Many companies are becoming aware that cybersecurity insurance is no longer optional, and it most definitely is not as cheap or as easy to obtain as the past. In fact, many companies are being dropped from their current policy. Why is this happening? Well, the standards for “normal” cybersecurity protection have drastically increased and the minimum requirements often times are not being met by the insured. As the CEO of a growing IT Managed Services Provider, I can help you enhance your data protection, but I am not your guy for insurance. In fact, you would be surprised how many businesses ask me who to turn to for cybersecurity insurance.Â
While we often assist customers with applications or aid them in third-party audits, we are not the folks who understand how the underwriting process for cybersecurity policies works or types of coverage available. We have worked closely with one of our customers and providers, Eagan Insurance Agency, LLC as well as other folks that specialize in cyber polices like Data Stream.
The average cybersecurity insurance claim cost for a small to medium enterprise is $345,000.
DataStream are the true experts in Cybersecurity Insurance. With a singular focus on this complex field, they deliver unparalleled service and a detailed individual cyber risk analysis based on the industry’s best practices. Their cyber risk model incorporates over 3,000 potential risk factors and is derived from the world’s largest data set of cyber losses, covering nearly 1 million companies and over $10 billion in insurance premiums. Plus, they have a really handy tool to evaluate your risk. While they may not offer other insurance services, DataStream is your trusted partner for Cybersecurity Insurance.Â
Whether you do business with someone like Eagan Insurance Agency LLC, who can handle your Cyber liability as well as many of your other lines of business, or someone like DataStream that focuses only on Cyber, you need to seriously consider protecting yourself against a cyber attack. In the event that the first line of defense was not enough, having an insurance plan that is robust and covers the cost of getting your environment back in working condition is well worth the peace of mind it can give. Â
