Business of Hacking - Buyer Beware of Cybercrime Insurance

Abstract

Business of Hacking is thriving through the world. For Cyber criminals, it is easy with the advanced technologies. They need not move out. It is far far less risky compared to normal crime. Chances of implicating a cyber criminal in court of law is very remote. Bank robbery by hacking personal bank accounts of bank customers and extortion of money from concerned organisations in exchange of breached Data are the rule now. To mitigate cyber risks, cyber security measures should be in place. In addition, Cyber risk Insurance policy should be purchased. Cyber insurance is relatively new product for the insurance companies. Since much Data history of such type of insurance is not in place, customizing a cyber-insurance is painstaking and need collective consultations of brokers, consultants, IT team, finance and treasury professionals. If wrong cyber insurance policy is chosen, it will backfire causing loss of money in millions to the concerned entity.