest Cybersecurity teams look for Electronic Insurance to protect their business from electronic attacks. But Investing in Electronic Insurance is not easy like adding a new car insurance policy. But in Sahara Insurance Company (SIC) we have our own fit-for-use, fit-for-purpose solutions which most suite the Libyan Market. These SIC Cybersecurity Polices are custom made depending on customer needs and their business circumstances.
Cybersecurity Insurance (Cyber Liability Insurance/Data Breach Insurance) shall help to reduce the cost of electronic attacks. This cost is constantly increased to alarming levels. It is true that Cybersecurity is not compulsory, but it is quickly raised to the top priority in the Organizations which mages a great deal of sensitive Data due to the huge cost (Millions).
For this, Companies which do not invest in Cybersecurity are at high risk. For sure, Insurance Policy does not prevent Cyber-attacks, but it certainly can protect business continuity and prevent complete loss.
It can help expediting post disaster recovery.
Like any other Insurance Policy, there are many forms of Cybersecurity Insurance such as:
- Cyber breach Insurance.
- Business Interruption due to Cyber-attacks.
- Ransom Insurance and Blackmailing Insurance.
- Privacy and data Protection Insurance.
- Cyber-attacks related Loss of Digital Assets Insurance.
- Revenue loss due to Cyber-attacks Insurance.
- Cyber-attacks related Legal Liabilities Insurance.
For More Information, please contact Sahar Insurance Company…
