How much Cyber Insurance is enough? If, like us, you think that paying more will guarantee greater safety then you may well be right.

I put an emphasis on may, because cyber coverage is still largely unknown by consumers and difficult to place by underwriters.

If, as an organisation, you do not know how to identify your own threat risks, then can you really trust your insurers?

Broadly-speaking, there are three broad areas most companies would consider cyber insurance for:

Intellectual property (IP) is an organisations ownership of a unique concept, which could come in the form of a new invention or product, branding or even a trademark name.

Small companies, in particular run the risk of competitors stealing their IP, resulting in loss of market share. Therefore, it is vital that organisations implement efficient measures to avoid duplication of their intellectual property.

The protection of intellectual property Is different for every business; however, all organisations should automatically obtain intellectual property rights to a certain extent. Although, an organisation may have to register their IP, depending on the type of intellectual property they have.

Recently, cyber criminals have become more focused on intellectual property due to its prolonged benefits, resulting in them targeting industries such as the manufacturing sector, which is the third most targeted industry for cyber-crime.

The manufacturing industry is also not obligated to report breaches unlike the healthcare, financial, and retail sectors, therefore it is possible that there are a lot of cyber-attacks that have gone unreported, which potentially increases the risk of cyber-crime

Manufacturing organisations usually receive correspondence containing confidential information such as contracts, patents, drawings and additional private content, which must be protected. The problem is that a lot of manufacturing companies underestimate the threat of cyber-attacks, and therefore do not implement the necessary cyber security and protection that is necessary to safeguard their confidential information.