Cybersecurity insurance policies are a fast-growing trend in the insurance market.
Experts predict $5 billion in premiums will be collected by 2020. Why? Organizations buy cybersecurity insurance so in the likely event they’re affected by a data breach or ransomware attack, they can file a claim and get help to recover costs and remediate the damage.
The proliferation of ransomware has caused insurance companies to take notice.
Customers have started to file damage claims but it’s too early to see the insurance industry’s ability respond quickly to a widespread malware outbreak. For insurers, the main threat with ransomware is aggregated risk. When there is a major systemic event that can lead to thousands or tens of thousands of simultaneous claims, it can create solvency issues that can threaten the future of their business.
Be aware of when you buy a cybersecurity policy and review the fine print.
• Is a known vulnerability that you have not fixed or patched a “pre-existing condition?”
• Should an unpatched system be covered under a clause for errors and omissions?
• When an employee falls for a phishing attack and infects the network, is that covered?
If your organization is considering buying cybersecurity insurance, get quotes from several sources and scrutinize what is covered. Policies can be ambiguous and offer contradictory interpretations. Have legal counsel review your policy carefully for any verbiage that may increase your risk.
Hardly any polices cover employee error.
A victim of a phishing attack attack can bring down your business. Even your best workers can be a serious weakness to your company if they aren’t knowledgeable.We can help your employees become your greatest security asset by educating them and implementing company-wide processes with Dynamic Quest’s Security Awareness Services. Combining security awareness training and frequent simulated phishing attacks is an extremely effective way to reduce your company’s vulnerability up to 90{61194e7afa0946242429d3457858805d5d8e9f1e3c2fa6ff4cb841084e122ca3}.
Contact us today about scheduling a free initial phishing security test today.
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
“We believe our success is due to the strength of our team, the breadth of our services, our flexibility in responding to clients, and our focus on strategic support.”