"We should also be mindful of the impact from the loss of corporate data and information such as intellectual property and proprietary information, which in the hands of a competitor or even an extortionist can severely disadvantage business," insurer American International Group (AIG) says on their website.While more policies are becoming available, SHA says that this aspect of SME insurance is often overlooked locally. The insurers, however, emphasise that it can be vital for some businesses.
"An SME may not be able to afford a messy legal battle following a breach or two weeks of down-time following a hack attack," Candice Sutherland, Business Development Consultant at SHA says.Some cyber insurance plans also provide PR support to help a company's reputation after a cybersecurity breach. If you are interested in getting this type of insurance, make sure that the policy covers you against the various risks your company faces in terms of cyber breaches.
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