In this technology-dominated world, cyber threats are more dangerous than ever before. Businesses of all sizes are at risk, as 43% of cyberattacks are on small businesses. Cyber insurance is an important component of your business protection plan. However, cyber insurance alone isn’t enough to protect your business. We recommend all clients have cyber insurance, complete a risk assessment, educate employees, and implement security measures, such as MFA, identity protection, and backup/data recovery. EZ Micro Solutions helps you bridge the gap.
What is Cyber Insurance?
Cyber insurance is an insurance policy designed to help businesses recover from the many damages caused by cyberattacks. It typically covers a wide range of incidents such as data breaches and ransomware attacks. Cyber insurance coverage helps a business recoup financial losses associated with:
- Data recovery and replacement
- Customer notification
- Lost income
- Crisis management
- Legal expenses
- Damaged computer systems
While cyber insurance helps mitigate the fallout from these attacks, it is important to know that cyber insurance does not prevent them. Cyber insurance is important for all types and sizes of businesses. A data breach costs an average of $4.45 million, posing a massive risk. However, without robust cybersecurity measures in place, insurance providers may deny claims or offer limited coverage.
The Role of An MSP in Supporting Cyber Insurance
- Risk assessment and compliance to help your infrastructure meet regulatory requirements.
- Incident response planning to meet a major requirement for cyber insurance. EZ Micro Solutions works with businesses to develop, implement, and regularly update these plans.
- Ongoing monitoring and threat detection by assessing potential vulnerabilities and acting before there is a disaster.
- Managed backup and disaster recovery to ensure critical data is protected and recoverable in the event of an attack.
- Security awareness training that empowers employees to avoid, recognize, and respond to possible threats.
Why You Should Partner with EZ Micro for Security
- EZ Micro specializes in security and compliance.
- We have extensive experience and strong partnerships to ensure you have the protection you need.
- Insurance providers often offer lower premiums to businesses with strong security measures in place.
- EZ Micro’s management plans reduce the risk of a successful attack.
- We partner with you to translate the complicated language of cyber-security and insurance regulations, so you have confidence you are following compliance regulations.
- Peace of mind for all team members.
Cyber insurance is a critical safety net, covering recovery costs after an attack. But remember, it’s designed for recovery, not prevention. True protection requires proactive security measures to reduce risk, and many insurers now mandate these defenses for coverage. Don’t wait until it’s too late, make sure your business isn’t just prepared to recover but also ready to prevent cyber threats from happening in the first place.