Importance of Having Cybersecurity Insurance

Importance of Having Cybersecurity Insurance

Here is the importance of having cybersecurity insurance for your company. Security breaches impact significant revenue loss for companies. Statistics displayed 29% of companies that face a data breach end up losing revenue. Although there are steps businesses can take to mitigate the risks such as cybersecurity awareness training, security assessments, investing in a quality firewall, etc., there are still chances that companies can get breached.

Cyber insurance is crucial coverage to have as part of your business insurance policy. If cyber insurance is in place, you will get peace of mind knowing that some of your financial losses can be recuperated. cyber insurance coverage is designed to help cover the costs associated with a breach.

Following are some steps to take to help lessen the impact of a security breach:

Protect Data Loss

Companies store their data in multiple locations. Ultimately, keeping data safe is the company’s responsibility. Some store their data on their property, some use an offsite data center, and some use a cloud platform. No matter where the data is stored, hackers have a way to get in and steal it.

In order to safeguard your company’s data, you need to know where all of your sensitive information is stored. Implement procedures and policies regarding the storage of the data and write procedures to ensure you don’t keep unnecessary data.

Minimize sensitive information on mobile devices

Today’s workforce depends more on mobile devices. Company laptops and mobile phones are often taken home. There are chances that these devices may be stolen or compromised, potentially exposing confidential data. Although theft or loss is sometimes unpreventable, you can take steps to limit the amount of information on your mobile devices. One way is to create policies such as implementing effective passwords or set-up 2-factor authentication (2FA) on these devices. Do not store any sensitive data on laptops.

Contact Us on how we can help your company mitigate cybersecurity risks.