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The Case for Cyber Security Insurance

By 26th April 2023Security

What it is and why your business probably needs it

A Modern Solution to Mounting Threats

Cybersecurity insurance is fast becoming a necessity when it comes to effective cyber protection. A good policy can essentially keep your doors open when disaster strikes, offering everything from ransomware payout demands to legal fees.

Policies Typically Include:

  • Recovery/replacement of lost or stolen data
  • Ransom demand payments
  • Attack remediation and recovery
  • Legal costs, penalties and fines
  • Lost income from business interruption
  • Replacement/repair of damaged hardware and software

Does Your Business Need It?

In general, if you can answer yes to any one of the following questions, you need cybersecurity insurance.

Does your organization …

  1. … conduct business online?
  2. … use technology?
  3. … store or send electronic data?

How to Meet the Requirements

Getting a policy, and renewing it, can be difficult, even for large organizations. Rising claims and costly payouts are forcing insurers to balance out risk by stepping up qualifications. Most insurers expect:

  • Firewall and anti-virus software
  • Endpoint detection and response (EDR)
  • Backup and disaster recovery solutions
  • Advanced email filtering
  • Multifactor authentication
  • Privileged access management (PAM)
  • Cybersecurity awareness training

We understand technology and insurance can be overwhelming.

Partner with a managed services provider who specializes in cybersecurity technology and knows how to meet policy requirements.

Contact us today!

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