Insurance you have to have it not to use it: although cybersecurity insurance may cover certain financial losses, it does not compensate for the loss of reputation or customers. In any case, it should be the last resort within a comprehensive cybersecurity strategy, not the only one. Your business will no longer be the same after a cyber-attack and its future will be unpredictable.

There is no protection without prevention: cybersecurity insurance is not as important as protection, but it is necessary. It works as a complement to a cybersecurity strategy designed to reduce the impact of a possible incident and restore your activity as soon as possible. Above all, it serves to provide an economic response to the consequences of an incident.

The price of a cybersecurity insurance: correctly assessing the level of risk and the necessary coverages is essential so that you do not end up overpaying (or underpaying) for your insurance. Here the experience of cybersecurity professionals is invaluable, since this level of risk is analyzed through a questionnaire that, in most cases, is filled out incorrectly and can affect the price, but also the activation of the policy.

Beware of the fine print: many companies find that they do not meet the minimum requirements demanded by insurers. Keep in mind that insurance policies have certain terms and conditions and, among them, the company must take all necessary measures to prevent a cyber incident from occurring, otherwise the policy will not be activated.

Response to cybersecurity incidents: in the event of a cyber incident, having a specialized team capable of handling both the technological crisis and the insurer’s requirements is vital to guarantee an effective recovery in the shortest possible time.