There are Three Types of Cyber Insurance You Need to Know About

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As the world becomes more digitized, businesses need to be mindful of the increased risk of cybercrime. Cyber insurance can provide crucial protection in a cyberattack, helping companies to recover quickly.

Your cyber insurance should safeguard businesses from the financial losses that can result from a cyber incident. This insurance covers data breaches, cyber theft, and ransomware.

For businesses that may not have the same resources or budget as large public corporations, cyber insurance can make all the difference in being able to bounce back after a setback.

Types of cyber insurance and what they cover

Although insurers may have their own specific classifications, cyber insurance can be divided into three broad categories:

Cyber liability insurance

Cyber liability insurance includes third-party coverage for damages and losses, data breaches, regulatory penalties, credit monitoring, and lawsuits.

Cyber liability insurance is a vital tool for all businesses. Cyber liability insurance can help your business recover and move forward even after a breach without being stunted.

Cyber extortion insurance/ransomware insurance

There is no one-size-fits-all solution to protecting your business from ransomware attacks, but cyber extortion insurance can help reduce the financial impact of an attack. This type of insurance can cover the cost of ransom payments, recovery expenses, business interruptions, and more. It can also provide access to a team of experts who can help with cyber extortion negotiations and forensics.

Keep in mind that an attack could still succeed even with the right cybersecurity solutions in place to protect your business. That’s why it’s critical to have cyber extortion insurance. It can help you recover from a ransomware attack and reduce the financial impact.

Cybertheft insurance

As businesses increasingly store sensitive data online, the risk of cyber theft has never been greater. Protecting your company with insurance against this growing threat is essential.

Cybertheft insurance can cover a variety of digital theft scenarios, including first-party cybertheft, embezzlement scams, payroll redirection, and gift card scams.

No business is too small to be a victim of cybertheft, so even if there is only a remote chance that your data or digital assets could be stolen, ensure you have the right insurance in place.

Let’s work together to ensure your success

You’re not alone if you’re wondering if you might be the next cyberattack victim. Cyber insurance is a complex and rapidly-evolving industry, and it can be tough to keep up with all the changes. Many factors can affect whether or not you’ll get a payout from your insurance policy after a cyberattack, and it can be challenging to ensure you’re always compliant with your policy. Working with an IT service provider can help you better understand your options and ensure you have adequate security, which may increase your chances of getting full coverage.

Not sure where to start? Contact us today to schedule a consultation. Our knowledge and experience may be just what you require.

We’ve also created an infographic titled “Cyber Insurance and Why Your Small Business Needs Coverage” that you can download by clicking here.

How an IT Service Provider Can Help with Cyber Insurance

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When looking for cyber insurance for your small business, you may find it hard to navigate technology and insurance jargon. There are even different types of cyber coverage, and you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you do have coverage, there’s always the risk of not receiving a payout in the event of an incident if you didn’t meet your policy’s requirements.

Partnering with an IT service provider can make your journey to qualify for cyber insurance easier in so many ways. Keep reading to find out how.

An IT service provider can help you

Although an expert IT service provider can bring a lot to the table on matters regarding security, backup and compliance to help you stay protected, in terms of cyber insurance, you can get assistance with the following:

Auditing and complying with insurance policies

Meeting your cyber insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with a specialized IT service provider.

The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data and more. An IT service provider can help handle all of these and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements.

An IT service provider can also help make documenting your security measures easier.

Picking the right coverage for your business

It can be difficult to know which type of cyber insurance is best for your company out of the many available options (theft, liability, and extortion). An IT service provider can evaluate your company and direct you toward the right coverage. The drawback of not having the right insurance coverage is that you’ll have to pay the premium and get nothing in return when you really need it.

Improving your cybersecurity posture

Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining cyber insurance coverage challenging, it is not impossible. If you have a strong cybersecurity posture, your chances of getting coverage will be higher.

An IT service provider can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. They can also help you implement security controls and monitor your network for threats. If you do suffer a data breach, an IT service provider can help you with the incident response process.

The decision is yours

If you’re hoping to qualify for a cyber insurance policy, a specialized IT service provider like us can help. We can use our expertise and experience to help you choose the right policy for your business and meet your policy’s requirements. Feel free to reach out for a no-obligation consultation where you can decide if we’re the right partner for you.

To help you learn more about cyber insurance, we created a comprehensive checklist that you can download by clicking here.

Myths surrounding cyber insurance – here are the facts

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As more of the world moves online, businesses face more significant risks of cyberattacks. Cyber insurance can help a business recover from such an attack by covering financial losses from data breaches, cyber theft, ransomware, and other events.

