A WORD ABOUT CYBER INSURANCE
It is common for businesses to have many insurance policies: Business Owners Policy, Workers Compensation, Automotive Policies, Blanket Umbrella Packages just to name a few. These policies are used to reduce the financial risk a business faces while operating, and most businesses would not consider operating without these protections in place.
Today, it is critical that businesses have cyber security policies as well. As an IT Security consultant and facilitator, RCC Business IT has become aware of how these policies work, and how they protect businesses. We are also know what role everyone plays in the event of a cyber-attack breach.
LET'S TALK COST
The cost of breaches is high. In the event of a security breach, you can expect costs due to interruption of operations, actions taken to remediate damages, and the costs of legal intervention involving investigations in the event of lawsuits. Also, a company’s reputation is likely to suffer because of an attack; and the appropriate measures include containing companies and individuals whose data may have been captured.
THE ROLE OF INSURANCE
Insurance carriers are now requesting systems and methods that will reduce the risk of exposure and help in the recovery of such a breach. In our work of facilitating protections for our customers, we have become experts with these controls. There is no simple fix, so the best approach today requires a true partnership between the customer and their IT security vendor. There is a difference between Managed Support and Managed Security. They have very unique requirements to service and protect your business operations.
PUTTING PROTECTIONS IN PLACE
Lawsuits are inevitable in this environment. However, much can be done to limit that risk for you, your employees, customers, and vendors. We welcome an opportunity to discuss this with you and provide a roadmap to providing cyber protections and a better understanding of cyber insurance.