Although both hardware and software continue to evolve to help combat cyber-attacks, relying on what the manufacturer or developer includes is rarely enough to truly protect your business. Every day thousands of businesses fall victim to cyber-attacks, especially as cybercriminals use AI to do their hacking. Having a robust IT strategy along with cyber insurance is a must for every business today. It shouldn’t be one or the other, you truly need both.
Qualifying for Cyber Insurance Takes Work
Just like car insurance, there are requirements to not only qualifying for it, but getting the best rates possible. In order to get cyber insurance at the best rate, the insurance company will want to know what steps you’ve taken to protect your business and how you’re planning on keeping up with the ever-changing threats – also referred to as your IT strategy. Your IT department or managed service provider (MSP) will need to prove to the cyber insurance company that you’ve taken the right steps to deter cybercrime. These steps include:
- Assessing your current securities and data protection strategies
- Ensuring that best practices are implemented
- Documenting your security procedures and policies
- Having a disaster response plan for multiple scenarios
- Testing of disaster response plan
- Implementing ongoing monitoring
As you can see, there is a lot of work for a small business owner to accomplish on their own. If your business isn’t large enough for an IT department or team, you should consider partnering with an MSP to assist with your IT strategy.
Cost Vs. Return
As an MSP we often hear that budgets are tight and that implementing an IT strategy is too costly. However, because we do it, and do it often, we have to tools and technology to handle your business’s cyber security at lower cost than you can do it alone. Plus, with our help, your cyber insurance premiums may be lowered. And, we do remind businesses that the cost of just one attack can bankrupt a business without cyber insurance making the cost of implementing best practices in order to qualify for cyber insurance priceless.
Need Help with Your Cybersecurity so You Qualify for Cyber Insurance? Call Toucan Technology Group Today
We will work to strengthen your IT strategy by properly configuring the equipment and services you already have and supplementing them when necessary. Toucan Technology Group can provide regular testing services for both your piece of mind and certification required by many cyber insurance companies. Reach out to us for your free in-house assessment at (317) 376-4874 or fill out our contact form today.
