Five things you should know about Cyber-Insurance

September 3, 2021
Insights from Access Tech

With hacks on software giants like SolarWinds and Kaseya, businesses have learned that everyone is at risk of falling victim to cyber criminals. Breaches disrupt business, damage your reputation, and are expensive. For example, 60% of businesses that are down for three days or more are out of business within 24 months or less. Hackers demand cash and businesses file lawsuits to attempt to recover losses.

Here are 5 things you should know about cyber-insurance:

  1. Ransomware payments are going up – The average ransomware payment has increased from $4K to $178K in under three years.
  1. All customers should have it – “You have a higher risk of getting hit with a ransomware attack than a fire,” advised Brian Weiss, CompTIA and security veteran.
  1. Risks are increasing, and so are premiums: Cyber insurance premiums and deductibles have more than doubled over the past five years.
  1. Not a silver bullet: Having insurance does not stop attacks. Over half of businesses that are breached are hacked again within six months by the same bad actors.
  1. Minimum requirements for coverage: Like your homeowners insurance policies, cyber insurance providers have minimum requirements. These help to establish and maintain best practice security measures and policies.

Understanding your risk, and your security gaps, would be the first step. Access Tech can help you with PEN testing and gap analysis. We can also assist in building out security strategies and plans, along with options for cyber coverage. Contact us today for a free consultation.