There are many benefits to having cyber insurance, as it typically covers the cost of:

• Legal proceedings
• Recovering data
• Restoring the personal identities of those affected
• Notifying stakeholders about the incident

Cyber insurance myths debunked

There are many misconceptions about cyber insurance. Busting these myths to make informed decisions for your business is essential. Some of the most common myths are:

Myth #1: Getting insurance for your cyber needs is easy.

As technology advances, so does the potential for cyber incidents. Global cyber-attacks increase the likelihood that insurers will refuse to provide coverage, as the risks are too significant. Even policies that are still available are becoming more expensive and difficult to obtain.

Myth #2: I don’t need cyber insurance since I have cybersecurity solutions

Even though there are many different cybersecurity solutions available, none of them can guarantee immunity from all cyberattacks. Solutions can help to identify and protect vulnerable points in your system but staying on top of emerging risks can be difficult. No single solution can provide complete protection against all threats.

Even the most secure systems are vulnerable to human error. That’s why it’s a good idea to have a cyber insurance policy to protect yourself in case of an incident.

Myth #3: All I need to protect my business from cyber threats is a cyber insurance plan

Having an insurance plan is not enough to protect your business. Your insurance company will only cover your business if you meet the requirements laid out in your contract. And most reputable insurers will require evidence that you have followed the measures outlined in your policy. If you cannot show compliance, your claims are unlikely to be paid.

One of the most common insurance requirements is that you have top-tier cybersecurity protection. However, despite the availability of various cybersecurity solutions in the market, keep in mind that not all of them are the same. Therefore, finding a solution that best protects your needs is crucial.

Myth #4: Having a cyber insurance policy in place ensures full coverage for my claims in case there’s an incident

Cyber insurance policies typically have several requirements that they require for a claim to be successful. If you are unsure whether you have complied with all the prerequisites, partnering with an IT service provider may be worthwhile. An expert IT service provider can help you ensure compliance with your policy and provide evidence of this compliance if necessary.

Partner for success

It’s crucial to not fall for the above myths about cyber insurance so that your business qualifies to invest in a policy and receive coverage. However, it’s also important to remember that cyber insurance is something that demands a lot more time and effort than you might have.

To protect your business effectively, you should partner with an IT service provider like us who can help you understand how to increase your chances of receiving coverage and a payout in the event of an incident. Reach out to schedule a no-obligation consultation.

Additionally, we created an infographic titled “What is Cyber Insurance and Why Your Business Needs Coverage” that you can download by clicking here.

Why Your Business Needs to Prepare for Cyber Incidents

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As the world continues to digitize, so do the risks associated with conducting business online. No matter the size or industry of a company, cyber incidents can happen and have serious consequences.

The following are some examples of common types of incidents to look out for:

Ransomware

Ransomware works by encrypting a victim’s data, making it unreadable. The only way to decrypt the data is with a key, which the hackers hold. They then demand a ransom from the victim in exchange for the key. Ransomeware can be a hugely costly and disruptive attack for businesses.

Phishing

Phishing is an online fraud in which criminals send emails or instant messages pretending to be a legitimate organization. These communications often include links to fake websites designed to steal your personal information, like your login credentials or credit card number. Phishing attacks can be difficult to spot because scammers use familiar logos and language to trick their victims.

Denial-of-service

A denial-of-service attack makes a computer or other service inaccessible to users. These attacks flood the victim’s computers or network with requests, rendering it unable to respond to legitimate traffic or causing it to crash. Such attacks can be excessively disruptive and can result in significant financial losses.

Malware

Different types of malware exist for various purposes, but all share the common goal of harming computer systems. Malware can be viruses, Trojans, or spyware, used to steal personal information, corrupt files, or even disable entire systems.

SQL injections

An SQL injection is an attack in which malicious SQL code is embedded and then executed in a database. Attackers use this code to change, steal, or delete data. In other words, it allows cybercriminals to gain control of the database and its contents.

Collaborate for Success

You can’t assume that your company is immune to cyber threats. To effectively address incidents as they occur, it’s essential to have adequate security measures and an incident response plan in place. Consulting with an IT service provider may be a good option if you need help identifying the right technologies to prevent a cyber incident or develop an incident response plan.

Feel free to reach out now.

To get you better acquainted with incident response best practices, we have created a checklist titled “Cyber Incident Prevention Best Practices for Your Small Business,” which you can download by clicking here.