- 30,000 websites are hacked daily
- 1 million new malware threats are released daily
- 60 percent of small businesses fold within 6 months of a cyberattack (Source: Inc.com)
Many small business owners believe cybercriminals are targeting large organizations that can pay large ransom payments. However, larger organizations invest heavily into their IT and cybersecurity, making their systems harder to attack and redirecting many cybercriminals’ efforts toward small businesses with weak IT infrastructure and valuable data.
“If your organization collects sensitive data like credit card numbers, account numbers, or Social Security numbers, you are a target,” says Blue Fox Group co-owner Mike Lindsley.
What is Cybersecurity Insurance, and who needs it?
Cybersecurity insurance protects organizations from the cost of internet-based threats affecting IT infrastructure, information governance, and information policy, which often are not covered by commercial liability policies and traditional insurance products. (Fortinet)
Cybersecurity insurance has become a vital component of any organization’s risk mitigation efforts because it eliminates liability for any damages resulting from a cyberattack. This includes the threat of ransom payments, regulatory fines, public relations costs to restore your reputation, employee/customer lawsuits, and lost income resulting from a breach.
The bottom line, this type of insurance gives small businesses time to get their sh#! to mitigate short-term while giving them time to build a more robust IT infrastructure and reinforce their cybersecurity posture long-term.
What is the average cost of Cybersecurity Insurance?
Typically the median cost for cybersecurity insurance comes in at around $140/month (this varies from company to company based on various factors). Many businesses are opting to secure this type of insurance coverage due to the rewards of avoiding large out-of-pocket capital expenditures in the case of an emergency.
The cost of cybersecurity insurance is calculated on key business characteristics such as:
- The size of your organization and the industry you serve.
- The amount of sensitive data your organization keeps.
- Annual Revenue
- The strength of your existing security measures and compliance policies.
Where should you begin?
Many leading cyber insurers have imposed minimum security control requirements to provide Cyber insurance coverage terms. It can be hard to know where to begin.
An IT cybersecurity partner, like Blue Fox Group, helps business leaders:
- Review of your security posture and gaps
- Review any regulatory compliance activity and requirements
- Determine how to store and safeguard large amounts of sensitive data through Detection & Response and Encrypted backup services.
- Build a Remote Worker Security Checklist
- Implement Multi-factor Authentication
About Blue Fox Group
A professional IT cybersecurity partner brings to the table proactive prevention plans that detect and remove unusual and known attempts to penetrate and compromise your data. Blue Fox Group works alongside your team, eliminating the need to hire expensive in-house security professionals and monitoring your network around the clock so that you can do what you do best, your job!