We live in an era of technology and everything related to computer is stored in logical pools instead of the old-fashioned hard drives. Recently computer engineers made a logical loop that can store data online known as cloud storage. Google came across of this idea in the beginning. In addition, later on other companies got hold of it and now it is the main source of data storage across the world. However, is it safe? It was the question raised by many individuals. When hard drives were in fashion, people were satisfied as they had it in their hand. However, when it comes to cloud people are unsatisfied.
Insurance is an arrangement allowance by organization to compensate losses by receiving a certain per annum fee. Insurance is much reliable if we see the scenario of today’s world, as you do not know how much loss you can come across. It is a type of protection for any spontaneous incident.
There are any types of insurance allotted by companies, some of them are:
- Life insurance: it is the most popular type of insurance people tend to have, it pays out some certain amount to his family after his death or a certain time.
- Health insurance: it is a type of insurance people use to cover up their medical costs.
- Vehicle insurance: it is the type in which people insures there vehicle to cover accidental costs
- Cyber insurance: this is newly introduced type which is purchased by people or organizations to insure their sensitive data saved on cloud storage,
- Public liability insurance: it is used to cover the claims made by public to a certain business. It covers the cost of employee injuries and property damage.
Cybercrime is a thing nowadays. Many cyber thieves steal money, sensitive data by a certain set of computer coding and logical pools. Many organizations suffer from cybercrime as they lose their sensitive data and that is used against them as blackmail. If we talk about certain individual, they also can go through cybercrime as anybody can hack their personal data.
Cyber insurance is very effective nowadays. As many businesses have sensitive data which can be used by their competitors to use against them. Cyber insurance companies deals with cybercrime, it assures that whoever would buy it would be safe from cybercrime and hacking. It also helps businesses against malware, ransomware, DDoS, and many other methods to steal sensitive data.
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