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Insight on Cyber Insurance & the Critical Impact on Business
Cybercrime is one of the biggest threats to your business today . That ’ s right — just because you ’ re a small business doesn ’ t mean cybercriminals will look past your company . Since hackers know you won ’ t have the resources or security precautions larger enterprises have , they might even be more interested in targeting you . Fortunately , cybersecurity tools and cyber insurance can help you deter them and safeguard your small business .
Navigating the world of cyber insurance can be difficult for a small to midsize organization like yours with limited resources and budget . While partnering with Omni Strategic Technologies doesn ’ t ensure coverage or payment in the event of an incident , we can implement best-in-class cybersecurity solutions and help you adhere to your policy ’ s requirements , maximizing your chances of qualifying for coverage and payout in the event of a breach .
Cyber insurance is an insurance policy that can help your business recover financially from cyber incidents such as data breaches , malware attacks , ransomware attacks and more . Complying with your policy requirements increases your chances of getting reimbursed for audits , forensics , compliance fines , lawsuits and even extortion .
Myths and misconceptions surrounding cyber insurance :
Myth # 1 : We ’ re a small business , a cybercriminal wouldn ’ t target our business . We don ’ t have anything valuable .
Truth : Over 43 % of cyberattacks target small businesses . Value for cyber criminals comes in many forms besides records and documents . Small businesses without cyber coverage that suffer an attack are often out of business within six months of the breach .
Myth # 2 : I have adequate cyber coverage through my general liability policy or with a cyber endorsement to the general liability policy .
Truth : General liability policies specifically exclude coverage for cyber-related events . The cyber liability endorsement offered by standard insurance carriers falls short of providing coverage and limits for today ’ s cyberattacks . Often there is no coverage for cyber extortion or cybercrime and no business income . What is offered is often severely sublimated to just scratch the surface of coverage costs related to a cyberattack .
Myth # 3 : Cyber insurance is easy to get .
Truth : At the rate cybercrime is spreading and the amount it is costing organizations , insurers are understandably becoming reluctant to take on so much risk . Underwriting has implemented baseline security requirements that must be met , such as multifactor authentication . If you are out of compliance , you may not receive an offer for coverage or receive an offer with lower limits and other restrictions until compliance is met . Talk with a knowledgeable insurance agent to guide you through the application process .
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