A $500,000 payout because our client gets hacked?
Asked: "What is Confidence as a Service™?"
Answered: “Confidence as a Service™ is shared risk between your business and your cybersecurity with a $500,000 Guarantee.”
The modern American small business landscape is riddled with unpredictable challenges that seem to arise daily. However, one of the most significant threats facing small businesses today remains largely unknown to many business owners: cybercrime. The rate of cybercrime has been growing exponentially since 2020, and it poses a grave danger to small businesses across the United States.
Cyber criminals from all corners of the world now have access to turnkey tools and commoditized software provided by organized cybercrime groups. These tools empower average individuals, even those without technical expertise, to become fully-fledged cyber criminals. These criminals are virtually impossible to catch, and they take advantage of the current political and economic climate, as well as the rise of remote work, to target unsuspecting businesses.
One particular form of cybercrime, ransomware attacks, has already collected over $6 trillion dollars in ransom payments, with 58% of the victims being small businesses. This fact alone debunks the myth that small businesses are “too small” to be targeted. Ransomware has evolved beyond encryption attacks, with criminals now resorting to extortion schemes that target sensitive business and personal data. They threaten to expose this data unless a ransom is paid.
The average cost of a data breach for a small business now exceeds $1 million, a staggering amount that few business owners are aware of. One reason for this lack of awareness is that businesses often fail to prepare for cyberattacks, leading to major embarrassments and financial losses. In fact, 60% of businesses are so ill-prepared to handle a data breach that they are forced to close their doors for good. Sadly, these incidents often remain undisclosed, as business owners do not wish to publicize their vulnerabilities, creating a false sense of security for others.
Test Your Provider: Ask your cybersecurity provider how much they’ll pay you if you get hacked on their watch.
Even business owners who understand the gravity of the cyber threat face a daunting challenge. The tools and resources needed to protect against cyber threats are expensive and require specialized expertise to manage effectively. While large corporations like General Motors and J.P. Morgan invest significant portions of their budgets into data security, small businesses cannot feasibly achieve the same level of protection on their own. Cyber criminals are well aware of this vulnerability, which is precisely why they target smaller companies.
Some business owners may believe that their IT personnel have been adequately protecting them for years or that a previous breach wasn’t a significant issue. However, the cybersecurity landscape has evolved, and failure to address breaches and comply with regulatory guidelines can result in federal charges. Ignoring a breach is simply not an option.
In an ideal world, businesses would have excellent cybersecurity posture, compliant cyber liability insurance policies, and well-prepared teams to handle cyber incidents. However, even in such scenarios, two significant problems persist:
The business owner relies on their team to report on their own performance. Without third-party oversight, there’s always a degree of uncertainty regarding the accuracy of the information provided. While trust is essential, verification is crucial for good business practices.
Even when a claim is approved, a multitude of steps must be taken before insurance funds are received. Forensic investigations, data recovery, increased security measures, and other expenses must be paid upfront while waiting for insurance reimbursement. This situation creates a significant financial burden for businesses, as they may have to spend substantial amounts of their own money before receiving insurance funds.
Finding a solution to this problem is not easy. Both internal and outsourced IT teams often find themselves in a helpless position, lacking the specialized expertise required to fully prepare a business for worst-case scenarios. Furthermore, even if a business has cyber liability insurance, the upfront expenses associated with recovery can choke the company’s finances, potentially leading to closure. Unfortunately, this is precisely what happens to 60% of businesses that experience a data breach, as they struggle to recover and ultimately shut down within six months.
Enter Confidence as a Service™
In February of 2023, my team at WOM Technology Management Group launched an offering that revolutionizes cyber risk management for small and medium-sized businesses: Confidence as a Service™. We named our comprehensive and affordable cyber risk management system after its most valuable deliverable for business owners – CONFIDENCE. With Confidence as a Service™, we provide businesses with a multi-layered approach to defend against cyber threats, backed by up to $500,000 in immediate payout if a cyber security incident occurs.
Our approach encompasses cyber risk management, cybersecurity, technology management, field engineers, technicians, and help desk services. We designed Confidence as a Service™ to seamlessly integrate with existing solutions that business owners already have in place and are satisfied with. We believe that if you already have a great IT team or outsourced provider, you should keep them. Our goal is to fill the gaps and enhance your existing cybersecurity measures.
Unless you are 100% certain that your business is fully prepared to handle a cybersecurity incident or you have ample funds readily available to cover the expenses of a data breach response, it’s time to reach out to us. We can provide the confidence you need to ensure your business won’t be set back or shut down by a cyber attack, especially as we navigate increasingly uncertain times.
The advent of Confidence as a Service™ represents a paradigm shift in the relationship between cyber security providers and small businesses. It addresses the inherent challenges of self-reporting and the financial burden of upfront expenses, empowering business owners with a comprehensive risk management system and immediate financial protection. By embracing Confidence as a Service™, business owners can finally attain the peace of mind they deserve, knowing their businesses are well-protected against cyber threats.
Check out the article in CRN about WOM and CORK here: https://okt.to/ZDBsmv
By Derreck Ogden, CEO
WOM Technology Management Group
Fill out the form below and one of our expert team members will contact to you to talk about your business’s bright future in these uncertain times!
Contact Us Today!
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.