The Importance of Shared Risk in Small Business Cybersecurity
As the owner and CEO of WOM Technology Management Group, I have witnessed the increasing importance of cybersecurity in today’s digital landscape. Small businesses, in particular, face numerous challenges when it comes to protecting their valuable data and assets from cyber threats. Unfortunately, many cybersecurity providers relieve themselves of all responsibility in the event of a cyber attack, leaving the burden solely on the small business owners. This flawed relationship prompted us to develop a solution that truly shares the risk between the provider and the customer. In this blog post, I will explore the common pitfalls in the relationship between small businesses and their cybersecurity providers and explain how our Confidence as a Service™ offering addresses this issue.
The Flawed Relationship
In the typical relationship between a small business and a cybersecurity provider, the provider promises to do everything possible to protect the client’s business from cyber threats. However, when the worst happens and a breach occurs, it is often the small business that ends up shouldering the financial burden. Post-incident projects, such as incident response, forensic investigations, and service restoration, can lead to substantial costs. It is the small business that writes checks out of their company account to pay the cybersecurity provider for these services, while the provider remains unaffected financially. This lopsided dynamic highlights the lack of shared risk in the traditional model.
The Need for Shared Risk
As a small business owner myself, I firmly believe that cybersecurity providers should bear some responsibility and provide mechanisms for payouts to their clients in the event of a breach. Relying solely on cyber liability insurance is not enough. Small businesses face not only financial losses but also reputational damage and potential loss of customer trust in the aftermath of a cyber attack. It is crucial for cybersecurity providers to acknowledge their role in mitigating these risks and providing tangible support to their clients.
Introducing Confidence as a Service™
At WOM Technology Management Group, we recognized the flaws in the traditional cybersecurity model and developed Confidence as a Service™ as a solution. We firmly believe in sharing the risk with our clients, and this belief is at the core of our service offering. Our approach goes beyond simply promising to protect our clients; we provide an immediate and direct payout in the event of a breach or successful cyber attack.
How Confidence as a Service™ Works
With Confidence as a Service™, we establish a true partnership with our clients. Our service includes a built-in mechanism for guaranteed payouts, separate from cyber liability insurance. In the unfortunate event of a breach, our clients can rely on immediate financial support for post-incident projects, such as incident response, forensic investigations, and service restoration. This ensures that our clients do not bear the full financial burden alone, offering them peace of mind and allowing them to focus on recovery and business continuity.
The Benefits of Shared Risk
By sharing the risk with our clients, we align our financial interests with theirs. We are invested in their success and security. This shared risk model instills confidence in our clients, knowing that we stand by them in the face of a breach. It also drives us to continuously improve our cybersecurity measures, staying ahead of evolving threats and providing the highest level of protection.
The relationship between small businesses and their cybersecurity providers must evolve to include shared risk and accountability. Traditional models that relieve providers of responsibility in the event of a breach place an unfair burden on small businesses. At WOM Technology Management Group, we have addressed this issue with our Confidence as a Service™ offering. By providing a mechanism for immediate payouts, separate from cyber liability insurance, we demonstrate our commitment to sharing the risk with our clients. Together, we can navigate the complex landscape of cybersecurity with confidence, knowing that we are partners invested in each other’s success and security.
Take the opportunity bellow to book an appointment with on of our expert team members to help you learn about what Confidence as a Service™ will mean for your business!
By Derreck Ogden
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Clients of WOM Technology Management Group have all of the advantages of 24-hour, 7 day a week, 366 days a leap year support anywhere in the world. From our headquarters in Hobe Sound, Florida, we can put boots on the ground ANYWHERE in the United States and provide industry-specialized help desk support for all small business applications and solutions ANYWHERE on the globe.
The Perfect Partner for Your Existing IT Team
Even if you already have an IT solution, WOM Technology Management Group’s Confidence as a Service™ can provide an additional layer of cybersecurity and compliance oversight as a co-managed solution. Our approach integrates seamlessly with any IT managed services provider or internal help desk to fill in the gaps and strengthen existing solution models.
This comprehensive co-managed solution ensures that all aspects of cybersecurity and compliance are taken into account, reducing the risk of gaps or vulnerabilities in the system. Our additional layer of security and compliance oversight provides businesses with improved risk management and reduced risk of cyber threats and data breaches.
With Confidence as a Service™, businesses of all sizes can feel confident that their cybersecurity and compliance needs are being met, without requiring extensive in-house expertise or resources. Our team works in tandem with your existing IT support providers to provide a seamless solution that meets your needs and exceeds your expectations.
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Your business is constantly exposed to cyber threats that could damage your reputation, compromise sensitive data, and even bring operations to a halt. Waiting to take action against these threats puts your business at a greater risk of attack. It’s time to take control of your technology infrastructure and protect your business. Don’t wait any longer to get started.
Connect with the WOM Technology Management Group today and take the necessary steps towards securing your business. Our team of experts will get back to you within one business day to begin your journey towards confidence in your technology infrastructure.
Our Confidence as a Service™ model offers a unique approach to technology optimization and cyber risk management. With our comprehensive suite of services, we can help you achieve your business goals and reduce the likelihood of cyber attacks. By working with us, you’ll have access to a team of professionals with years of experience in technology and cyber risk management.
We are excited to work with you and show you how Confidence as a Service™ can revolutionize your business technology infrastructure. Don’t hesitate any longer to make the change your business needs. Contact us now and let’s get started.