Does Your Business Need Cyber Security Insurance?

Cyber Insurance

Cyber security insurance is fast becoming a necessity when it comes to effective cyber protection. A good policy can essentially keep your doors open when disaster strikes, offering everything from ransomware payout demands to legal fees.  

Does your business need Cyber Security Insurance?  No doubt this is a question being asked by many business organisations.

Cyber security insurance, also known as cyber liability insurance, is designed to protect businesses against financial losses caused by cyber incidents, such as data breaches, ransomware attacks, and other cyber threats.

43% of cyber attacks target small businesses.

Why Businesses Need Cyber Security Insurance?

In general, if your organisation conducts business online, uses technology, or stores and/or sends electronic data, then you need cyber security insurance. Following are 5 reasons why it’s important for businesses:

  1. Rising Cyber Threat Landscape: Cyber-attacks are becoming more frequent and sophisticated, with hackers targeting businesses of all sizes. Small and medium-sized enterprises (SMEs) are particularly vulnerable due to often having weaker cyber security measures.
  2. Financial Protection: Cyber incidents can result in substantial financial losses.  Cyber security insurance helps to cover these costs, reducing the financial burden on businesses and most importantly allowing you to continue operations following an attack.
  3. Regulatory Compliance: Assist businesses manage the costs associated with regulatory compliance, including fines and penalties for non-compliance.
  4. Access to Expert Resources: Access to a network of cyber security professionals, forensic investigators, and legal advisors to assist with recovery following a cyber attack.
  5. Reputation Management: Coverage for public relations efforts to manage and mitigate reputation damage, preserving customer trust and brand image after a cyber-attack.

By investing in cyber security insurance
you can safeguard business operations, protect assests and ensure long term resilience in the face of evolving cyber risks.

Meet Insurance Requirements For Your Business.

Getting a policy, and renewing it, can be difficult, even for large organisations. Rising claims and costly payouts are forcing insurers to balance out risk by stepping up qualifications.

Most insurers expect:

  • Firewall and anti-virus software
  • Endpoint detection and response (EDR)
  • Backup and disaster recovery solutions
  • Advanced email filtering
  • Multi-factor authentication
  • Privileged access management (PAM)
  • Cyber security awareness training    

If your business technology environment lacks a strong security posture, Techstream Solutions can help. Our team of IT professionals are cyber security specialists dedicated to working with you to enhance and fortify your security measures. By investing in cyber security, businesses can enhance their resilience, safeguard their assets, and ensure they are well-equipped to navigate the complexities of the modern threat environment.

At Techstream Solutions, we understand technology and insurance can be overwhelming.

As your trusted managed services provider we specialise in cyber security technology and can work with your business to meet policy requirements.

Contact us today! 

 

Managed IT Services | Cyber Security  | IT Services

At Techstream Solutions, we are committed to providing trusted managed IT services to businesses throughout Sydney and beyond.  We will deliver reliable IT support and implement innovative IT strategies and solutions to protect your business and set it up for success.  Best of all, making the switch to Techstream Solutions will be a stress-free experience.  We will understand your IT requirements and provide expert advice and solutions to complement your individual business requirements.

Overall, we can attend to all your business computer IT support requirements including managed IT servicescloud servicesbackup and recovery,  and cyber security services. Our IT consultants can manage every aspect of your ITC infrastructure projects and upgrades.

If you lack confidence with your current provider delivering the right results, why not call us for a chat today or arrange a FREE consultation with one of our IT professionals.

Get in touch to discuss your computer and IT support needs