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Cyber Insurance Coverage Silverfort

In today's age, no matter how secure our website is, our information is stolen. Costs more. Cyber insurance, also known as cyber risk insurance or cyb

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What is Cyber Insurance?

In today's age, no matter how secure our website is, our information is stolen. Costs more. Cyber insurance, also known as cyber risk insurance or cyber liability insurance, is a type of insurance designed to protect businesses and individuals against losses and damages caused by cyber attacks, data breaches and other cyber incidents.

Silverfort's cyber insurance

Financial losses: Data breaches and downtime can bring lost revenue, higher fines, and the value of remediation.

Damage to Reputation: A successful cyber attack can destroy and damage the host's credibility with your logo photo.

Legal Liability: Businesses may face lawsuits from affected individuals or discipline our bodies after a breach.

Cyber coverage acts as an economic defense, helping organizations weather the storm of a cyber attack by covering various costs:

Data Breach Response: Costs associated with investigating the breach, notifying affected parties, and providing credit monitoring benefits.

Ransomware attacks: Ransom payments (in some cases) and statistics and expenses for gadget treatment.

Legal and Regulatory Costs: Costs associated with defending court cases and complying with regulatory penalties.

Business Disruption: Covers lost sales due to downtime as a result of a cyber attack.

Having cyber insurance proves a proactive technique for cyber security and can also give you a competitive edge when bidding for contracts.

Silverfort's cyber insurance coverages:

Multi-factor Authentication (MFA): Silverfort provides robust MFA solutions to strengthen access controls and prevent unauthorized access to critical systems and data.

Adaptive Authentication: Silverfort's adaptive authentication technology utilizes advanced risk assessment techniques to dynamically adjust security measures based on user behavior and contextual factors.

Network Security: Silverfort helps businesses secure their network infrastructure, detect intrusions, and mitigate risks associated with network vulnerabilities.

Endpoint Protection: Silverfort offers endpoint security solutions to defend against malware, ransomware, and other malicious threats targeting endpoints such as desktops, laptops, and mobile devices.

Incident Response and Recovery: In the event of a cyber attack or data breach, Silverfort provides incident response services to minimize damage, restore operations, and recover data.

Cyber Risk Assessment: Silverfort conducts comprehensive assessments to identify vulnerabilities, assess risks, and develop customized strategies to mitigate cyber threats effectively.

Security Awareness Training: Silverfort offers security awareness training programs to educate employees about cybersecurity best practices and reduce the likelihood of human error leading to security incidents.

Cyber Liability Insurance: Silverfort's cyber insurance coverage includes financial protection against losses resulting from cyber attacks, data breaches, and other security incidents.

Isn’t Covered By Cyber Insurance

Losses caused by war, terrorism or related activities are often not covered.

Cyberattacks by government-sponsored organizations are not immune.

No coverage for losses caused by willful acts or fraudulent activities of employees.

Cyber insurance does not cover losses arising from breach of contractual obligations, such as failure to comply with contractual obligations or cyber security standards.

Foreseeable Incidents: Insurers may exclude coverage for cyber incidents known or should have been known to the insured prior to the effective date of the policy.

Losses resulting from inadequate cyber security measures are not covered if the insured party does not comply with the insurer's specific requirements.

Not for regulatory penalties imposed as a result of non-compliance with data protection laws or regulations.

Cyber insurance typically focuses on digital assets and liabilities, so coverage may be excluded for property or bodily injury caused by cyber incidents.