Don’t Let a Ransomware Attack Get You Down | Protect Your Workplace Today with Cyber Insurance

Oct 7, 2022, 1:25 PM | Updated: Dec 14, 2022, 11:32 am

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This article about cyber insurance is presented by Les Olson IT, Your Office Technology Partner. 

October is Cybersecurity Awareness Month, an effort led by the National Institute of Standards and Technology. It started in 2004 to educate the public about resources available to keep Americans more secure online. Therefore, it’s as good a time as any to start thinking about how to make your digital life safer.

As we spend more time using the internet, hackers are becoming savvier. Attacks can deplete a company’s resources by costing money, losing time, or putting employees’ personal information at risk. 

Cyber security is everyone’s job, whether you have technical skills or not. But workplace owners and managers especially need to secure their online assets to protect documents, employees, and office spaces. Many attacks will originate from someone’s personal work computer. This means it is crucial to prevent your business from risk. 

Anyone is at risk of a cyber attack. Those risks can include anything from phishing, malware, or ransomware. Business owners and operators should be on guard to protect their workplace. Here are a few frequently asked questions to learn how cyber insurance can protect you from online attacks. 

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What is cyber insurance?

Similar to general liability insurance, cyber insurance covers data breaches involving protected information. This could include someone’s social security number, employee information, classified business documents, account details, passwords, or other sensitive information. 

General liability insurance plans cover items such as bodily injuries and property damage on the job, but it does not usually cover risks from cyber attacks. For even more protection, security experts lead cyber insurance companies to prevent data breaches. 

Cybersecurity practices like implementing multi-factor authentication help. But there are other traps that you might not be able to always look out for. Since few government regulations against these exist, private insurance plans have stepped in. 

How does cyber insurance protect my company?

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Cyber insurance companies assist companies by notifying you if you are at risk of a data breach. They can restore the personal identities of people impacted by attacks and recover data. They can also repair damaged computers and computer networks. There are many other benefits to protect digital use. 

According to a report from At-Bay, ransomware is the biggest digital threat to businesses, making up an estimated 60% of all cyber insurance claims in 2020. In addition, the report also shows that the average payment has increased over the years. The average is $1.8 million for a single attack. 

By working with a cyber insurance company, agents can help you manage and maintain the systems you need to protect your information. They know the motivations and tactics of hackers to protect you from threats. They also actively monitor your account throughout the year to ensure your digital security has no weak spots. 

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How do I qualify for cyber insurance?

Each type of company has different requirements for insurance, be it in financial, retail, real estate, or healthcare. This includes updates to your infrastructure, computer software, and password management systems. 

Your IT professionals at Les Olson can help you meet the requirements to qualify for cyber insurance. They have many resources available to protect businesses and stay up to date on new technologies and innovations. Contact them to see what tools and software you need to prepare your company for protection.

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Don’t Let a Ransomware Attack Get You Down | Protect Your Workplace Today with Cyber Insurance