Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is an insurance policy that a business can purchase to help reduce the financial risks associated with doing business online. Cyber insurance generally covers your business’s liability for a data breach involving sensitive customer information. Cyber insurance is one option that can help protect your business against losses resulting from a cyberattack. Cyber insurance can be a smart precaution for any size business and can assist in the timely remediation of cyberattacks and incidents. 

The Role of a Managed IT Service Provider & Cyberattacks 

At Choice Solutions we look at protecting your business and security as a layered approach. While cyber insurance will alleviate the financial risks of a cyberattack, you’ll still need a trusted Managed IT Provider like Choice Solutions to help you with the remediation process. It’s also a good idea to work with an MSP because there are several issues excluded by cybersecurity policies including: 

• Preexisting or prior breaches or cyber events, such as incidents that occurred before the policy was purchased 
• Cyber events initiated and caused by employees or insiders 
• Infrastructure failures not caused by a purposeful cyberattack 
• Failure to correct a known vulnerability, such as a company that knows that a vulnerability exists, fails to address it, and is then compromised from that vulnerability 
• The cost to improve technology systems, including security hardening in systems or applications 

It’s important to understand that different carriers have different risk appetites. Some will cover certain industries, while others won’t – premiums and limits can vary just as greatly. The role of an MSP can help your business understand the benefits of cyber insurance within your security stack.  

As the cyber security landscape continues to be dynamic and rapidly changing, insurance carriers are adjusting as well. Whether you’re currently working through a new application or renewing your cybersecurity policy, it’s important to have a trusted partner to consult and advise on how to improve your organization’s security posture.

– Chris Watson, Information Security Manager, Choice Solutions

How Cyber Insurance Plays a Role in Risk Management and Regulatory Compliance  

Cyber insurance is designed to protect businesses and may help them recover from cybersecurity incidents by covering some of the costs of data breaches, customer reparation costs, denial of service attacks, cyber extortion, regulatory fines, etc. As a result, cyber insurance has come to play an important role in both risk management and regulatory compliance.  

How Choice Solutions Managed IT Services Can Help  

By evaluating your existing cyber insurance coverage or helping you select a plan that works for your business, Choice Solutions can help figure out the best roadmap for your business. This could include providing the services and solutions needed when working towards securing a better rate on an existing policy, reaching the next level in compliance standards, or helping you navigate your current coverage and alternatives if needed. We are dedicated to helping and providing value by monitoring and managing systems, as well as, remediating security events if/when they occur to ensure your people and systems are safe, secure, and compliant. Contact us today to see how we can help.