Companies buy cyberinsurance to reduce financial fallout related to data loss. But insurers want companies to protect themselves—a request they spell out in premium incentives. How can compliance records help companies claim those incentives?
It compliance can have direct financial benefit over and above the simple avoidance of non-compliance penalties. It can trigger cheaper premiums for cyberinsurance.
Cyberinsurance is the little-known but fast-spreading business option that covers an enterprise’s digital assets. Conventional business insurance covers only physical losses. If a hacker wipes out a database and puts you out of business, conventional insurance won't help you, since there's no physical loss. Consequently, business insurance carriers have begun offering cyberinsurance to plug the gap.
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