Blog

Network Synergy Blog

Network Synergy has been serving the Trumbull area since 1988, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

Cybersecurity Insurance Gaining Steam

Cybersecurity Insurance Gaining Steam

Controlling your organization’s data relies on keeping your network and computing infrastructure free from threats. Early detection allows your business to actively confront risks before they develop into major issues. However, threats are becoming more difficult to detect in early stages, and one hidden threat could doom your entire business. 

While you might think that small businesses are not commonly targeted by cybercriminals, you’d be wrong. Small businesses tend to have less security to bypass or navigate through, meaning they are a much easier target. Data breaches can cost your business hundreds of thousands of dollars, or potentially millions, if that data falls into the hands of a vicious cybercriminal. If your business was forced to pay a million dollars at this exact moment to pay for exposure of sensitive information, could you do it? What would your plan be? Hopefully your solution involves leveraging cybersecurity insurance. While having insurance won’t prevent malware, or keep hackers away, it could be the difference between closing your business’ doors, or not. 

Types of Cybersecurity Insurance

Businesses have two options when it comes to cybersecurity insurance:

  • First-party - First-party cybersecurity insurance works to cover the costs associated with being a victim of a data breach. 
  • Third-party - Third-party cybersecurity insurance works to cover the costs associated with being blamed for a data breach. 

For most businesses, first-party insurance is a sufficient policy. 

The Standard Policy

Like most insurance policies, no two are identical. Insurers are able to conform policies to your individual business needs. However, the more coverage you opt to receive, the more you will pay in premiums. Insurers configure your business policy based on your company’s industry, data risk, your security practices, your capital position, and several other variables.

Configuring your business policy should not be based on the cost of the premium. It should be based on the needs of your business. Assessing cybersecurity risk is becoming a common practice, and your business should self-evaluate. 

Why Is Risk Assessment Necessary? 

Cybercrime is becoming a huge concern for small and large businesses alike. Cybersecurity insurance protects your company from the unbelievably high cost of data breaches. Talking to our experts at Network Synergy can determine whether your security practices are sufficient, and procure necessary solutions which will in turn lower premium cost. Give us a call at (203) 261-2201 today.

Tip of the Week: Get Better at Managing Your Mobil...
Don’t Be Snagged by This Google Calendar Phishing ...
 

Comments

No comments made yet. Be the first to submit a comment
Guest
Already Registered? Login Here
Guest
Friday, 22 November 2024

Captcha Image

Contact us

Learn more about what Network Synergy can do for your business.

Network Synergy
126 Monroe Turnpike
Trumbull, Connecticut 06611

Network Synergy Corporation BBB Business Review

Best IT Managed Service Providers in Bridgeport aicpa logo net syn

News & Updates

Network Synergy is proud to announce the launch of our new website at www.netsynergy.com. The goal of the new website is to make it easier for our existing clients to submit and manage support requests, and provide more information about our services for ...

Copyright Network Synergy. All Rights Reserved.