Protect your business from liability caused by cyber threats
What is cyber insurance and why do you need it?
Cyber insurance, often referred to as Cyber liability insurance, is designed to protect businesses from liability caused by cyber threats including data breaches and malicious cyber-attacks.
Businesses of all sizes rely on IT infrastructure. Each business is responsible for its own cyber security. However, if a cyber-attack occurs, cyber insurance will alleviate some of the financial stresses involved in dealing with an attack, breach, or accidental cyber security issue.
Cyber-attacks are becoming more complex and even more common; it is integral that you are prepared for the worst, even if you have comprehensive multi-layered cyber security solutions and plans in place to protect your business and data. Having cyber insurance in place will give you even more peace of mind should any breach happen.
First and third-party cover
There is first-party and third-party cyber insurance cover available:
- Cost of investigating the cyber attack
- Cost of recovering the data lost in the security breach
- Cost of restoring the computer systems
- Loss of income incurred by the shutdown of the business
- Cost of reputation management
- Extortion payments demanded by hackers
- Costs incurred to notify third parties
- Damages and settlements
- Legal fees if required to defend the business against a GDPR breach
The cost of cyber insurance will depend on several factors such as the size of the business, annual revenue, type of business, the type of data the business deals with and more.
What needs to be in place to get cyber insurance?
You can buy cyber insurance from an insurer or broker. There are some that specialise in cyber security cover.
In order to qualify for Cyber Insurance, many firms require you to have some or all the following in place:
- Multifactor authentication for remote access and admin/privilege controls
- Endpoint detection and response
- Backup and recovery
- Privileged access management
- Email filtering and web security
- Patch management and vulnerability management
- Cyber incident response planning and testing
- Cyber security awareness training and phishing testing
- Hardening techniques, including Remote Desktop Protocol mitigation
- Logging and monitoring / network protection
- End-of-life systems replacement and protection
- Supply chain risk management
As an accredited software reseller and service provider, this is where Grey Matter can help.
How can Grey Matter help?
Though Grey Matter cannot provide, nor recommend cyber insurance policies, we can provide all the software required to help you qualify for cyber insurance.
For instance, we offer multi-factor authentication, cyber security training and backup to patch management and endpoint security.
Head to our cyber security solutions page or contact our cyber security expert to learn more about the various solutions we offer.
Backup, anti-malware, and patch management
Endpoint protection, encryption, and email security
Email security, access management, endpoint detection and patch management
Cyber security awareness training, and phishing testing
Backup, access management, and authentication
Backup and restore physical, cloud and virtual data
Endpoint, network, cloud and email security