It’s Easy to Think That…
Cyber insurance has you covered in the event of a cyberattack, except, it’s not quite that simple.
Imagine waking up to find that your business has been hit by a ransomware attack. Projects are on hold, phones aren’t ringing, and files are locked away behind a pay wall.
That’s when many business owners hope their cyber insurance will save the day. Busting through that ransomware wall and saving your New England business from a cyberattack! Helping pave the way forward to recovery with all the support you need.
Here’s reality:
Cyber insurance can help, but ONLY IF you’re putting the hard work in on protecting your business with robust cyber security.
If you haven’t… well, you’re going to have to deal with insurance on that one, and chances are, they won’t want to pay out. But with only
So What Is Cyber Insurance… And Why’s It Useful?
Cyber insurance is like a safety net. It helps pay for the damage after your business gets hit by a cyberattack. That includes:
- Lost income if your business has to shut down
- The cost to fix your systems and recover your data
- Legal help if customer data was stolen
- Notifying customers about what happened
It’s smart to have. But it only helps after something bad happens, and only if your business followed the right steps to protect itself first. Think of it like almost any other insurance you may have, it all depends on your situation. Many businesses use the terms interchangeably, but to put it simply…
You Can’t Even Get Cyber Insurance Without Cybersecurity
With only 17% of small businesses carrying some form of cyber insurance (Forbes), let us take a step back and explain this point..
You need strong cybersecurity just to qualify for a policy.
Insurance companies aren’t going to take on the risk unless you prove you’re protecting your business.
They’ll ask things like:
- Do you use multi-factor logins? (51% of businesses get denied simply because this is not in place) (Source: Eduyush)
- Do you back up your files often—and store them somewhere safe?
- Do you have security software on your devices?
- Do your employees know how to spot fake emails and scams?
- Do you have a plan for what to do if something goes wrong?
If the answer to any of these is no, you might:
- Get denied coverage
- Pay more for the same coverage
- Have your claim rejected after an attack
Cyber Insurance Won’t:
- Stop a hacker from getting in
- Protect your customers’ data
- Train your staff to avoid scams
- Recover files that were never backed up
- Fix the hit your reputation takes when word gets out
What Smart Business Owners Should Do
If you want your business to stay safe and qualify for cyber insurance, here’s a good place to start:
- Use strong passwords and multi-step logins
- Install antivirus and monitoring tools on all devices
- Back up your files—and keep those backups off your main network
- Teach your team how to spot fake emails and risky links
- Create a simple incident plan so you’re ready if something goes wrong
- Review your security and insurance plan at least once a year
Want To Make Sure Your Business is Ready For Cyber Insurance?
At Attain Technology, we’re always here to help small-medium New England businesses apply for cyber insurance. We’ll help give expert advice on what you should do to prepare and how to make sure you get the best rate you can.
