Be Prepared To Fight Cybercrime With User Training
In the tech industry today, even the most reliable tools can be used against you. Five Nines has recently discovered phishing attempts that are in...
Five Nines Team : Nov 7, 2019 11:39:16 AM
2 min read
It's likely you have insurance plans for all of the unforeseen circumstances in life: apartment fires, cell phone accidents and even getting sick. You may think of these plans as no-brainers, but have you considered whether you need the same insurance for your cybersecurity?
According to a recent study completed by IBM in 2019, it’s estimated a data breach on average can cost a business roughly 3.9 million dollars. That number is still hard to pinpoint, given that many major companies may not report breaches due to PR concerns. Costs may vary for every business, but cyber-related security breaches are affecting organizations all over the world, large and small.
A cyber-insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage, isn’t a tech solution, but it can be a fail-safe for your business when something goes wrong. A policy can help you decrease your risks by offsetting costs that are related to a cyber breach or event.
There are a few aspects you need to discuss with your team, whether that’s your IT services provider or internal team, before purchasing cyber insurance and deciding what policy may best protect your organization:
After you evaluate these areas, you should meet with an insurance agent to discuss coverage amounts, premium costs, and deductible or retention costs. Some providers have packaged ‘business policies’ with a small amount of cyber insurance included, but those coverage amounts are often far from adequate. While every business has different insurance needs, a few general indicators of a policy with good coverage are:
You won’t be able to 100% protect your company from cybercrime, but you can set yourself up for a best-case scenario ahead of time by obtaining cyber insurance. Take the first step by talking to your IT team to assess your insurance needs, then contact a reputable insurance provider to review policies.
Need cyber insurance but don’t want to do it alone? Let’s chat.
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