Questions About Cybersecurity Insurance Compliance

Cybersecurity Insurance Compliance

Years ago, we never talked about whether small businesses needed cybersecurity, much less cybersecurity insurance. All that was needed, in many cases, was an updated operating system, anti-virus protection, and an internal file saving system. That has changed in the last few years because hackers are no longer interested in exclusively targeting big box stores or hospitals for vast amounts of personal information.

Hackers are now interested in any place where they can breach data and gain access to information. In the case of ransomware, they make money when businesses pay a ransom to release the files, so it doesn’t matter the size, only that they have access. That means any business is vulnerable, making cybersecurity insurance compliance an important part of business continuity planning.

  1. What is Cybersecurity Insurance? As with any insurance, cybersecurity insurance is obtained to offset the financial loss of a cyberattack or breach. These may include system damages, downtime, privacy issues, contractual breaches, cost of data recovery, and professional IT services fees. There are requirements with this type of insurance depending on the risk profile determined by the insurer, including when and if they will pay a claim.
  2. What needs to be met to qualify for cybersecurity insurance compliance? The policy will detail the qualifications. These may include regular data backups, updated antivirus protections, authorization and authentication of users, ongoing monitoring of accounts to identify risks and compromised accounts, and consistent patches and updates. For small businesses, this type of cybersecurity insurance compliance can be challenging to obtain without the help of a Managed Service Provider (MSP) like PCC.
  3. Who needs Cybersecurity Insurance? All businesses need cybersecurity insurance. From small law firms to large conglomerates, hackers are seeking data. If your business saves data, it is a good idea to research your cybersecurity insurance options before data is breached.
  4. Why do small businesses need cybersecurity insurance? It’s likely small businesses are taking care of their own technology. I worked in a small office and our IT guy was the husband of the owner. While he is a smart person with tech knowledge, it is likely our data could have easily been breached because we didn’t have the right systems in place. This is common, especially for smaller organizations; these are also likely targets for hackers today.
  5. Who can I call to support my business for cybersecurity insurance compliance standards? Whether you need cybersecurity insurance or cybersecurity insurance compliance services, PCC is here to support your business.

Our team is ready to take steps to ensure your business complies with the insurance standards of your policy so that in the event of a breach, you are protected. Call us today to learn more.