Why you should get cyber insurance for your business.
As a business owner, you must do everything possible to protect your company from potential threats and risks. Cyber attacks are on the rise. In recent years, we've seen an increase in the number and severity of cyber attacks. This trend will continue as hackers become more sophisticated.
Generally, a successful attack will happen because one of your team members gets tricked. It could be as simple as one of your clients getting hacked and the hackers sending an email asking your accounts team to make a money transfer to an altered bank account. It is essential to know that not all data breaches are cyber attacks. Many are mistakes. A team member could accidentally email confidential information to the wrong person or share a file incorrectly. If this contained personally identifiable information (PII), it could be a breach that needs reporting to the Information Commissioner's Office.
At Kimbley IT, we deploy multiple security and access controls for our clients to protect their data. But ensure our clients know that these do not eliminate the possibility of a successful attack on their business data. Still, they do reduce the damage on a day that a hack does occur. While cyber insurance is there to help you recover from any breach.
What is cyber insurance exactly?
It's a type of insurance that covers your business for losses resulting from cyber attacks, data breaches, and other cyber-related incidents. Here are some reasons to consider cyber insurance for your business:
To protect against financial losses: A cyber attack or data breach can have serious economic consequences for a business. Cyber insurance can help cover the cost of recovering from the incident and any legal fees that may arise.
To protect against reputational damage: In addition to financial losses, a cyber attack can damage a business's reputation. Cyber insurance can provide coverage for public relations efforts to help rebuild your company's reputation in the event of a cyber attack.
To meet regulatory requirements: In some industries, such as healthcare and finance, businesses must have cybersecurity insurance.
To protect against the growing threat of cyber attacks: Cyber attacks are becoming more common and sophisticated. Cyber insurance can help you recover your business.
In short, cyber insurance is a wise investment for any business. It can give you peace of mind knowing that you have a safety net in place in case of a cyber-attack or data breach.
So don't wait – get your business covered today!
At Kimbley IT, we recommend all our clients take up cyber insurance simply for peace of mind over anything else. Book a video call below if your company wants better controls for your data and up its cyber protections.