Navigating Cyber Insurance with an IT Service Provider
When looking for cyber insurance for your organisation, 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 which one to pick. 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 specialised IT service provider.
The majority of insurance policies require you to take specific actions to reduce your risk of a cyber attack. 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/ransomware). 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 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.
If you're hoping to qualify for a cyber insurance policy, a specialised IT service provider like us can help. We can use our expertise and experience of 30 years to help you choose the right policy for your business and meet your policy requirements. Feel free to reach out for a no-obligation consultation.
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This is Part of our Cyber Security awareness educational campaign. Through this training, you will learn awareness and key principles, and best practices to protect yourself, your organisation, and the public from cyber attackers. You will also be equipped with the knowledge to identify potential threats and take action before any damage can occur.