Get Started Today!  (415) 295-4898

croom new

415 IT Blog

Cybersecurity Insurance Gaining Steam

Cybersecurity Insurance Gaining Steam

Controlling your organization’s data relies on keeping your network and computing infrastructure free from threats. Early detection allows your business to actively confront risks before they develop into major issues. However, threats are becoming more difficult to detect in early stages, and one hidden threat could doom your entire business. 

While you might think that small businesses are not commonly targeted by cybercriminals, you’d be wrong. Small businesses tend to have less security to bypass or navigate through, meaning they are a much easier target. Data breaches can cost your business hundreds of thousands of dollars, or potentially millions, if that data falls into the hands of a vicious cybercriminal. If your business was forced to pay a million dollars at this exact moment to pay for exposure of sensitive information, could you do it? What would your plan be? Hopefully your solution involves leveraging cybersecurity insurance. While having insurance won’t prevent malware, or keep hackers away, it could be the difference between closing your business’ doors, or not. 

Types of Cybersecurity Insurance

Businesses have two options when it comes to cybersecurity insurance:

  • First-party - First-party cybersecurity insurance works to cover the costs associated with being a victim of a data breach. 
  • Third-party - Third-party cybersecurity insurance works to cover the costs associated with being blamed for a data breach. 

For most businesses, first-party insurance is a sufficient policy. 

The Standard Policy

Like most insurance policies, no two are identical. Insurers are able to conform policies to your individual business needs. However, the more coverage you opt to receive, the more you will pay in premiums. Insurers configure your business policy based on your company’s industry, data risk, your security practices, your capital position, and several other variables.

Configuring your business policy should not be based on the cost of the premium. It should be based on the needs of your business. Assessing cybersecurity risk is becoming a common practice, and your business should self-evaluate. 

Why Is Risk Assessment Necessary? 

Cybercrime is becoming a huge concern for small and large businesses alike. Cybersecurity insurance protects your company from the unbelievably high cost of data breaches. Talking to our experts at 415 IT can determine whether your security practices are sufficient, and procure necessary solutions which will in turn lower premium cost. Give us a call at (415) 295-4898 today.

Tip of the Week: Get Better at Managing Your Mobil...
Don’t Be Snagged by This Google Calendar Phishing ...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Saturday, May 30 2020

Captcha Image

By accepting you will be accessing a service provided by a third-party external to

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Tip of the Week Productivity Technology Best Practices Business Computing Data Backup Data IT Support Privacy Network Security Hosted Solutions Cloud Data Recovery IT Services Software Efficiency Managed IT Services Internet Email Malware Outsourced IT Innovation Business Small Business Tech Term Upgrade Cloud Computing Hackers Business Management Computer Collaboration Cybersecurity User Tips Windows 10 Microsoft Business Continuity Google Mobile Devices Hardware Phishing Communication Ransomware Workplace Tips VoIp Managed Service Smartphones Android Backup Managed Service Provider Paperless Office Encryption Server Communications Quick Tips Office 365 Remote Monitoring Data Management Disaster Recovery Managed IT Mobile Device Healthcare Business Technology Vulnerability BDR Holiday Windows 7 Saving Money Browser Wi-Fi Network Internet of Things Artificial Intelligence Passwords Remote Work Applications Miscellaneous Help Desk Laptops Compliance Social Media Facebook Document Management Government Smartphone Save Money Managed IT services Processor Health Two-factor Authentication Redundancy Vendor Management Blockchain Scam Avoiding Downtime Employer-Employee Relationship Users Antivirus Microsoft Office Data Security Bandwidth Virtualization Project Management Automation Tip of the week Information Data Loss Proactive Maintenance Meetings Website Infrastructure IT Management VPN Company Culture Software as a Service Customer Relationship Management IoT Chrome Access Control Virtual Private Network OneDrive Analytics Windows Storage Router Machine Learning BYOD Mobility RMM Gmail Alert Server Management The Internet of Things Cooperation Recycling Co-Managed IT Risk Management Monitoring Gadgets File Management Financial Remote Monitoring and Management Net Neutrality Assessment Payment Cards Networking Operating System Office Search Network Management Tablet Electronic Health Records Dark Web Augmented Reality Regulations Employees Internet Exlporer Consultation Smart Technology Files Management Consulting Downtime Hard Drive Managed Services Employee-Employer Relationship File Sharing Computing Professional Services Training Time Management Managed Services Provider Apps Social Network Word Remote Workers HIPAA Utility Computing Flexibility Unified Threat Management Bring Your Own Device Mobile Security Patch Management Covid-19 Unified Communications Password Recovery Tech Support Printing Operations CIO applications Bluetooth G Suite Human Error Shadow IT Digital Payment Hotspot E-Commerce Theft Managed IT Service Windows Server Mobile Authentication Holidays Employer/Employee Relationships Apple Techology Smart Tech Database Hard Disk Drives Sensors Development Electronic Medical Records Outsource IT Black Friday Technology Laws IT Technicians Cost Management Remote Worker Money Motherboard OneNote Chromebook Permission Outsourcing Mouse Language Notes Connectivity Features Break Fix User Management Emergency Multi-Factor Security Websites Authorization IT Proactive Maintenance Solid State Drive Outlook Disaster Resistance Cyber Monday Staff Voice over Internet Protocol Projects Printer Migration eWaste Politics Optimization Permissions Solid State Drives Cookies Cables Laptop Unified Threat Management Private Cloud Microsoft Excel Value of Managed Services How To Vulnerabilities Test Video Conferencing Computing Infrastructure PowerPoint Display Procurement Teamwork Information Technology SaaS WPA3 Managing Stress Business Telephone Cybercrime Cyber security Shortcut Proactive IT Remote Working Return on Investment Chatbots Instant Messaging Virtual Machines Google Calendar Fraud Options Telephone Nanotechnology Wires Mirgation Bookmarks ROI Lenovo Touchscreen Hacking Mobile Computing Biometric Alerts Wearable Technology Star Wars Cyberattacks Social Virtual Reality Shared resources Going Green Samsung Spam Fleet Tracking Enterprise Content Management Zero-Day Threat IT Assessment Travel Database Management IT Consulting Budget Firewall Settings Personal Information SharePoint Heating/Cooling Identity Theft Enterprise Resource Planning Customer Service Credit Cards 5G Mobile VoIP App Mobile Device Management Bitcoin Mail Merge User Error Cache Favorites Manufacturing Vendor Superfish Trending Geography Wireless Gamification Comparison Licensing Virtual Assistant Read Only Security Cameras Data Warehousing Batteries Statistics Social Networking Asset Tracking Backup and Disaster Recovery Digitize Technology Tips GDPR Data Breach Distributed Denial of Service Transportation Active Directory Downloads Servers Identity MSP Finance Computers Legislation Wireless Internet Big Data Screen Reader Point of Sale Tech Terms Wasting Time Current Events Address WiFi Remote Computing Conferencing Windows Server 2008 Smart Devices Modem High-Speed Internet Mobile Office Specifications Printers Education Marketing CEO Students Twitter Daniel Stevens Regulation

Latest Blog

While all a business’ technology solutions are important, some are bound to take priority over the others, especially when certain ones become an industry-wide focus. A recent survey evaluated the top concerns of small-to-medium-sized businesses for the coming year. The resu...

Latest News

We are proud to announce that 415 IT and our CEO, Daniel Stevens, were recently featured by CIO Applications. We discussed how and why we serve our clients, as well as some sneak peeks for our future. Read our interview by visiting:  https:...