Cyber Insurance

July 14, 2020

Cyber Insurance

Wherever you see a successful business, someone once made a courageous decision.

– Peter Drucker, management consultant, and writer

Businesses are faced with decisions daily. These decisions range in complexity and risk. All businesses understand the importance of insurance and to protect themselves against lawsuits and other risks to their business. It is easy to understand the damage a natural disaster can do to your business or a client that may get hurt at your facility. However, do you have a plan if you have a security breach? Better yet, what does that even mean?

Only 20% of small and medium-sized businesses have cyber insurance. Yet 58% of SMBs have had a customer or employee data breach. There is a 29.6% chance of a data breach for small businesses within the next 2 years. If you think that your current business insurance will protect you, the reality is this is not included with your standard business coverage. Business insurance primarily protects against physical loss or damages. Cyber Insurance protects against fines, penalties, liability, E-Theft, social engineering, ransomware, and more.

Business Insurance will not pay ransomware demands. On average these can cost a business $5,900 to get your data back. Ransomware attacks target small businesses about 70% of the time. Ransomware is a type of malware that either threatens to make the victim’s data public or blocks access to the data until the ransom is paid. Prevention is no longer enough, 86% of ransomware victims had an antivirus.

We work hard to protect our business partners by blocking dangerous websites, preventing users from being able to download software, running antivirus, and running a breach detection software looking for anomalies.

We ensure workstations and hardware remain up to date with the latest security patches. Businesses that have data that needs to be backed up regularly have backup services with their contracts. We are helping businesses work on policies and procedures and properly train their users for the risks they are susceptible to. However, we can only do so much and we understand the importance of a backup plan.

Cyber Insurance is your backup plan. We cannot protect you from every scenario. However, we can ensure that you have the right tools and plans in place to recover from any of the numbers of cyber incidents that can impact your business. Sign up today and protect your future.

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