Qualifying for cyber insurance is becoming more confusing and inaccessible in the digital age. Insurance companies will provide you with lengthy lists of requirements for your business to qualify, and oftentimes the process of understanding what’s needed for cyber insurance may become overwhelming, especially for those with minimal cybersecurity in place.
By now, you understand that every business is susceptible to data leaks, hackers, extortion, and other serious cybercrimes. An attack can damage your company’s reputation, cost you loyal clientele, and cause you to lose a substantial amount of money before the ordeal is over. Consequently, a cyber insurance plan is the best way to protect your business on all fronts. But do you qualify for it?
Fortunately, at Computek, we specialize in helping businesses meet these IT requirements, enabling them to qualify for cyber insurance. You can’t do all of this by yourself without a team of IT professionals. Without a strong support team behind you may risk leaving your business open to cybercrimes and unable to file a claim to recoup your money (and reputation) after an attack.
Take a look at some of our crucial checklist items. If you cannot answer yes to all of these questions and more, your business likely won’t be eligible for cyber insurance.
- Does your company have a written cybersecurity policy and protocol to follow in case of a cyber-attack?
- Do your employees undergo cybersecurity awareness training?
- Does your company have a business-class firewall with DPI?
- Does your company have phishing protection on all employee email accounts?
- Do you regularly back up company data to the cloud?
- Is your cloud backup encrypted?
- Is someone actively monitoring your company’s network for unusual activity?
- Do you have antivirus software or endpoint protection and response (EDR) across every system in your network?
Different cyber insurance carriers have varied versions of these requirements, some have more, and some have less. These are some of the most common requirements for a company to qualify for cyber insurance coverage.
Every Day, Another Cyber Attack
Every day brings news of another major data leak or breach of a company’s sensitive information. Business owners have been blackmailed, targeted, and tricked. IBM has reported that the average cost of a cyber-attack or data breach increased by 15% over the last few years, rising to over $4 million in 2023. According to Cybersecurity Ventures, Cybercrime is predicted to cost the world 9.5 trillion in 2024.
There’s only so much you alone can do yourself to protect your business. You need experts to ensure that not only is your cybersecurity system solid, but you have legitimate coverage to keep things running after an attack.
With Computek’s cyber insurance checklist, you’ll be able to determine whether you qualify for a policy or if your cybersecurity system is lacking. If you cannot check all of the boxes on our checklist, Computek offers comprehensive solutions to fill the gaps you may have in your security.
What Happens If I Don’t Have Cyber Insurance?
By now, you’re likely aware of how important cyber insurance coverage is for a business, big or small. Even if you have a comprehensive cybersecurity system in place and you’re confident in your team’s ability to bounce back, you’ll likely lose a lot of money and business in the event of a breach.
Cyber insurance can typically cover you in the event of:
- Data loss
- Revenue loss & interrupted business
- Compromised emails and sensitive data
- Extortion & blackmail for a ransom
- And many more serious situations.
But before you can sleep soundly knowing you have coverage for cyber-attacks, you’ll need to research and fulfill certain IT requirements for your company. Computek is here to determine what you need and help you implement it.
Some typical IT requirements by insurance carriers include:
- An incident response plan
- Multi-Factor Authentication (MFA)
- Backups and encryption
- Risk assessment profile
- Employee training & awareness programs
And more, depending on the provider.
If you’re missing any of these protective measures, you’re putting your business, livelihood, and employees at risk every day. The solution? Invest in a team of experts who can develop a comprehensive security system for your business and ensure you meet the requirements put in place by your preferred insurance carrier.
Computek is a leading provider of Managed IT Services, Cybersecurity, and Computer Support in the greater Austin area serving businesses throughout Austin, Georgetown, Cedar Park, Leander, Round Rock, Liberty Hill, and Pflugerville. We are dedicated to helping businesses get the technology they need to achieve their goals.
If you need assistance putting cybersecurity measures in place to qualify for a cyber insurance policy, contact the team at Computek today. Don’t wait until it’s too late and you’ve lost thousands or millions of dollars, as well as your company’s hard-earned reputation. Start building a dependable cybersecurity system with Computek and get coverage before it’s too late.