KDOI simplifies cyber security insurance

TLDR:

• Cyber attacks are increasing in frequency and severity.
• Cyber security insurance can help businesses protect themselves financially.

As cyber attacks become more common and damaging, Kansas Insurance Commissioner Vicki Schmidt emphasizes the importance of protecting against cyber incidents. These incidents, which often target sensitive data, can lead to serious financial burdens. Cyber security insurance can help businesses mitigate these risks, but many small businesses overlook the need for separate cyber insurance coverage, assuming it is included in their general liability policy. Schmidt also mentions that individual cyber insurance policies could become more prevalent in the future. It’s essential for businesses to carefully review their policy coverage to ensure they are adequately protected. With cyber security insurance premiums amounting to billions of dollars in the U.S., the need for protection against cyber attacks is evident. Despite the importance of cyber insurance, Schmidt warns against being wary of individuals offering personal cyber protection over the phone.