Here’s some information to help you decide if cyber insurance is right for your organization.
You hear on the news all the time about a company that was breached or hacked, and you may wonder if they have cyber insurance. But what does cyber insurance cover when this happens?
I’m going to be honest with you…Cyber insurance itself isn’t going to protect your company from a cyber-attack. It works in the same way that car insurance does. It won’t help you prevent an automobile accident but you’ll be happy to have insurance when you get sideswiped.
Understanding the ins and outs of insurance isn’t always easy, and cyber insurance policies are no different.
Cyber insurance contracts are complex and may include loopholes and exclusions that might not be in your best interest. You must make sure that you’re paying for what you need – and that you need what you’re paying for.
The worst thing your business can experience is a ransomware attack, email hijack, or stolen data…The next worse thing is having this happen, and then discovering that your cyber insurance policy is void because you didn’t do the right things in advance to help prevent such an attack.
It would be like getting into an auto accident and then finding that you’re not insured because you didn’t turn on your blinker.
Cyber insurance is more popular than ever before…
Why? – Because companies are beginning to respond to cyber risks in the business world as stories about lawsuits and penalties from breaches affect others like theirs. They are now more aware of the possible risks and costs if they get breached.
Insurers are supporting this trend by revisiting their traditional business policies, such as general liability, property and fidelity/crime. They are clarifying the extent cyber risks pose and how to protect their clients.
Many businesses in our area are signing up for cyber insurance to ensure they’re covered in the event of a data breach. They are beginning to view cyber insurance as an essential purchase.
So, the question remains… Should you purchase cyber insurance for your business?
Cyber insurance policies can be valuable assets in addition to effective cyber-security measures. They provide monetary support when a breach occurs.
This is important, because these payouts may help you manage remediation measures or keep your doors open while dealing with the potential fallout.
But, as mentioned, be sure you’re getting what you need for your unique situation.
If you need help, Kyocera Intelligence can help you navigate the world of cyber insurance.
In addition to providing affordable and efficient cyber-security measures to make sure your organization is under optimal protection, we routinely sit down with our clients and their commercial insurance agents to assure cyber insurance policies are appropriate for their needs.
Plus, we review any loopholes in their current cyber insurance policies… We make sure they have what they need to recover, and have the security in place to help them prevent being hacked in the first place.
There’s no one large shield to protect your small business, so we provide a multi-layered approach to ensure that if your IT network is breached that your cyber insurance policy will cover your losses.
Look… We live in a crazy world. If your business is hacked or breached it will cost you money and revenue from lost clients.
We want to make sure you stay in business and that a breach doesn’t deeply impact your financial status.
Contact us in Baltimore or DC if we can help.
In the meantime, for more information about IT security and other current topics in technology, visit our Blog. Here are some examples of what you’ll find:
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