Since October is Cybersecurity Awareness Month, it seems the perfect time to highlight specific ways your organization can protect itself from internet trolls, goblins and ghouls.
The 2021 Cybersecurity Awareness Month theme is “Do Your Part. #BeCyberSmart.” One of the crucial ways to do this is to have the right cyber insurance in place.
Unfortunately, few companies carry sufficient cyber liability coverage, and far too many don’t have any protection at all. Such exposure has now become an even riskier proposition, as the pandemic seemed to generate a whole new appetite among cybercriminals. Hackers have become emboldened, and their tactics have grown more sophisticated.
Ransoms have ballooned from five-figure price tags into the millions, and cyber losses topped $1.8 billion in 2019, up 50% year over year, with no signs of slowing down, according to Harvard Business Review. Those are frightening statics which should cause any business leader to pause.
Of course, cyber risks will continue to evolve and present an ever-moving target. It’s simply crucial that in addition to comprehensive employee training and risk management plans, every organization also carries adequate insurance. So, what’s included with cyber liability coverage?
As a general definition, this specialized insurance is designed to address computer-related crimes and losses, including malware, phishing, the unintended loss of confidential client or employee information and more. Typical plans will help clients recover lost revenue and pay for any expenses related to data-recovery, lawsuits, regulatory fines and other consequences that result from a cyberattack.
But you deserve way more detail than that, so the cyber experts at MJ are on standby to help answer any questions. We’re ready to delve into every aspect of your business and recommend appropriate coverage based on your specific operations and goals.
Don’t wait until the internet ghouls attack. Contact us today to get started!
Keep an eye out for additional posts related to cybersecurity this month as well—we’ll be sharing more important ways you can #BeCyberSmart.