Cyber insurance provides a cushion to fall back on in a successful cyber-attack, providing coverage for damages caused by data loss.
Insurance companies carry out risk assessments which determine your premiums, coverage limits, and whether or not you qualify for cyber insurance.
In order to manage risks, insurance companies require policyholders to set up and maintain cyber-security standards to qualify for cyber insurance.
As cyberattacks continue to evolve, insurance companies are now adding measures such as immutability, regular backup testing, and multi-factor authentication for backups, as a requirement to reduce cyber liability. In addition, if you have active measures in place to protect your backups, it will help you negotiate lower insurance premiums.
While these measures vary depending on the insurance company, here are a few examples of cyber insurance application forms, in which they include specific questions on backup and data recovery policies.
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