Companies rely on cybersecurity insurance to protect their data and assets in the Digital Age. Criminals abound in the cyber world taking advantage of the internet and hacking into corporate documents. Criminals using techniques against cybersecurity are social engineering attacks covered under insurance policies.
The experts at Mavon Insurance state that social engineering attacks may not be covered because they do not constitute a breach. These criminals rely on misinformation to obtain money or data from a company eliminating the insurance company’s liability in many cases. Each plan is slightly different making it essential companies thoroughly read their insurance policies. Some plans offer additional coverage options to help address these concerns.
While insurance is one way to mitigate loss, there are additional checks and balances businesses can put into place to reduce socially engineered attacks. Only give employees access to the information they need to perform their positions to avoid unnecessary data loss. Another tip is to proactively train employees on the latest cybersecurity protections. You can then monitor employees using the latest network monitoring software.
Creative hackers using cybersecurity are social engineering attacks covered under insurance policies costing you money. There are things businesses can do to protect their data beyond cybersecurity insurance. Following these methods can help mitigate risk and reduce financial losses.