The information surrounding cyber crime and cyber insurance can be overwhelming. However, as the world’s fastest growing crime, nobody is immune to the menace and destruction that cyber crimes can cause.
What’s worse, the anonymity of perpetrators means that anyone from the kid next door to your dedicated employee could pose a threat to your cyber security.
The news surrounding cyber crimes often focuses on hackers targeting big businesses, but small companies are also at risk of facing destructive security breaches. While big businesses tend to have the financial resources to combat and prevent cyber threats, smaller businesses typically have little to no budget for such a thing.
As such, smaller businesses are risking even more than the big companies when they fail to protect themselves. The financial burden and recovery time that these attacks can cause could potentially destroy a small business. This means that insuring yourself against these attacks has become more and more critical.
But how do you know if you are well protected?
Most insurance companies that offer cyber insurance require businesses to meet some minimal standards in order to qualify for coverage. Insurance companies may ask some of the following questions to determine if the minimal standards have been met:
- Do you use Multi-Factor Authentication (MFA) and how is it deployed?
- Do you have a Written Information Security Policy and how is it enforced?
- Do you employ encryption on your portable devices?
- Do you have a documented disaster recovery or business continuity plan in place?
- What email security measures do you have in place?
Welsh Consulting has the knowledge and hands-on experience to help guide you and prepare your company to meet these standards. Working with Welsh will allow you to comfortably work with your insurance company to ensure you have the coverage you need and that you are well-protected against the growing threat of cyber crime.
Be prepared for cyber crime and check out how we can help you become protected.