Cyber Insurance – What You Should Know About Cyber Risk

It was not that long ago that cyber insurance was something only purchased by large companies with a heavy reliance on data processing. Today, cyber insurance is something that many small businesses carry, and every small business should consider. If a business has the support of a cyber insurance carrier it creates a safety net in the wake of a cybercrime incident.

Cyber insurance claims most often result from a business falling victim to cybercrime such as ransomware, data theft, or payment fraud. In these situations, the cyber insurance carriers should be brought to the table as soon as possible. Cyber insurance carriers create policies to include resources in the form of services to help minimize potential losses. These services include incident response, forensic investigation services, remediation, business resumption services, and even ransomware negotiation services. They do this because they understand that the manner in which a business responds to an incident can help minimize potential loss.

Cybercrime events can take a heavy toll on business operations, along with a substantial mental toll on business leaders, most of whom do not possess the skills and tools required to deal effectively with a cyber incident. Go West IT has experience dealing with cyber events both with the aid of an insurance carrier and without and have seen the difference that having an insurance company in your corner can make. It can turn a stressful and potentially costly event into a manageable business obstacle.

Check out Go West IT’s full article regarding cyber insurance.

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