Cyber Insurance – Do you need it? How do you get it? How much does it cost?
Hi, I’m Gordon Coyle and in this video and post, I want to briefly give you some info on Cyber Insurance.
A lot of people are talking about it, more people are thinking about it and even more, are probably worrying about it.
So what is cyber insurance and how does it respond to the common threats out there?
Good cyber insurance policies are designed to provide you and your company from a broad range of threats you face daily.
Even the most hardened networks are at risk and when a cyber event occurs it is expensive to deal with. Really expensive.
Way outside of being able to pay out of pocket for these types of claims.
That’s why you need this form of insurance.
I think every business needs cyber insurance due to the enormous threat level and the high costs to mitigate events.
If you value your data, and data probably run your business – you need cyber insurance.
How do you get it?
You speak to an expert, like me, who knows the ins and outs of cyber insurance underwriting.
I’ll ask you several questions about your company and your security posture to find you the right protection.
This leads me to this common question:
How much security do you need to get cyber insurance?
The answer is that you will need good security and at minimum the following 5 protections:
- a good data backup strategy
- encryption enabled on mobile data
- a firewall that’s updated and secure
- MFA or multi-factor authentication enabled on email and other critical access points AND
- good controls over wire-transfer protocols
Don’t have these systems in place – I can introduce you to the right experts who can help.
How much does Cyber Insurance cost?
Good question. Cyber insurance is rated on a variety of risk attributes and factors. The big drivers in the equation are:
- Number of Employees
- Annual Revenues
- The industry you’re in
- The volume of private records you store and credit card transactions you have each year
- and finally how secure your network is.
Want to learn more and get an idea of pricing – give me a call or drop me an email.