CYBERSECURITY: Are Companies with Cyber Insurance More Secured?
In today's unpredictable cybercrime landscape, businesses need protection against the potential massive loss in revenue due to a single cyberattack. Any company can experience a single successful attack that can be enough to put them out of business. In fact, 60% of businesses that are hit by a successful cyberattack go out of business within six months. However, there are measures that companies can take to stave off that bad end. Cyber insurance is one of them. Is it something that every business should have? Do companies with cyber insurance experience fewer or different security challenges than companies that don’t have it?
A recent survey showed that 69% of businesses have cyber insurance, 23% of companies do not have it and 8% of businesses stated they are unsure. This breaks down to approximately 7 out of 10 businesses having cyber insurance per this survey.
Do companies with cyber insurance experience fewer security problems than companies without it?
When a business obtains cyber insurance it will involve jumping through many security hoops. While understanding the requirements regarding security and maintaining compliance with the ever-shifting regulations is challenging, companies that carry insurance see a big benefit from beefing up their security. While organizations that have cyber insurance still experience a wide array of security issues, they tend to have fewer phishing messages and viruses to handle than companies that aren’t insured. Most likely this is the result of security tools like endpoint detection and response that find security problems, normally overlooked, giving companies the chance to fix them before they get worse.
Security awareness training is often a cyber insurance requirement
Beyond meeting cyber insurance requirements, security awareness training brings big security improvements to companies without a big price tag. Jackson Technologies, Paul Jackson CEO/Cybersecurity Specialist, and his team are a team you can trust for your cybersecurity solutions. We provide a variety of programs that can be customized based on your business needs.
Book an appointment for a FREE 15-minute Cyber Strategy.