Small firms are more vulnerable to cyber threats. Here are some things to think about when deciding whether you need cyber insurance and what kind to buy.
The number of cyberattacks has increased dramatically in recent years, fueled by the COVID pandemic and the crisis in Ukraine.
With enterprises disrupted by the virus and many employees working from home, cybercriminals were ready to profit—in fact, according to Microsoft, threats surged elevenfold in the week following the World Health Organization’s public announcement of the pandemic in February 2020.
A company’s risk can be analyzed using a framework like ISO/IEC 27002 or the NIST Cybersecurity Framework, which not only clarifies regulations but also makes negotiating with insurance easier.
With supply chain attacks on the rise, companies doing business with larger companies should be aware of the risks.
Threat intelligence gathered by Cyble extends beyond arm’s length, including the Dark Web, Deep Web, and Surface Web. This allows businesses to see all vulnerabilities in real-time.
According to Ben Carey-Evans, insurance analyst at GlobalData, the necessity for robust cybersecurity and cyber insurance is becoming clear to organizations of all sorts and sizes as the frequency and severity of cyberattacks continue to rise.
COVID-19 has also resulted in a lasting shift in the way firms and customers operate, with remote working patterns projected to remain and higher use of digital consumer channels than before the epidemic.
In the future years, this long-term shift in behavior will drive demand for commercial cyber insurance and, to a lesser extent, personal cyber insurance.
Indeed, cyber insurance is rapidly growing in popularity, rising from 26% of all insurance customers in 2016 to 47% by 2020.
Cyber insurance for your small business is one of the important things you should do
Cyble is an ideal security tool for organizations that demand high-security standards or deal with sensitive information.
To identify risks, it employs artificial intelligence (AI) and real-time threat intelligence. You’ll be able to reduce the impact of threats and identify recovery options in no time.
Cyble has a tool on its website that can tell you if your account has ever been hacked.
Protect your business against emerging dangers and deny your competitors new opportunities. Combine intelligence from the dark web, deep web, and surface web to create a complete picture of your organization’s external threat landscape.
Cyble Hawk analyses a network and helps in Threat detection. It also acts as a “back-up” to guarantee that anti-virus and patching software is up to date, as well as to discover network misconfigurations. You can visit F60 Host to know more about deep web monitoring.
“It’s critical for carriers to assist businesses in selecting the appropriate level of cyber insurance for their specific needs.”.
So do you require cyber insurance for your small business?