Can managed IT services help you retain – or get – cybersecurity insurance?
Data breaches become more common with each passing year. Many business owners believe it is a matter of when, not if, they will fall victim to a data breach. Every time you turn on the news, it seems like a new large-scale data breach is being talked about.
Recently, hospitals in Brooklyn, New York, were hit with a cyberattack. This attack forced many critical services offline. In the aftermath of this attack, medical professionals in three Brooklyn hospitals were forced to use pen and paper to document patient care.
Protecting your business from the financial problems that can arise after a data breach is possible with the right managed IT services and cybersecurity insurance policy. Although meeting the cybersecurity requirements set forth by insurance companies can be challenging.
Learn how working with Technology Assurance Group’s cybersecurity services can help you retain your insurance policy.
Cybersecurity Insurance is a Necessity, Not a Luxury
As the number of cyberattacks and data breaches continues to rise, business owners are realizing the value of a good cybersecurity insurance policy. Only around 20 percent of the businesses in the U.S. currently have a cybersecurity insurance policy.
The longer you wait to secure one of these policies, the harder it will be to bounce back from a data breach. A data breach puts sensitive information at risk and can damage your company’s reputation. Modern consumers insist on using companies that take cybersecurity seriously.
Obtaining a cybersecurity insurance policy is important because:
- Business interruption policies don’t cover system downtime
- Large fines are levied against companies that don’t protect sensitive data
- Cybercrimes are becoming more common
- Data is one of the most important assets a business has
Businesses without cybersecurity insurance don’t usually have a plan in place on how to handle cyber threats. This increases their risk of experiencing a data breach and reduces their chances of fully recovering.
If you want to get an idea of how secure your IT infrastructure is, then it’s time to sign up for a risk assessment offered by TAG. During this assessment, our experts will work hard to uncover vulnerabilities. Once these vulnerabilities are discovered, we will devise a plan to fill your IT gaps.
Baseline Requirements for Cybersecurity Insurance
Whether you want to obtain a new policy or keep your existing cybersecurity insurance policy, you’ll have to meet certain requirements. Insurance companies have a laundry list of requirements that must be met. Meeting these requirements is far more challenging than most business owners realize.
If you want to keep your cybersecurity insurance policy, you need to meet requirements like:
- PCI compliance
- Annual penetration testing
- Spam filtering for emails
- Password manager
- Endpoint detection and response
- Whole drive encryption on all devices
- Documented disaster recovery plan
The list of requirements by cybersecurity insurance providers grows with each passing year. Keeping up can be extremely difficult. Business owners who attempt to satisfy these requirements on their own tend to encounter major problems. This is why working with managed IT services professionals to ensure compliance is a wise move.
Meeting These Requirements Poses a Major Problem for Business Owners
The average business owner is a take-charge type of person. While having this independent attitude can be good in some situations, it can create problems when it comes to cybersecurity. A lack of knowledge is one of the main challenges business owners face when trying to meet cybersecurity insurance requirements.
Choosing the right tool to handle various aspects of your IT security is a lot harder than it sounds. Business owners with limited cybersecurity knowledge can make mistakes that put data at risk.
Make Retaining Cybersecurity Insurance Easier with These Best Practices
Not meeting the cybersecurity requirements created by your insurance provider can be disastrous. If you want to avoid the aggravation and headache of losing your cybersecurity insurance policy, then you need to follow certain guidelines.
If retaining cybersecurity insurance is a top priority, you need to implement practices like:
- Documenting all changes to your IT infrastructure security
- Investing in continuous cybersecurity improvement
- Realizing the importance of hiring cybersecurity services
With the help of managed IT services, you won’t have to worry about losing your cybersecurity insurance policy.
What Sets TAG Apart from the Competition?
At TAG, we are passionate about our security-first approach to IT management.
The advanced security solutions we offer are designed to meet the end user’s needs. These solutions also satisfy the requirements of cybersecurity insurance companies.
TAG has a Security-first Mindset
Are you constantly worrying about potential data breaches? If so, it is time to get peace of mind with the help of TAG’s managed IT services. Obtaining cybersecurity insurance helps you mitigate the risks posed by data breaches. With our help, you can retain this insurance policy and keep your sensitive information safe.
Contact us now to find out more about the advanced security solutions we offer.