by Ben Brown | 11/16/2022
Cyber Insurance Alone Isn’t the Answer to Keeping Your Business Protected!
No company is immune to cyber-attacks, and the consequences can be disastrous for a company big and small. Cyber insurance policies are important to have in place, but you shouldn’t rely just on your cyber security insurance policy to keep your business safe.
Having insurance https://www.ncsc.gov.uk/guidance/cyber-insurance-guidance is just one part of an overall cyber security strategy. You also need robust cyber security measures in place to protect your business from an attack. If you don't have these solutions in place, your insurance policy will most likely be invalid.
Cyber Insurance Q & A.
Q - Is cyber insurance a solution in itself? A - No
- It won’t pay out in time to help with making ransomware payments https://ronin-pentest.com/Blog/ransomware-explained. Some banks are also now not paying out if they can prove the attack was a nation-state attack.
- It won’t cover intangible costs like loss or reputation damage or staff morale.
- It won’t help with short-term cash flow issues while you sort out forensic investigations, rebuild a network or reverse engineer a disaster recovery plan.
Q - Is there anything I can do to make it more likely that cyber insurance will pay out if the worst does happen?
- Yes - there are a few steps you can take, such as:
- Make sure you have bought the right policy for your needs. There are lots of different ones out there.
- Ensuring you have been proactive in managing your data and network. An annual pentest is recommended as a minimum requirement, however, you will likely be making changes to your network and website much more frequently. A cost-effective method of making sure you catch low-hanging fruit is to vulnerability scan regularly, especially when you make network or website changes. You don’t want to leave a vulnerability there for 364 days between pentests. Also, you don’t want to have to explain why it was there to your insurer.
- Making sure you remediate issues when they are found and document the process.
- Ensuring you have a full suite of policies and actually implement them and then regularly review and refine them. By doing this you will improve the health of your business. It’s hard to begin with, but like going to the gym you’ll see benefits over time.
Q - What does cyber security insurance cover? A - This is the million-pound question and unfortunately, there is no one size fits all answer. Every policy differs, and some will cover more than others.
Before purchasing cyber insurance it's important that you know what is covered in the policy and what is not.
Cyber insurance policies can cover a variety of different things, including:
- Loss of data or information - This can include things like customer data, trade secrets or important company information.
- Cybercrime - This can cover things like cyber fraud, Denial of Service attacks and even ransomware.
- System damage - If your systems are damaged as a result of a cyberattack, your insurance policy can help to cover the cost of repairs.
Employing a Cyber Security Company.
Cyber security insurance alone isn’t the answer. Employing the services of a cyber security company has many benefits, such as:
- They have the experience and expertise to identify potential cyber security threats and vulnerabilities within your systems.
- They can provide you with comprehensive cyber security solutions that are tailored to your specific needs.
- They can help you implement cyber security best practices within your organisation.
- They can provide you with cyber security training for your staff.
- They can monitor your systems 24/7 and respond immediately to any cyber security threats or incidents.
Staying on top of your cyber security is critical. We understand that you're busy and that you may not have the time or resources to keep up with your cyber security. That's why we offer tailored managed cyber security plans https://ronin-pentest.com/services .
Yes, cyber insurance is important, and all businesses should have it, but more importantly, you need to set up robust cyber security solutions for your business to act in preventing attacks. Contact us https://ronin-pentest.com/contact for information about cyber security services and small business managed plans that we can offer to start your business on its road to protection.