The cyber insurance industry is growing quickly, as more and more businesses take out specialist policies. Should you be joining them?
Most of the data breaches you see in the media involve large-scale, multinational brands like Apple, eBay and Sony. People often forget, however, that small businesses are just as vulnerable to harmful attacks. In fact, around a third of all cyber-crime incidents are carried out against organisations with fewer than 300 employees. More than this, the consequences are often even more devastating; it can be hard to fully recover when you’re tied to a restrictive budget.
Firstly, it pays to do everything you can to stop people accessing your precious data unlawfully. Security policies must be tight, BYOD strategies transparent and workforces vigilant. That said, more than a handful of experts have claimed recently that businesses should see breaches as inevitable. It’s hard to argue with their claims, so the focus should instead switch to damage limitation.
Should you fall victim to an unpreventable natural disaster, like a flood or earthquake, you’ll want to be in the best possible position to recover afterwards. You’ll probably have insurance in place for this very reason. Now is the time to start seeing a large-scale hack in the same light as the aforementioned disasters.
More and more firms are turning to specialist cyber insurance providers for help, and the industry is growing quickly as a result. There are various benefits of taking out such policies. Firstly, business interruption costs can be reimbursed should your cash-flow be affected by an attack; the same goes for hiring additional help during the recovery process. Then you have the legal fees to consider – there will be certain client responsibilities to think about, for instance.
Even before all of this, your cyber-insurance provider will likely help minimise risk in the first place; it is in its interest to prevent claims, after all.
With all of this in mind, there really aren’t too many arguments against taking out cyber insurance. It will be an addition to your list of outgoings, but the peace of mind that comes with knowing you’re protected should the worst happen is priceless.
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