April 10, 2018 IBOMLLC Team

Data Backup, should it be mandatory when taking a cyber insurance cover?

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

2017 saw cybercrime surge to an all-time record high. The year highlighted the importance of consistent and proper cyber security measures. In this increasingly digital economy, the value of data is increasing exponentially day and night. Meaning losing yours to the wrong hands could have serious economic and legal implications. At the same time, criminals stand a chance to gain economically if they get hold of valuable data; of course that comes with heavy legal risks if apprehended.

These days, data protection has become paramount, with every company or personal employing the best level of cyber security at their disposal. Many organization have taken a step further to take cyber risk insurance or the Cyber Liability Insurance Coverage (CLIC) to cover themselves from the financial losses should they lose their data or suffer some reputation damage.

The thing with data is, once you lose it, you cannot restore it unless you had a backup. Businesses stand to lose a lot if they lose their data, especially if the data contains sensitive information about their operations and customers. Losing such data could lead to massive damage in terms …read more

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