What is cyber insurance and why is it important for your company to have one?

In what cases does cyber insurance respond?

Phishing and ransomware are among the most common risks that organizations must deal with, therefore, they are the dangers that are usually covered in a cyber policy, but it must be kept open to modifications, as the risks evolve.

If there is any new attack, it would be a matter of analysis so that the policy is updated and adjusted to the needs of the clients, mentions the expert, who also highlights that there is not a list of types of attacks, rather they seek to encompass the general activities that are perceive risk in the cyber environment.

According to data from the specialist, the contracting of civil liability products grew by 15% compared to last year and is the effect of projects that emerged before the pandemic, in addition to greater awareness of cybersecurity during the health emergency period.

However, Mecalco problematizes that in Mexico the contracting of these insurances is an obligatory matter instead of being a decision by the companies. “As a sector, we still need clearer disclosure of the product and for customers to hire by decision and not by obligation.”

On the other hand, he points out that clients must change their thinking about an insurance policy being an unnecessary expense or that only large companies can hire it. “There are more accessible products that adapt to the needs of SMEs, so they must take out a policy as part of their risk management.”