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What is Cyber Insurance?

Cyber Liability - blog

According to the latest statistics, the average cost of a cybersecurity incident is now approaching $200,000, and yet, only 31% of small companies have cyber insurance, and 70% said that they have no intention to purchase a policy.

What is Cyber Insurance, and how does it help?

Cyber insurance covers the financial losses that can result from a data breach and other cyber events, such as work stoppages, theft of sensitive information, and extortion. Many insurance companies are now offering Cyber liability insurance to their policy holders which can help protect your business from cyber crime and data breaches. One of the requirements of obtaining cyber insurance is to have a cyber virtual audit, which is conducted by the insurance companies prior to coverage being initiated.

How does AIAG help small suppliers in the cyber insurance space?

In preparation for obtaining Cyber Insurance, why not get a head start on your virtual audit and recommended corrected actions? In partnership with NQC, a global leader in cyberthreat detection, AIAG’s Supply Safe™: Cyber Bundles include a virtual audit, which is a one-time domain/IP scan that allows you to run a comprehensive virtual check on your organization’s internet facing systems. Once completed, the audit provides a report that details identified vulnerabilities, along with necessary actions needed to rectify those issues. This benefit is free for AIAG members and available to non-members for a nominal fee.

Learn more and get your Cyber Safe Bundle here!

Access Cyber Bundle