Our Integrated Cyber Risk Management focuses on keeping your business risk simple in the complex cyber environment where cyber criminals are laying claim to the finances and information of unprotected (or ill-protected) businesses.
LEARN MORE ABOUT OUR CYBER RISK MANAGEMENT SERVICES
“Our Process Is Simple” Graphic (Assess – Cyber Security Risk Assessment, Secure – Cyber Security Implementation, Insure – Cyber Insurance Coverage)
- Why get Cyber Insurance?
- Do I need Cyber Insurance?
- Is Cyber Security a problem for my business?
- How do I protect my business?
WOM can provide you with the solid cyber security solutions and ongoing management that your business needs, but our mission doesn’t end there. It’s our job to make sure that when a breach gets past your team and our state-of-the-art cyber security measures, your insurance is there to make you whole. It’s something cyber security companies hate to admit, but even with the best cyber security tools and teams having your back, the results of a cyber-attack can still inflict financial damages that cause over 60 percent of small businesses to close their doors within six months of a cyber-crime disaster.
We strongly recommend our clients bind a cyber insurance policy as a cyber risk management measure.
How Does Cyber Insurance Help?
Money
Cyber insurance is there to cover your recovery expenses when you have done everything right and taken all the proper steps to protect yourself from a cyber-attack and getting breached anyway. Cyber insurance can also cover loss in income from downtime so when you send your team home during the incident response operations, your income (and your team’s income) doesn’t walk out the door as well.
Business Continuity
After a cybercrime incident, the focus of an SMB is usually to get back to work as soon as possible. Along with having a detailed incident response plan, insurance will help to fund the resources necessary to execute the specialized tasks required in the response plan.
Further Hardening
80% of businesses that fall victim to a cyber-attack will fall again soon. Cybercriminals have mastered what small business sales teams still strive for – the “follow up”. An after-attack commonly follows the first cyber-attack. Once cybercriminals smell blood in the water, they all come in for the kill. Cyber insurance can help with funding for extra measures to fend off predators who want to move in on your business for an easy take.
Third-Party Damages
The cost of a breach quickly starts to build when the obligatory forensic investigation discovers third-party information that cybercriminals have gained access to through the compromise and the following breach. Breach victims are often shocked to learn that they must pay to inform the parties whose information was stolen from the breach victim. Further, if third-party information is used in separate crimes, the breach victim could be held liable for those damages as well. Cyber insurance can help cover the cost of legal counsel, breach coaching, third-party notification, and identity protection for those whose information was stolen in the breach. This protects your business from paying out large sums of money for the “what if” scenarios of third parties.
Reputation Management
Nothing will stop the growth of a small business in its tracks like a loss of reputation. A disorganized reaction to a cyber-attack or even worse – a cover-up – is almost certain to ruin the reputation of your small business.
Being the “good guy” in the scenario of a cyber-attack is important. Doing the right thing is always the right thing. Making sure that you go above and beyond in your response to a cyber-attack by ending it as soon as possible and reducing risk for your small business, your team and third parties with information on your systems can help improve your reputation as a company that can handle anything.
Ransomware
At WOM, “ransomware” is a four-letter word. $6,000,000,000,000 (that’s $6 TRILLION) in ransomware payments have been collected by cybercriminals. This means that if ransomware criminals could start their own country and it would be the third richest country on the planet.
