Why Cyber Insurance?
Just like businesses insure against business problems, natural disasters, and physical risks, they need insurance coverage for cyber risks as well.?
In 2018,?Rob Ross?lost $1 million dollars?— almost his entire life savings — in about 20 minutes.??
According to?CNN Business, Rob was a victim of SIM hack which occurs when hackers take over a victim’s phone number by transferring it to a SIM card they control.??
Sadly, Ross?was not able to?recover his money. “What happened to me can happen to anyone,” said Ross.?
What is Cyber Insurance??
Cyber insurance is an insurance product designed to help businesses hedge against the potentially devastating effects of cybercrimes such as:?
Also referred to as cyber risk insurance or cybersecurity insurance, these products are personalized to help a company mitigate specific risks.
What are the Benefits of Cyber Insurance??
Cyber liability insurance policies are tailored to meet your company’s specific needs and can offer many important benefits, including the following:?
Do You Need Cyber Insurance??
If you are a small to mid-sized business, you most likely do. As the number of applications, devices, etc. increases, an organization becomes more vulnerable to attacks – it isn’t about when it will happen, it’s about what you will do when it does. Just like businesses insure against business problems, natural disasters, and physical risks, they need insurance coverage for cyber risks as well.?
If a costly breach occurs, your company may not have the resources on hand to combat these issues or recuperate losses. Cybersecurity insurance can provide support, so these attacks do not cripple your business.?
How Does Cyber Hygiene Impact Insurance Coverage???
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Cyber risk insurers analyze the strength of a company’s cybersecurity posture before issuing any policy. Level and quality of insurance coverage and access to enhanced coverage are affected by the following factors:?
Here is a snapshot of the most critical items today that insurance companies often want you to have:?
Multi-Factor Authentication?
Data Backup & Recovery?
Other controls of concern:?
These practices go into a strong?security strategy?that insurance companies are looking for. To decide what coverage is necessary, cyber liability insurers calculate costs based on a variety of risk factors. Often among them are industry, data coverage and, most importantly, the security measures already in place. These providers want to ensure the clients are taking fundamental safety measures to protect their systems and users.?
Why GAM Tech?
Learn more on how our Managed IT Services and Support help your business grow!
Sales Manager, Prime Boiler Services, Martial Arts & Self Defense Instructor, Certified Life Coach
2 年It's a good idea to have insurance but if you want the best rates and to be certain you'll be able to collect your claim if something happens, you need to partner with someone who knows what is required to make sure you are properly protected and how to get the best rate. GAM Tech, Leave IT To Us! This has to be a package deal to work right.