Did you know cybercrime is now considered the new ‘fire’ in the business world? Protecting your company is crucial, especially with over 72 percent of businesses affected by ransomware attacks in 2023. Here are some eye-opening facts:
- You are nine times more likely to have a cyber attack than a property claim.
- 60% of companies go out of business after a cyber-attack.
The costs of a cyber claim can be devastating!!
- Loss from operational disruption
- Remediation and recovery expenses
- Legal fees
- Hiring of expert teams
- Regulatory fines
- Ransom payment, if you choose to pay it
- Reputational harm
- Loss of customer loyalty
Enter Cyber Insurance
This is crucial in safeguarding your business from fraud, system shutdowns, and lockouts. CFC Underwriting, a Lloyd’s of London Syndicate and market leader in cyber insurance, offers a comprehensive Three-Pillar Solution.
- Pillar One – Prevention:
Through vulnerability scanning, threat monitoring, and claims data, they are used to identify risks. They provide instant support through their Response app, eliminating threats before they develop. “Kindly take a look at these tips as well!”
- Pillar Two – Response:
A qualified world-class team of experts who jump in to help you – available 24/7, responding within 15 minutes to triage incidents, contain threats, and get businesses back online.
- Pillar Three – Coverage:
That’s the insurance piece where that provides the coverage for breaches, attacks, and the cost of recovering your data, plus additional costs to re-create data and applications.
Cyber insurance is a supplement, not a replacement for your existing IT teams. It’s like adding sprinklers and fire alarms to your building – essential for comprehensive protection.
The Costs
Your current protection levels, business size, and employee count influence premiums. Considering the average cost of a privacy breach exceeds $200 per customer, investing in cyber insurance is an investment in your company’s long-term viability. Moreover, the cost of cyber insurance protection could be as low as $100 per month!
What’s Next?
Let’s discuss how we can tailor Cyber Privacy and Crime insurance options for your business. Get in touch to discuss securing your company’s future.
Please email me at heather@thorinsurance.ca or phone at 587-597-5478
