Does Your Small Business Have Cyber Insurance?
TekMyBiz offers Cyber Security monitoring that helps companies get the most out of their Cyber insurance policies. Do you understand the critical importance of having a Cyber monitoring system in place to regularly check for compliance issues? Jump to the Compliance section.
Who Can Afford a Data Breach?
Recent Studies show that up to 60 percent of small businesses close their doors within 6 months of experiencing a data breach. With this sobering statistic, who can afford a data breach? While only about 30% of small businesses have it today, a majority of companies will eventually have to consider getting Cyber insurance. The bottom line is that having Cyber Insurance is about as important as having liability insurance.
What is Cyber Insurance?
These days, cyber insurance should be part of every company’s overall cybersecurity plan. Cyber insurance is a form of liability insurance to protect companies from most expenses, business losses, and regulatory fines and penalties they would face should a data breach happen. Cyber insurance will cover losses related to hacking and ransomware threats that are beyond the scope of standard business policies. Cyber insurance policy costs are not too expensive starting at several hundred dollars annually and going up from there. Considering the potential threat to the life of the company, it’s one of the most affordable mission-critical insurance policies a company can have.
Cyber Insurance Compliance
Unfortunately, your risk is not over after you buy a policy. You need to make sure you stay in compliance with the requirements of your specific Cyber policy. That’s where TekMyBiz can help. There are so many ways a breach can occur that it is important to know what your Cyber insurance policy covers and what it doesn’t. Many employers assume they have better coverage than they actually do. The bottom line…meeting the compliance requirements of the policy that you have is of utmost importance. Cyber Insurance compliance requirements are tied to how your company handles data. Your exposure is not only from the potential hacking of your electronic systems. Potential breaches may arise from lost, discarded, or stolen laptops, PDAs, smartphones, and even thumb drives or other portable memory devices. Other breaches can happen through failing to follow company procedures and even intentional acts from disgruntled workers. Cyber Insurance companies want to know that you have basic security measures in place to protect your data.
TekMyBiz is a Cybersecurity Monitoring Company.
The Cybersecurity experts at TekMyBiz will setup compliance monitoring protocols that will not only check your insurance policies key compliance benchmarks but also monitor them on a regular basis. TekMyBiz security monitoring software alerts you of security risks. TekMyBiz can also put in place many preventative IT measures that will help protect your company from falling victim to ransomware or other types of hacking threats. Working with TekMyBiz as a cybersecurity partner is a way to affordably minimize Cyber threats and the financial risks to your company. Any technology solutions that are implemented by TekMyBiz along with employee awareness training which TekMyBiz also provides will not completely eliminate all cyber threats. As with any Cybersecurity measures, the goal is to minimize the risk down to a level that is appropriate for your type of small business.