With more and more businesses taking place online, the rate of cybercrime and data breach is on the rise. Many organizations are panicking, but organizational leaders can rest assured they’ll be ready to bounce back smoothly by investing in cyber insurance.
The internet is starting to play a much larger role in the way business leaders get work done. Whether it be social media management, increased email and web conferencing traffic, or online transactions, organizations see more and more of their data accessed, shared, and stored on the web.
With such an increase in online business, many professionals have been paying more attention to the ever-changing cyber crime landscape. With cybercrime on the rise and more opportunities for organizations to be the targets of data breaches, professional leaders are looking for the best ways to protect their business data and continuity.
Our team of IT specialists works with businesses day in and out – particularly on the issue of cybersecurity. Here’s the thing: we wish we could tell you that you could create a flawless cybersecurity defense that would keep you forever-shielded from increasing cyber threats. However, the fact of the matter is, data breaches happen. They happen to small-mid-sized businesses and large scale enterprises in all industries.
So, while you can and should be putting detailed and strategic cybersecurity measures in place, the reality is data breaches can still occur. This can be frightening for business leaders who are terrified financially and operationally demolished if their networks are breached. Things might sound pretty hopeless so far but bare with us. There are one fail-safe cybersecurity and business continuity strategy that any organization can rely on, which is an investment in cyber insurance.
Put; cyber insurance is just like the vital insurance you invest in to protect your home, your car, or even your life. Cyber insurance policies are designed specifically to help organizations mitigate cyber threats by offsetting the recovery costs after a cyber incident or data breach has occurred.
Cyber insurance is sometimes also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC). This is because cyber insurance is all about transferring risk. Investing in cyber insurance doesn’t mean that you’ll never get hit by a cyber threat. Still, it does mean that you’ll be in a much better position to recover operationally and financially.
Cyber insurance typically covers unexpected expenses related to a cyber incident or data breach. This could include costs that your organization itself is forced to take on to rectify the problem and any potential costs claimed by third-parties impacted by the data breach.
Here are some of the common expenses that the right cyber-insurance policy should cover:
As you probably know, investing in any insurance is a two-way street. Later on, we’re going to give you some tips for choosing the right cyber insurance provider. Still, first, you need to know what different cyber insurance providers will be expecting from your organization before they agree to cover you.
Here’s a basic check-list of things that make your organization an ideal candidate for cyber insurance:
Now that you know how to position yourself as an ideal candidate for coverage let’s talk about some strategies for picking the best cyber insurance policy on the market. As cyber insurance becomes more necessary, more and more providers are arriving on the scene. This can make it difficult to know which providers are trustworthy and reliable and who are just trying to profit from fear and uncertainty.
Here are some key questions to ask yourself as you search for a reliable cyber insurance provider:
The reality is, any business that stores, shares, or accesses any company data online are at risk of a data breach. Even worse? That risk is increasing by the day. As a team of IT security experts, we’re used to helping organizations prepare for the worst-case scenario. Still, the fact of the matter is that even with all the world’s preparation, the worst-case scenario can still occur.
The potential costs to an organization following a data breach can be astronomical. In fact, in many cases, the damage done by a cyber attack can be enough to demolish an organization both financially and operationally completely. That’s why, in addition to the cybersecurity planning and consultation we provide to our clients, we never hesitate to recommend cyber insurance as a fail-safe way to protect business continuity in the face of disaster. We’ve even gone so far as to start offering our own comprehensive cyber insurance coverage through our Armada solution.
Wondering how you can get started? It really is as simple as putting some time and effort into your organization’s cybersecurity planning and strategy. This should include creating a risk profile to help you understand your biggest vulnerabilities, talking to your employees about remaining aware and vigilant, and partnering with a team of IT professionals for strategic consultation and the development of best practices. Once you have a ‘big-picture’ cybersecurity plan in place, you’ll have a better idea of the cyber insurance coverage you need to remain afloat in the face of a data breach.
Our team of cybersecurity experts can help your organization strategically prepare before investing in cyber insurance. Give us a call anytime at (314) 279-5620, drop us a line at email@example.com, or visit our website at www.alliancetechpartners.com to chat with a live agent and book a cyber insurance consultation.