If you think that cyber liability insurance is no longer optional but it is a critical safety net for any enterprise that handles sensitive data, then you are right.

There are many sectors and also departments that need cyber insurance very badly. Regulated industries like financial services, healthcare and legal services are one among them. These services operate under strict data protection and cybersecurity compliance frameworks. A single breach can cause a lot of financial damage and also lead to civil lawsuits and reputational damage.

The retail and ecommerce businesses that process online payments, run customer loyalty programs are highly targeted by cybercriminals. Some of the common attack vectors for these businesses are ransomware, credential stuffing and API based frauds. A nicely covered policy can help cover data breach insurance costs, notification requirements and fraud investigations. They will also provide legal support and crisis communication aid.

Another sector that is increasingly becoming vulnerable to operational technology attacks are the manufacturing and energy companies. It is crucial for companies under this sector to avail business cyber insurance consultation service because any cybersecurity issue will halt production lines, trigger safety incidents, and result in business interruption losses.