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In today's digital age, businesses of all sizes face increasing cybersecurity risks. From data breaches and ransomware attacks to phishing scams and malware infections, the potential consequences of a cyberattack can be devastating. According to Forbes, “The year 2023 saw a notable increase in cyberattacks, resulting in more than 343 million victims. Between 2021 and 2023, data breaches rose by 72%, surpassing the previous record.”1 That's why cybersecurity insurance has become a crucial component of risk management strategies for many organizations.
Cybersecurity insurance can provide financial protection and support in the event of a cyberattack. It can help cover the costs associated with:
When considering cybersecurity insurance, it's essential to understand the key coverage areas to ensure your policy adequately protects your business. These typically include first or third party coverage, which protects the insured organization directly, covering losses such as data recovery, business interruption, and legal fees and protects the insured organization from claims made by third parties, such as customers or suppliers.
Some businesses may choose policy coverage for other key areas such as cyber extortion which covers ransom payments and related expenses in the event of a ransomware attack. Another popular coverage area may be media liability which protects against claims related to copyright infringement, defamation, or invasion of privacy.
While cybersecurity insurance is important, it's equally crucial to implement robust security measures to mitigate risks and reduce the likelihood of a successful attack. This includes investing in the following must-have technologies:
When evaluating your cybersecurity insurance needs and implementing appropriate security measures, partnering with a trusted technology provider can be invaluable. A technology partner can help you assess your risks, develop a strategy, select the correct technology to satisfy those needs, and manage ongoing security infrastructure.
When working with RDI, we help set and achieve cyber goals with a comprehensive, layered approach to your security needs. RDI focuses on:
By working with RDI, you can ensure that your business is adequately protected from cyber threats and that your cybersecurity insurance coverage aligns with your specific needs.
Note 1: Forbes. (2024). Cybersecurity Stats: Facts And Figures You Should Know. Retrieved from https://www.forbes.com/advisor/education/it-and-tech/cybersecurity-statistics/
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