As a business owner, you know that cybersecurity is a critical part of keeping your company safe from harm. However, even the most security-savvy companies can fall victim to a cyberattack. That’s why it’s important to have cybersecurity insurance coverage – to help protect your business in the event of a data breach or other incident.
In this article, we’ll discuss why purchasing cybersecurity insurance is so important, and why partnering with an MSP can help boost your cyber resilience.
What is Cybersecurity Insurance Coverage?
Cybersecurity insurance is a type of insurance coverage that helps protect businesses from financial losses due to cybersecurity incidents. These policies can help cover the costs of data breaches, cyber extortion, cybercrime, and other cyber-related problems. As the average cost of a data breach globally is at $4.24 million, it’s essential to take action against cyber threats.
How Does it Work?
Cyber insurance policies vary in coverage and terms, but most policies will provide some financial protection in the event of a network security incident. For businesses that suffer a loss like this, cybersecurity insurance coverage can help cover the costs of recovery, including:
- Data Restoration
- Legal Fees
- Public Relations Expenses
What Does it Cover?
Most cybersecurity insurance policies will cover some or all of the following:
- Data Breaches: This coverage can help cover the costs of data breaches, including notification expenses, credit monitoring, and data restoration.
- Cyber Extortion: Cyber extortion coverage can help protect businesses from financial losses due to cyber crimes like ransomware demands.
- Cybercrime: Coverage against cybercrime can help businesses recover from situations such as hacking, identity theft, or fraud.
- Other Cybersecurity Incidents: You can look into obtaining coverage that can help your business recover from other cybersecurity incidents, such as system failures or business interruptions.
Why Purchase Cyber Insurance?
There are many reasons why companies should purchase cybersecurity insurance coverage. First and foremost, it can help protect your business in the event of a cybersecurity incident. Cyber insurance can also help cover the costs of recovery after an incident, including data restoration, legal fees, and public relations expenses.
Cybersecurity insurance can also help businesses meet compliance requirements, and protect their reputations by demonstrating that they’re taking steps to protect their customers’ data. Customers put their trust in businesses that implement proactive solutions to protecting their private information.
Why Partnering With an MSP like GXA Can Help
In addition to purchasing cybersecurity insurance coverage, partnering with an MSP can also help boost your cyber resilience. MSPs can provide a number of services to protect your business, such as threat monitoring and detection, incident response, and data recovery.
In addition, MSPs can also help businesses meet cybersecurity compliance requirements. By partnering with an MSP like GXA, businesses can have peace of mind knowing that they’re taking steps to protect their company and client data.
If you’re looking for a partner to help boost your cyber resilience, GXA is here to help. We offer a comprehensive suite of managed IT services, including threat monitoring and detection, incident response, and employee awareness training. Contact us today to learn more about how we can help you protect your business from cybersecurity threats.