Your cyber liability insurance provider may seem problematic when looking on behalf of your small business. There are even different types of cyber coverage; you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you have coverage, there’s always the risk of not receiving a payout in the event of an incident if you don’t meet your policy’s requirements. Cyology Labs can help.
Cyber Liability Insurance: A Must-Have for Businesses
Cyber liability insurance (CLI) is crucial for businesses to protect themselves against the financial losses resulting from data breaches. Unlike general liability insurance, CLI is a separate policy that explicitly covers related risks. Cybercrime is a growing problem. Experts estimate that the damage caused by cyberattacks will reach $8 trillion globally by 2025. That’s more than the GDP of Japan, the world’s third-largest economy.
Small and medium-sized businesses (SMBs) are particularly vulnerable. Forty percent of cyberattacks target SMBs, and 60 percent of SMBs have experienced at least one attack in the past year. Yet, only 45 percent of SMBs have effective security measures in place.
Without CLI, a data breach could be devastating for your business. The costs associated with a data breach can include:
- Downtime: Lost business and productivity while systems are offline.
- Investigation: Costs to investigate the violation and determine its extent.
- Data recovery: Expenses to recover lost or stolen data.
- Legal procedures: Costs for legal advice, potential lawsuits, and regulatory fines.
- Notification: Expenses to notify affected individuals and stakeholders.
- Identity restoration: Costs to help affected individuals restore their identities.
A good cyber liability insurance policy can cover these costs. However, it is essential to carefully review the policy to understand what is and isn’t covered. By investing in CLI, you can protect your business from the financial consequences of a data breach. Partnering with a service provider can make qualifying for cyber insurance easier.
Auditing and complying with CLI
By partnering with a specialized service provider, you can significantly increase your chances of receiving a payout after a cyberattack. Many insurance policies require policyholders to take proactive steps to reduce their risk. These steps often include maintaining strict security protocols, regularly backing up data, and implementing other security measures. An experienced service provider can help you handle these tasks effectively, ensuring you comply with policy requirements and protect your valuable data.
Cushion the blow
Cushion the blow. Skyrocketing cybercrime makes insurance companies cautious. But with a strong cybersecurity posture, you can increase your chances of getting coverage and a payout. Cyology Labs Can Help:
- Cybersecurity Assessment: Identify and address vulnerabilities before they become problems.
- Improved Security Posture: Reduce your risk profile and become more attractive to insurers.
- Incident Response Support: Minimize damage and maximize recovery if a breach occurs.
Cyology Labs can help you build a defence strategy that safeguards your business and future. That’s why having a strong cybersecurity service provider by your side can be the ultimate weapon in your arsenal—partner with us to leverage advanced technology to fortify your defences. Contact us today to schedule a no-obligation consultation at www.CybersecurityMadeEasy.com
