Understanding Your Cyber Insurance Needs
January 25, 2021
In a recent guest post on Securicy.com, our founder and CEO, Jack Vines, shared seven critical steps to understanding your cyber insurance needs. Cyber liability insurance is quickly becoming a critical requirement for businesses small and large, and understanding the nuances of what coverage you need (and what you should expect from your cyber insurance provider) is the first step.
Here are a few highlights from the post:
94% of all malware is delivered via email and nearly 40% of all breaches can be traced back to human errors. With so much opportunity for crime actors to infiltrate your system, every business needs to first assess their overall risk. If you’re looking for a quick view of potential risk areas, check out our risk calculator here.
The average cost of a cyber attack sits at $1.1 million in the United States, a devastating cost for many businesses (but especially a small business—60% will go out of business after a cyber attack). Your general liability insurance doesn’t typically cover traditional cyber attacks, leaving your business more vulnerable to potential threats.
As you select your cyber insurance provider, it’s important to keep in mind that they should deliver more than coverage in case of a cyber event. The partnership should be two-fold: cover specific cyber events and help you prevent all possible attacks. Top cyber insurance providers today deliver regular reports to the businesses they cover—detailing possible vulnerabilities, outlining key actions to take to make the business safer, and regularly checking in to increase cyber education for the entire organization.
To read more of the article and check out all of our tips for understanding your cyber insurance needs, check out the post on Securicy.com.