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
Friday, November 15 2019

Captcha Image

Mobile? Grab this Article!

Qr Code

Tag Cloud

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

Latest Blog

In managing business technology, we are always talking about downtime--how expensive downtime is, how downtime hurts productivity, how there are a multitude of separate situations that can cause downtime. That kind of doom and gloom may not get you to act, but it may just pu...

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:...