What’s the worst thing that can happen to your organization? If you’re like many business owners in today’s technology-centric world, it’s a cyberattack — and one that could bring an organization to its knees.
That’s where cyber insurance is coming into play — and it could be a game changer for your organization.
Cyber Attacks Can Ruin Your Business
Whether it be ransomware, DDOS, malware, or anything in between
— major cyber-attacks can, and do, ruin businesses. To mitigate this risk, organizations sink billions of dollars each year into new and evolving programs and services to protect their organizations, but still, attacks occur.
What Exactly Is Cyber Insurance
Like any kind of insurance, cyber insurance is a form of protection for an organization after an attack. However, it’s not like taking out a new automobile insurance policy – with cybercrime being such a complex issue, cyber insurance ends up being quite comprehensive itself.
Naturally, no insurance policy can make an attack not have occurred, but it can help protect your organization from the fallout. Policies generally cover investigations into causation of attacks, will cover some or all business losses during downtime from attacks, and some will even follow through on notifying customers of data breaches and alerting them that their information may have been leaked.
Do I Really Need Cyber Insurance?
In short, yes – you should have cyber insurance for your organization because cybercrime isn’t going away anytime soon.
2018 saw a major uptick in businesses being targeted for cybercrime, and 600 billion dollars was spent cleaning up the mess. If your organization hasn’t been hit yet, it’s becoming more than likely that some kind of cyber-attack or data breach will affect your organization in the future.
Plus, cyber-attacks can be the final blow to many businesses. In fact, 40% of small and medium-sized businesses never reopen after a disaster – and a major cyber-attack certainly counts as a workplace disaster.
Most businesses think nothing of insurance for their building or business in case of disaster or fire – cyber insurance is just the next evolutionary step in protecting organizations from the pressing threats they face daily.
What Else Do I Need to Protect My Organization?
Although cyber insurance is becoming a necessity for organizations in 2019, it’s not the only service you need to keep your organization covered.
A comprehensive cybersecurity plan is critical in keeping a safe and successful business – and avoiding the disasters that could have you relying on your insurance program. Even if your business is covered, it’s going to be critical that you still do everything in your power to prevent attacks and keep your organization — and your sensitive data — safe.
Cyber insurance is in its infancy, but cybersecurity is our bread and butter at NENS. Our services cover all aspects of a successful cybersecurity plan, and every day we work hard to keep our client’s organizations and data secure.
From cyber security best practices training to implementing the latest software patches to fix vulnerabilities, our expert professionals is ready to take on any security challenge your organization can face. Contact us or give us a call today at 781-933-9300 ext. 809 to learn more about how our services paired with a comprehensive cyber insurance plan can help take the risk of cyber-attack off your plate.