Comprehensive Cyber Security Insurance Coverage

Cyber security insurance is a must-have for businesses of all sizes. As such, while it’s important to have cyber liability insurance in place, it's also imperative to have a plan of action to prevent and respond to online threats immediately.

Cyber Security Insurance You Need

Cybersecurity is an increasingly large concern for businesses of all sizes and in all industries. In fact, it’s such a big concern that many businesses now carry cyber security insurance to protect them and their clients in the event of a breach. But what if you don’t have the staff or knowledge to properly secure your systems with cyber insurance?

That’s where partnering with a Managed Security Service Provider (MSSP) like TechMD can come in handy. Our experienced team can make sure you have the cyber liability insurance plan you need to stay protected.

Don’t let your business be the next victim of a cyber attack.

Together, cyber insurance and a professional team of security experts can help your business protect its data and save money. To learn more about protecting your business, reach out to a representative from TechMD today.

What is Cyber Security Insurance?

Cyber security insurance is a type of liability insurance that covers losses incurred as a result of a cyber attack. This can include things like data breaches, business interruption, and even reputational damage.

There are two types:

First-party insurance:Covers direct losses incurred by the policyholder.
Third-party insurance: covers losses incurred by others as a result of the policyholder’s actions.

Cyber insurance is crucial for businesses of all sizes, especially since 60% of small businesses go out of business within 6 months of a cyber attack. Not to mention, the average cost of a data breach is at an all-time high at $4.35 million! In addition, it can help cover the costs of forensic investigations, legal fees, and customer notifications.

What Do Cyber Insurance Firms Look For?

When underwriting a policy, cyber insurance firms will look at several factors. These factors include the type of business, the size of the business, the industry, and the location. They’ll also look at the company’s security posture, whether they have a CISO, what type of training their employees have, and what type of security measures are in place.

Insurance firms will also want to know about any past incidents and how they were handled. This includes things like whether the company notified customers, what type of response plan was in place, and how quickly the issue was resolved.

Lastly, insurance firms will also look at the company’s financials to see if they have the ability to pay for a cyberattack. This includes things like their revenue, expenses, and cash flow.

Partnering with TechMD Improves Your Claim

TechMD helps your business in a number of ways when it comes to online security. First and foremost, we assess your risk and create a mitigation plan. Then, our team implements the latest security technologies and best practices, creating a formidable defense. Additionally, we offer ongoing monitoring and maintenance to ensure that your systems are always up-to-date. We will also build a strategic response plan in the event of a cyberattack. This includes things like identifying the point of entry, notifying customers, and restoring systems. TechMD will help you with your claim by providing documentation and evidence of the incident. We can also demonstrate to the firm your commitment to cybersecurity and the steps you’ve taken to protect yourself.

It's time to start protecting what matters with comprehensive cyber security insurance.

We’re ready to help you with your security needs today. Let’s get started with a free consultation and raise your protection to the next level.