What is cyber insurance designed to help organizations with?

Cyber insurance is specifically designed to mitigate financial losses that organizations may experience as a result of cyber incidents such as data breaches, ransomware attacks, and other cybersecurity threats. It provides coverage for various financial repercussions, including costs associated with incident response, legal fees, regulatory fines, public relations efforts, and even compensation for lost business revenue.

By securing cyber insurance, organizations can better manage the financial risks associated with cyber threats, enabling them to recover more effectively from incidents and reduce the impact on their overall financial health. This kind of insurance serves as a risk management tool, allowing organizations to transfer some of their risk to an insurance provider, which in turn can help ensure business continuity during crises.

While the other options may be important aspects of overall organizational strategy, they do not directly align with the primary purpose of cyber insurance. Improving employee productivity is generally related to human resource management and operational efficiencies, while developing advanced security measures focuses on preventative technology and security policies. Similarly, increasing customer trust and loyalty pertains more to brand reputation and customer relationship strategies rather than an insurance policy that deals with financial impacts from cyber risks.