Is your business a high-value target for a cyber-attack?
The short answer to this question is “yes.” Every business is a high-value target, but small businesses are especially at risk. In fact, more than 58% of cyber-attacks target small businesses. Most business leaders are already aware that cybercrime activity is at an all-time high, and there is no sign that it will slow down any time soon. Their problem is, that they aren’t sure what to do to protect their business.
Should you consider purchasing a cyber liability policy?
Again, the answer is “yes”. A malware attack can cost hundreds of thousands or even millions while the typical cost of cyber insurance is only a percentage of that. Because data and technology access is based on user identity, a multi-layered cybersecurity approach is necessary to protect digital assets as well as keep businesses compliant with insurance requirements to ensure payout in the event of an attack.
We strongly encourage our clients to obtain cybersecurity insurance.
The daily increase of cyber-attacks globally makes cybersecurity insurance more necessary than ever before. Cyber policies are used for compensation and mitigating costs for the holder of the policy.
Some things for business leaders to consider:
- What happens if my company is hit by a cyber-attack?
- What is our protocol for responding to a breach?
- What are the risks to our customers (and employees) and their private information?
- How much time and money will it cost to get our data back, restore our reputation and get back to business?
Why is Cyber Insurance Compliance Important?
Cyber Insurance, like any other insurance, is meant to provide a guaranteed payout or assistance in the event of a negative occurrence. Unfortunately, most organizations fail to realize the critical impact that their own environment may have on the insurance payout. Just as an unlocked vehicle parked in a bad area may not be viable for a claim, your organization’s unprotected network could be at similar risk. Our team at WOM Technology Management Group specializes in managed security and IT services. We will work with your existing IT and Cybersecurity staff to augment their capabilities, providing essential cybersecurity services and consultation with the express goal of meeting your cyber insurance policy’s expectations. Our solutions also align with a huge array of pre-defined cybersecurity compliance frameworks, providing the appropriate resources where necessary to accomplish additional compliance while remaining conscious of cost and expectations. No matter the size of the organization, we can affordably help close the security and IT gaps for the policy utilized at your organization.
When is it time to start shopping for a cyber insurance policy?
Now! Ask our team to recommend a Cyber Insurance Risk Partner (CIRP) to help you with your mission to find the right cyber insurance policy. Cyber Risk Management is a double-edged sword coin.
On one side is our team of cyber security and technology management experts. The other side of the coin is just as important as the insurance agent.
There are two problems with going straight to any insurance agent to get a quote for cyber insurance:
- Insurance agents don’t have the tools necessary to give you a proper calculation on how much coverage you’ll need to cover a breach incident response.
- Insurance agents can’t truly determine whether your business is compliant with the policy they quote you on.
Our CIRPs are a network of cyber risk management-educated and trained insurance agents who will collaborate with our team to make sure that you have a solid policy that you’re compliant with and will cover as much of your incident response costs as possible.