Insurance often comes in the form of contracts created to protect or cover organisations against risky situations. Cybersecurity insurance, also known as cyber liability insurance, covers companies against risks such as business network interruptions, errors and omissions in systems as well as other data liability.
Without cybersecurity insurance, organisations risk ramifications when exposing customers data such as credit card number and account numbers. Every business needs this insurance to avoid customers' data being exposed to undue risk. As with every insurance, cover and protection are different according to the contract and will change depending on the company’ size and the level of risk.