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Does your business understand the importance of both cybersecurity and cyber insurance? The number of threats that businesses face daily is astronomical and no one is immune from these attacks. According to Forbes, 66 percent of small to medium-sized businesses have experienced an attack within the past 12 months. A steady rise in cybercrime has become apparent and can highlight the flaws and gaps you might have in your network and devices. So, how is your business looking to combat cybercriminals and introduce threat mitigation to keep your business protected?

Here is where a strong cybersecurity posture and cyber insurance enters the chat. Is your business familiar with both concepts? If not, never fear! In this blog, we are going to discuss both concepts in-depth and help you determine how your business can wade through the ever-growing threat of cyberattacks and come out on top.

Cybersecurity

Cybersecurity is a discipline that focuses on the preservation of information and the ability to defend devices from nefarious cybercriminals and attacks. It’s the ability to protect systems, networks and programs against malicious attacks that can cause serious damage to a company’s finances and reputation. Hackers are constantly looking for new ways to get access, change or even corrupt sensitive information, leaving your business vulnerable.

So, the question we must ask you is how you are upping your threat mitigation to keep your business protected?

Let’s discuss cyber insurance coverage and how it can benefit your business.

Cyber Insurance

In the digital age, you need all the protection you can get from cyberattacks. Cyber insurance is a form of insurance used to provide additional coverage to your business against cyberattacks, such as ransomware attacks and data breaches. If you are faced with a cyberattack, most insurance policies will cover first-party and third-party financial and reputational costs. First-party costs can include recovering lost data or income, while third-party can cover costs that come from claims or legal matters.

Having a strong cybersecurity posture is a must and your first step in protection. But if your business faces an attack, it’s good to know that there are additional steps that your business can take to add an extra layer of protection.

Partner With a Reliable MSP to Show You the Way

So how does cybersecurity and cyber insurance coverage go hand in hand to get your business the protection it deserves? It’s critical that organizations have the correct protection and a backup plan in place to safeguard their business against a disaster. Now more than ever, businesses need to take the proper steps needed to improve their security posture—because without it, cybersecurity insurance coverage is out of reach for your business.

If you are unsure where your cybersecurity stands, you can partner with us, Universal Data. We’ll help you better understand what steps your business should take to up your cybersecurity posture and get your business cyber-ready for cyber insurance. Don’t hesitate to get a head start. Contact us today.