Why is Cyber Insurance Important?

by Wayne Roye

by Wayne Roye

Outsourced IT Solutions Expert, Computer Engineer | Book an appointment | Contact

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The importance of cyber insurance can be established by the critical benefits it provides for a company.

  • Increase confidence in customers & partners
  • Protect finances in the event of an incident
  • Immediate access to experts
  • Set up advanced cyber defenses which becoming more complex to secure
  • Improve your position for cyber insurers

Small businesses are underprepared

Many companies are still working from the “good enough” and “not me” mentality when it comes to security for their business. And that’s why cyber security is also very important.

58% believe they are unlikely targets

Statistics show that 58% believe that they are unlikely to be targeted by cybercriminals. But let me ask you, “If you are going to rob a bank, will you target Fort Knox or a small local bank that has no security guard protecting it?” Hackers know that, and they attack small businesses because they know it is easier to attack small corporations. 

The issue is: large corporations make the news, but small companies do it. They are the ones being targeted. As a small business, you’re more likely to be targeted than a very large organization.

43% do not have a cybersecurity defense plan and 50% do not provide employee cybersecurity training

IT support is not a cybersecurity plan, although a cybersecurity plan may incorporate IT support. In case you already have IT support, it does not automatically mean you have a plan in place.

Second, cyber security training is not a mere agenda during the annual company meetings. You should be consistently securing, practicing, and reinforcing it all through the year through different methods in your organization.

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