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Cybersecurity Insurance Gaining Steam

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Cybersecurity Insurance Gaining Steam

To keep your data safe, you have to keep your network and computing infrastructure safe. The sooner threats are detected, the better you can contain them, and one hidden threat could doom your entire business.

If you think that small businesses don’t get hit by cybercrime, you’re wrong. Small businesses with less security are a much easier target. Data breaches can cost your business megabucks. If your business were fined a million dollars today for exposure of sensitive information, what would your plan be?

Cybersecurity Insurance

While having insurance won’t keep hackers away, it could be what keeps your doors open.

Types of Cybersecurity Insurance:
  • First-party – First-party cybersecurity insurance covers the victim of a data breach.
  • Third-party – Third-party cybersecurity insurance covers the party being blamed for a data breach.
  • For many businesses, first-party insurance is enough.

The Standard Policy

No two insurance policies are identical. Insurers configure your business policy based on your company’s industry, data risk, your security practices, your capital position, and several other variables. The more coverage you need, the more you will pay in premiums.

Configuring your business policy should be based on the needs of your business, not what the premiums cost. However, it may be time to assess your cybersecurity risk. Quikteks has people who can do that.

Why Is Risk Assessment Necessary?

Cybercrime is a growing concern for businesses of all sizes. Risk assessment tells you how much cybersecurity insurance you need to protect your company. It also lets you know where your risk is. If you can lower your risk, you can lower your premiums.

Quikteks can help you evaluate your security practices, and help you find security solutions to lower your risk assessment. Call us at (973) 882-4644 today. We can help.

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Quikteks is the leading Managed Service Provider (MSP) based in Fairfield, NJ serving small and medium sized businesses in the NJ/NY area. From technical help desk support to network security, Quikteks prevents IT issues, "techaches" and costly downtime, so businesses can accelerate their success.

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