A nightmare scenario for any business: you’ve been hacked. The hackers have gained access to countless client records including credit card and other financial data. The expense of dealing with the breach, and the damage to business reputation could be crippling. How best can businesses insure themselves against this and other cyber risks, and what are the legal issues involved?
A growing number of companies are investing in cyber risks insurance, which offers a degree of protection against the consequences of cyberattacks such as hacking, business disruptions and digital data breaches. Organizations are increasingly buying insurance to protect against losses from computer breaches.
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