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Cybersecurity Insurance for SMB

Business’ keen awareness of cyber-threats is not enough. Organisations and enterprises should prepare in case of cyber-attacks.

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Cybersecurity Insurance for SMB

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  1. A N Y T H I N G S E O CYBERSECURITY INSURANCE FOR SMB

  2. Cybersecurity BUSINESS’ KEEN AWARENESS OF CYBER-THREATS IS NOT ENOUGH. ORGANISATIONS AND ENTERPRISES SHOULD PREPARE IN CASE OF CYBER-ATTACKS. ACCORDING TO THE HISCOX CYBER READINESS REPORT 2018, ALMOST 75% OF THE 4100 SURVEYED ORGANISATIONS IN FIVE COUNTRIES (THE UNITED KINGDOM, UNITED STATES, GERMANY, SPAIN AND NETHERLANDS) HAVE SHORTCOMINGS IN CYBER-SECURITY READINESS. CYBER-ATTACKS ARE MORE THAN JUST TECHNICAL ISSUES. IT ALSO HAS FINANCIAL AND MARKETING REPERCUSSIONS. DATA CENTER JOURNAL ENCOURAGES BUSINESS OWNERS TO “ADOPT MORE HOLISTIC APPROACHES TO SECURITY INVOLVING BOTH PREVENTIVE MEASURES AND RESPONSE PLANS”. PREVENTIVE MEASURES LIKE MIGRATING TO HTTPS FROM HTTP ARE DESIGNED TO KEEP CYBER-ATTACKS FROM OCCURRING. RESPONSE PLANS LIKE CYBER-SECURITY INSURANCE ARE DESIGNED TO TRIGGER WHEN A SECURITY INCIDENT TAKES PLACE. MOST PEOPLE ARE ALREADY IMPLEMENTING PREVENTIVE MEASURES, BUT ONLY A FEW HAVE CONSIDERED HAVING A RESPONSE PLAN. YOU CAN PROTECT YOURSELF FROM CYBER-ATTACKS BETTER IF YOU HAVE BOTH SECURITY APPROACHES. SINCE I HAVE WRITTEN AN ARTICLE ON PREVENTIVE MEASURES, THIS ARTICLE WILL FOCUS ON RESPONSE PLANS, SPECIFICALLY CYBER-SECURITY INSURANCE.

  3. Cybersecurity Different Components 1. ERRORS AND OMISSIONS – IT COVERS CLAIMS FROM ERRORS IN THE PERFORMANCE OF YOUR SERVICE. 2. MEDIA LIABILITY – IT COVERS CLAIMS FROM ADVERTISING INJURIES LIKE AN INFRINGEMENT OF INTELLECTUAL PROPERTY, COPYRIGHT, LIBEL AND SLANDER. 3. NETWORK SECURITY –IT COVERS CONSUMER DATA BREACH, DESTRUCTION OF DATA, VIRUS TRANSMISSION, AND CYBER EXTORTION. 4. PRIVACY – IT COVERS PROTECTION FROM CONSUMER INFORMATION UNWANTED ACCESS OR WRONGFUL COLLECTION OF INFORMATION.

  4. What is cyber-security insurance? CYBER-SECURITY INSURANCE (ALSO REFERRED TO AS CYBER-LIABILITY OR DATA- BREACH LIABILITY INSURANCE) IS A RESPONSE PLAN USED TO PROTECT USERS FROM INTERNET-BASED RISKS RELATING TO INFORMATION TECHNOLOGY INFRASTRUCTURE AND ACTIVITIES. Why should business owners invest in cyber-security insurance? BUSINESS OWNERS, BIG OR SMALL, NEED TO INVEST IN CYBER-SECURITY INSURANCE. IT CAN SAVE A COMPANY FROM GOING OUT OF BUSINESS AFTER A CYBER-ATTACK. CYBER-SECURITY INSURANCE IS CRUCIAL IN BUILDING COMPREHENSIVE RISK MANAGEMENT AND RESPONSE STRATEGY.

  5. Conclusion A CYBER-SECURITY INSURANCE POLICY MAY PROVIDE COMPANIES WITH SOME PEACE OF MIND. HOWEVER, INSURANCE ONLY WORKS AFTER AN UNFORTUNATE EVENT OCCURS. IT DOESN’T COVER EVERYTHING. YOUR BRAND’S NAME CAN BE TARNISHED, AND SALES MAY DROP. COMPLIANCE WITH SECURITY PRACTICES, PROTOCOLS, AND REQUIREMENTS MANDATED BY LAWS AND REGULATIONS IS MORE IMPORTANT IN TERMS OF CYBER-SECURITY PROTECTION. A GOOD CYBER- SECURITY PRACTICE IS A GOOD SEO PRACTICE. REMEMBER, PREVENTION IS ALWAYS BETTER THAN CURE.

  6. Thank you! Source: https://anythingseo.wordpress.com/2018/04 /18/cybersecurity-insurance-for-smb/

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