The Next Level of Protection: Cybersecurity Insurance

The Next Level of Protection: Cybersecurity Insurance

We often discuss the importance of having an IT security apparatus built for your organization that keeps cyber attackers at bay. And while this is a level of protection you definitely need to have in place, with an ever-increasing amount of threats out there, it’s not much of a stretch to say your organization is at greater risk, right now, than it has ever been before. We all are.

Email phishing schemes continue to get more complex and realistic. Ransomware continues to evolve and find ways around even the best defenses. Even if you put the best anti-virus software in place, ensure your data is backed up regularly and train employees on how to respond to threats they’re likely to face, there’s still a chance your organization will fall victim to an innovative attack by a smart cybercriminal.

Sometimes, even a well-trained employee can click the wrong button without realizing it; that may be all it takes to cause immeasurable damage to your organization. To safeguard against even the worst coming to pass, your organization needs the extra protection cybersecurity insurance provides.

Now, you may be scratching your head over why you would need this insurance. You regularly backup your information, so even if you fall victim to an attack, you’re protected – right? 

Not quite. While cybersecurity insurance oftentimes offers proper employee training and adherence to cybersecurity best practice, what it really protects you from are the incidental costs of suffering a data breach. These include:

  • Restoring lost data
  • Time spent completing required regulatory reports as required by state and the federal government laws
  • Legal fees resulting from clients whose private information was stolen

All of these fees can quickly add up and potentially have severe and long-lasting effects on your business. The U.S. National Cyber Security Alliance found that 60 percent of small companies are unable to sustain their businesses over six months after a cyberattack. Insurance would have greatly helped these organizations navigate through the very difficult period immediately after these breaches.   

So where should you turn for a cybersecurity insurance plan that fits your business’s unique needs? To help you make the right decision, we’ve partnered with American Family Insurance for a webinar on June 15 at 11 AM CST about the benefits of cybersecurity insurance, what you should look for when selecting a provider and the types of plans on the marketplace.

To learn more about this webinar and to register, click the button below. We hope you can make it!

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Written by Tim Schmitt