Why Cyber Insurance Should Be Part of Your Overall Security Strategy

Cyber attacks have gotten so commonplace that companies no longer wonder if they’ll get hit by an attack but when it will happen. The hybrid work conditions that began during the pandemic have only exacerbated the situation. The reaction from organizations, small and large, has been to build up strategies for disaster recovery and find more proactive cyber security protection. However, something else has sprung from the prevalence of attacks: cyber insurance.

Roughly 50% of small companies close within six months of falling victim to a data breach or cyber attack. And while cyber insurance doesn’t come cheap, it has become a necessity for companies who would otherwise have to bear the brunt of an attack on their own and risk becoming part of the 60% that fail.

Cyber Audits

If you’re thinking about committing to cyber insurance, it would be wise to consider a cyber audit before making your choice. An audit, which is a good move whether you’re considering cyber insurance or not, can help bring visibility into an organization’s infrastructure and work processes and identify weak spots.

The audit also helps to avoid higher premiums, as it can produce results the insurance companies can use to make a better estimation of risk, assuming that the organization has a stronger stance against cyber attacks than what was previously estimated.

But cyber insurance is just one piece of the strategy for improving security. The more you know about the weaknesses in your organization, the better prepared you are to adopt solutions that shore up those areas of trouble.

Utilize an Industry Professional

Cyber security threats are increasing, causing leaders in organizations across every industry to consider new strategies to prevent losing data, customers, and money. They’re also aware of the solutions available to mitigate threats, but there are so many that it is nearly impossible to know which one will actually help in their unique situation.

When you work with a qualified professional, they know that every organization is different and therefore needs a security solution chosen specifically for their needs. That’s what we do at ITBroker.com.

What we specialize in at ITBroker is accessing, discovering, and understanding our clients’ situations, then implementing the right solutions to ensure they are less vulnerable to cyber attacks. Contact us to learn more about our rapid assessment and purchase skills, IT advisory proficiency, and adeptness as a fractional CIO.