Cyberinsurance has become a key piece of a small business or organization’s backup plans. As a small business ourselves, we of course carry most common types of insurance as would any small business—these might include general and professional liability, flood, fire, worker’s compensation, and/or umbrella policies.
Cyberinsurance should now be joined to this list.
Every day, cybercriminals are impacting small businesses and organizations. Most—64% by some calculations—have experienced some form of cyberbreach. While most of these are minor, such as password breaches, those that are less minor can costs businesses tens or hundreds of thousands of dollars. Major companies can experience ransomware demands in the millions of dollars.
Cyberinsurance, of course, is a policy that protects against financial loss during the course of a cyber-related security event. There are many different options available, which should be discussed with an insurance professional. (If your business is located in Maryland or Pennsylvania, we recommend Everoak Insurance Group whose agents are experts regarding the insurance needs of specific businesses.)
In the past, many insurance companies have been burned by blind cyberinsurance policies. Now, we’re finding an increase of companies contacting us with specific projects in order to satisfy requirements of the cyberinsurance policies. Companies such as Phoenix Risk Advisors work as an intermediary between small business insurance brokers and carriers to ensure the policies are in place. These vary depending on broker and carrier type of business, but many include MFA, Security Awareness Training, and proper policies and procedures of business continuity.
As mentioned, Certified CIO and our team of experts are ready and willing to help you get your business or organization up to snuff. Ideally this isn’t only because it’s required by your insurance—we want you to want to improve your cybersecurity. But if cyberinsurance is the spark to set your business on a journey toward security, we won’t judge you (much)!
Having Certified CIO on your team to prep for those cyberinsurance requirements means not only will you access the benefits of cyberinsurance—in the case the unthinkable does happen—but also more efficient, secure, and effective IT right now.
If you’re not sure where to start, please give us a call or CONTACT US HERE!