As cyberattacks become increasingly sophisticated and cybercriminals become more advanced in their hacking methods, cyber insurance is now an important part of any digital security strategy. But cybersecurity insurance is not simple to obtain on your own.
For businesses seeking protection against cyber threats, partnering with a managed service provider (MSP) can make the process of acquiring insurance significantly easier. Learn how cyber insurance works and how an MSP can help you acquire the cyber coverage that you need.
What Is Cyber Insurance and How Does It Work?
Cyber insurance provides protection against the financial losses associated with a cyberattack or data breach, including covering costs related to notifying customers, investigating the breach, recovering lost data, and other expenses. In some cases, this type of insurance can even pay for legal fees and settlements if the breach leads to a lawsuit.
However, most cybersecurity insurance providers will deny insurance to businesses who lack the proper security measures.
These insurance providers will generally require that companies have a robust cybersecurity plan in place and actively monitor their networks for suspicious activity. Cybersecurity insurance is considered a last resort for businesses that have already implemented cyber protection measures; it’s a final buffer against cyberattacks that find a way to break past cyber protection protocols.
Why Should Your Business Invest in Cyber Insurance?
Cybersecurity is a serious issue. With 30,000 websites getting hacked daily around the globe, and cybercrime costing the U.S. $6.9 billion in 2021, cybersecurity is no joke. Plus, small businesses simply aren’t prepared to deal with a cyberattack financially.
That’s why around 60% of small businesses will permanently close their doors within the first six months of a data breach. Cyber insurance is the best way to protect your business from cybercrime-related financial losses, as well as cyber extortion and other cyber threats. Don’t wait until it’s too late—prepare your business for the worst.
What Does an MSP Do to Help Businesses Secure Cyber Insurance?
MSPs are experts in IT security and can provide extra resources to assist businesses with cyber insurance. With an MSP’s help, you can get the insurance you need to protect your business from cyber threats, as well as receive access to cybersecurity tools and services that can help further reduce cyber risk.
1. Assess Your Current IT Infrastructure
An MSP can assess your IT infrastructure and cybersecurity measures to help you determine what weaknesses exist in your systems and networks. This evaluation process will include determining which cyber risks are most relevant to your business, as well as identifying any cyber exposures that may exist within your organization.
2. Set Up the Proper Controls and Tools
Once your cyber risks have been identified, an MSP can help you set up the proper cybersecurity controls and tools to reduce risk. This may include setting up firewalls, intrusion detection systems, VPNs (virtual private networks), or encryption software on your digital devices.
An MSP will even offer 24/7 monitoring services to ensure cyber threats are detected and addressed quickly. They’ll also offer other security services like cloud computing, data backup and recovery, and cybersecurity training for your staff.
3. Help Complete Your Insurance Forms
Cybersecurity insurance forms are extremely long, time-consuming, and confusing if you aren’t an IT expert. A managed service provider has the training and expertise to help you complete cyber insurance forms. At AIS, we make sure insurance forms are filled out correctly to help you receive the best premium possible.
4. Act as Your Security Partner
Cybersecurity can be difficult to keep up with and obtaining cyber insurance is no easy feat. An MSP can be your cybersecurity partner and provide ongoing support and guidance. Your MSP will monitor your system for cyber threats, update your cybersecurity tools and protocols as needed, and offer advice to keep cyber threats at bay so an insurance provider doesn’t deny coverage.
Work Towards Getting the Cyber Insurance Coverage Your Business Needs with AIS
A cyberattack can have devastating financial implications, leaving many small businesses unable to recover. But cyber insurance can be the key to help your business get back on its feet after a cyberattack. AIS provides the necessary cyber protection tools and expertise to help you obtain cybersecurity insurance that will protect your business from cyber threats.
With our cybersecurity services, enjoy the peace of mind that comes with qualifying for insurance plans. Contact us today and get started on obtaining cyber insurance coverage for your business.