Investing in prevention: Is your cybersecurity insurance up to the task?

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Cybersecurity insurance exists for a reason, sure, but it’s much better to prevent a breach than it is to have reason to use that policy—just ask your insurance agent.

SUCCESS recently conducted our annual business insurance renewal and review; it’s clear that the world of cybersecurity is having an impact on the bottom line, whether you’ve been through a breach or not. The average cost for cyber insurance in our market can be as much as 40% of your total annual insurance premium, which begs the question: Is it worth it?

The obvious answer is yes. These days, operating without some element of cyber insurance is similar to the risk involved with not having auto insurance.

If you ask most insurance brokers, even they will tell you it’s much, much better to prevent a breach than use the policy. This begs another question:

What’s keeping you from investing in prevention?

Most of the time, when we talk to our clients about cybersecurity insurance and the threat of a breach, we hear responses like: “We’re not a target; we’re too small,” or, “My cyber policy will cover me.”  

We also hear that you’re confused about how much coverage you need, too. There are many companies claiming to provide the one solution that will do it all, but in our experience, it’s best to check with your agent to make sure you not only understand how much coverage is needed, but what is covered and equally important, what’s not covered.

The technology industry is going through dramatic change as the MSP market tries to figure out how to develop a comprehensive approach to protecting the businesses they serve. SUCCESS Computer Consulting has been a leader since 2014, and we consider ourselves ahead of the curve when it comes to cybersecurity services. In fact, we were recognized as one of the top 100 cyber security providers in the country in 2020 , and we regularly advise other MSPs on how to meet the current needs of our market.

Cybersecurity is a journey without a finish line. Security needs and strategies are constantly evolving, and your MSP or IT team needs to evolve, too.

At the end of our meeting with our insurance agent, we asked, “Do rates go up for cyber after you’ve been breached?” Surprisingly, the answer was increases are negligible, with one caveat: that the organization that was breached had taken measures of prevention.

When you partner with a qualified managed security services provider like SUCCESS Computer Consulting, you can know, rather than hope, that your proactive focus on security will protect your network and reduce risk for your business.

Contact SUCCESS for more information on our Managed Security Services in Minneapolis/St. Paul.