When looking for cyber insurance for your small business, you may find it hard to navigate technology and insurance jargon. There are even different types of cyber coverage and you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you do have coverage, there’s always the risk of not receiving a payout in the event of an incident if you didn’t meet your policy’s requirements.
Partnering with an IT service provider can make your journey to qualify for cyber insurance easier in so many ways. Keep reading to find out how.
An IT service provider can help you
Although an expert IT service provider can bring a lot to the table on matters regarding security, backup and compliance to help you stay protected, in terms of cyber insurance, you can get assistance with the following:
Auditing and complying with insurance policies
While meeting your cyber insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with a specialized IT service provider.
The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data and more. An IT service provider can help handle all of these and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements.
An IT service provider can also help make documenting your security measures easier.
Picking the right coverage for your business
Without a basic understanding of cybersecurity, it can be difficult to know which type of cyber insurance is best for your company out of the many available options (theft, liability, and extortion). An IT service provider can evaluate your company and direct you toward the right coverage. The drawback of not having the right insurance coverage is that you'll have to pay the premium and get nothing in return when you really need it.
Improving your cybersecurity posture
Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining cyber insurance coverage challenging, it is not impossible. If you have a strong cybersecurity posture, your chances of getting coverage will be higher.
An IT service provider can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. They can also help you implement security controls and monitor your network for threats. If you do suffer a data breach, an IT service provider can help you with the incident response process.
The decision is yours
If you're hoping to qualify for a cyber insurance policy, a specialized IT service provider, or an information security consultant like Castle Labs can help. We can use our expertise and experience to help you choose the right policy for your business and meet your policy’s requirements. Feel free to reach out for a no-obligation consultation where you can decide if we're the right partner for you.
To help you learn more about cyber insurance, we created a comprehensive checklist titled "Cyber Insurance 101 for Small Businesses;" ask us for a copy.
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