Why Having Cybersecurity Insurance Is a Must-Have in Dallas and Fort Worth
In the cyber world, anything can happen and it has. The amount of data breaches and hacking that have been happening in the last few years is staggering. We are constantly being told to keep our passwords safe and update our antivirus software, but sometimes it’s easier said than done.
For small to medium-sized businesses in Dallas and Fort Worth, cybersecurity can be a big concern. Many times, small to mid-size businesses allocate more of their financial resources to their development and business growth rather than data protection, which makes malicious actors view them as easy targets. With that in mind, waiting until an attack occurs can be absolutely dangerous.
In order to protect their data, companies should take steps to secure their networks. This includes implementing firewalls, antivirus programs, and encryption. The best way to protect oneself from cybercrime is by taking the necessary precautions beforehand. This also includes having a plan in place for disasters like ransomware attacks or data breaches. It also means that businesses should have an incident response plan in place in case of a cyber attack.
Designed to protect your company from cyberattacks, cybersecurity insurance is a type of insurance that covers the cost of damages caused by cyber-attacks. Here are some of the biggest things that Dallas and Fort Worth businesses should consider when discussing cybersecurity and protection:
- Data breaches: Data breaches are a difficult problem to deal with. Often, the problem is due to negligence from employees, leading to an expensive breach and ensuing costs for things like data recovery, regulatory fines, and lawsuits.
- Compliance regulations: Not following legal data storage and transmission principles will be costly and create additional issues.
- Insider threats: Do you have employees who don’t know the cybersecurity basics? Many cyber-attacks happen because the target was unable to recognize a phishing email, for example. If you implement awareness training, your team will learn how to identify targeted attacks and how to protect themselves accordingly.
Cybersecurity Insurance Helps Manage Risks
Conducting a business risk analysis is a great way to determine what’s likely to happen if your business suffers damages. The analysis will allow you to better visualize the risks that come with running a company. It can help you identify potential threats and vulnerabilities, and develop strategies to manage those risks.
The following are some of the key areas that should be included in your business risk analysis for cybersecurity insurance:
- The type of data you store or transmit, including personal information, intellectual property, financial data, etc.
- The type of technology you use to store or transmit data
- The number of employees who have access to your systems
- Your company’s cyber security policies
- Your company’s cyber security training programs
Corptek can thoroughly examine your issues, launch a response plan quickly, and inform you if any systems have been affected.
Does My Business Need Cybersecurity Insurance?
Small to mid-size businesses in Dallas and Fort Worth are the new targets for cybercriminals, and the number of breaches is increasing. With the advent of the cloud and IoT, small to mid-size companies are at a greater risk. Even if you think that you don’t have any information worth hacking, it can still be a target as one breach can lead to other breaches.
Cybersecurity insurance can help companies protect themselves from the risk of a cyber attack. It can also help them recover after an attack. Cybersecurity insurance is especially important for companies who are required to comply with HIPAA or PCI standards because they are at greater risk of an attack.
There are many reasons why your business needs cybersecurity insurance. Here are five:
- Cybersecurity insurance can help you recover from an attack more quickly and easily than if you had to pay for it out-of-pocket.
- Cybersecurity insurance can provide a backup plan in case your company is sued for negligent failure to protect customer data.
- Cybersecurity insurance will cover the costs of repairing or replacing your data, systems, and equipment in the event of a cyberattack.
- Cybersecurity insurance will cover you in case you have to notify customers about a data breach.
- Cybersecurity insurance can reimburse you for losses incurred as a result of ransomware attacks on your systems and data.
At Corptek, we understand that your company may grow considerably in size in a short amount of time. That means your security needs will grow, too. We deliver first-class cybersecurity services along with managed IT services to companies in Dallas and Fort Worth. Schedule a consultation with us today and allow us to give you confidence in your security.