Can cyber insurance and co-managed IT help protect your company?

Cyberattacks pose a significant threat to companies by causing bleeding losses and permanent destruction. Data loss, downtime, disgruntled customers, and damage to your reputation can all result from gaps in your IT security. In the end, if you are unprepared or without cyber insurance, your finances could fall apart.

How would you score your cyber insurance based on your present configuration? 

After losing customers and watching sales drop, the horrible idea of declaring bankruptcy is more plausible than it has ever been. Are these financial mistakes something you could recover from? More importantly, does your firm have a strong security system or cyber insurance to ensure these nightmares never arise?

Impact of a Cyberattack on Corporate Finance 

Should a cyberattack strike your company, finances are sure to suffer. From having it all to racing to save your company, how will you survive? Can you rebound and re-load your data to keep your doors open?

Among the traps attackers can use to extort money is ransomware. They might take control of your data and hang on to it till you pay a ransom to end the nightmare. How much do you think these attackers might ask you for? Currently, the largest payout recorded is $40 million back in 2021.

A lot of financial loss can happen during the period after an attack. During this time, you must pay for legal advice, damage management, consumer refunds, and other fees. It’s a good idea to protect yourself before an attack. Have you prepared yourself for cyber insurance in case of this occurrence?

Advantages of Cyber Insurance 

Should your company be the target of a cybercrime, cyber insurance provides you with some defense. Try to get the most protection you can to safeguard your assets. The policy will determine whether the provider should cover the attack-related expenses directly or indirectly.

System repairs, data recovery, data leaks, ransom requests, and legal bills could all be covered here. Usually, a cyber insurance policy covers the expenses of client interaction and identity theft recovery as well.

The financial impact of even a moderate attack could be greater than what a tiny company can afford. If you lack active cyber insurance, do you know how you will recover?

The Benefits of Co-Managed IT Solutions 

Many owners of businesses now choose a co-managed IT solution for handling their IT needs. This approach combines MSP knowledge and resources with the comfort and convenience of an internal IT team.

Co-managed IT is highly advised since it offers modern corporate security solutions covering several spheres, including cyber liability coverage. The great array of tools at hand for an MSP will greatly improve cyber security for your company with insurance.

Conclusion on Co-Managed IT and Cyber Insurance

Working with an MSP lowers your chance of being the victim of another cybercrime. These companies have great ties with the top cybersecurity insurance companies, so they may quickly provide a policy suited to your budget and demand.

All the same, this is only the tip of the iceberg. Would you like to know more about cyber risks and cybersecurity insurance? Download our free Cyber Risk Infographic HERE. You will be exposed to the hazards you may encounter by accessing this free tool. It also emphasizes the need for co-managed IT solutions for your company and the reason you should get in touch with us right now.

Read it today and, should you be ready to proceed, kindly let us know. We can set you up for a call so we may go over your company’s cybersecurity requirements in more depth.