Does your business have cyber insurance? If so, have you looked at your policy lately? A new exclusion may leave you high and dry after an attack.
Don’t you have cyber insurance? Your small business is as much a target as a big company. Attacks of all kinds, including ransomware, are on the upswing. Can you afford the damage?
Cyber insurance companies face challenges due to ever-changing technology. In this dynamic environment, risk changes quickly. Usually, insurance companies rely on historical data to evaluate risk and premium changes.
Cyber insurance often lacks past data, or the data has changed. Your business should choose a cyber insurance provider that is familiar with the challenges and knowledgeable about your industry. Will they customize your policy to your specific business needs?
Always check the ratings of possible providers for signs of trouble. Don’t waffle when purchasing cyber insurance, as it’s becoming harder to qualify. Attacks are more frequent and result in more significant losses.
Cyber insurance companies won’t issue a policy without essential safeguards. An email security system that detects and blocks threats before they reach an employee. System tools that find probable security issues and take action to prevent data loss.
An MFA or multi-factor authentication system that verifies user identities. The latest generation of firewalls to keep one step ahead of cybercriminals.
Cybercriminals are ever more sophisticated and on the prowl, no matter the business size. A cyber insurance policy protects your company against business interruption costs, data recovery expenses, and damages and expenses caused by data breaches.
Author: Kris Keppeler is a writer who finds technology fascinating and loves humor. She writes on Medium.com, and for Women of Wisdom. An award-winning podcast producer who enjoys telling funny stories. Follow her on X (formerly Twitter) @KrisNarrates or on LinkedIn.
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