Just like car and home insurance, certain risky behaviors or situations can hurt your chances of getting cyber insurance. 16-year-old male drivers are the most expensive to insure because, let’s face it, risky behavior and 16-year-old boys driving go hand-in-hand!
It’s similar in the cyber world. Hackers and viruses never let up, and if your business isn’t doing all that it can to avoid a breach, insurers may shy away from offering coverage. In some companies, a third party is mandated just like an inspection on your home’s construction. As frustrating as that is, there is something to do about it. The solution? Partnering with an IT Security professional like K2 Tech Group for proper cybersecurity protection.
Why Invest in Cyber Insurance?
Before we launch into how a security provider can help you get insurance, it’s important to know why cyber insurance is a benefit to your business in the first place.
In the unfortunate event of a cyber attack, your business could be responsible for hundreds of thousands, even millions of dollars in damages. IT security insurance can help cover those costs and losses so that you don’t have to suffer financially.
And don’t forget about brand protection. When a breach happens, it can damage consumer confidence in your business, leading to a loss of customers and revenue. Cyber insurance can help your company protect itself from these costs, too.
Insurance is frustrating for a lot of people because seeing the benefit of insurance depends on whether an accident happens or not. Maybe you won’t ever get in a car accident, so your insurance may seem like a complete waste of money! But when we talk about cyberattacks, there’s about a 50% chance that you’ll be hacked—are you willing to leave the success of your business up to a coin toss?
What Do IT Security Providers Do?
Just like we have security measures for our homes and cars, like locks, security cameras, and alarms, IT security providers do the same for our digital assets. They use tools such as antivirus and firewall protection to keep malicious activity out of your network.
They also monitor suspicious activity, deploy patches to make sure all software is up-to-date, and provide round-the-clock support in case of an emergency. Here are a few more services that an IT security provider can offer you:
- Audit your current IT infrastructure
- Implement security controls such as MFA and password policies
- Make you more “attractive” to insurance companies and help you pick the right policy
Do You Really Need to Work With an IT Security Provider?
Let’s go back to the house example one more time. You can do certain renovations on your own and make your house less risky to insure. But it’s going to take a lot of time and a lot of money as you learn the ins and outs of renovating, and it’s possible to make costly mistakes along the way.
You might be able to give your cybersecurity a makeover on your own or with a few in-house IT people, but cybersecurity is a full-time job. It requires a team of people with the right expertise to monitor, test, and update your security measures.
So in short: yes! You need an IT security provider to help you secure cyber insurance. Working with a provider is the best way to make sure that you’re doing everything in your power to remain safe from hackers and malware—and that you’re attractive to insurance companies. And the safer your company is, the more you can save on cyber insurance.
Not only will an IT security provider like K2 Tech Group help you get cyber insurance, but by improving your security, you’ll see benefits like:
- A decrease in the risk of data breaches
- Improved customer data protection
- Increased efficiency and productivity
- Lower costs for IT maintenance and security
Save Money on Cyber Insurance With K2 Tech Group
Just like our physical world, the digital world has threats that we need to protect ourselves from. Hackers, malware, and data breaches are real risks that can cause serious financial damage to businesses.
But if you’re able to find an IT security partner that knows the ins and outs of cybersecurity, you can avoid cybercrime and save money on cyber insurance. With our customer retention rate of 96% and average response time of 4 minutes, hundreds of businesses have trusted us at K2 Tech Group to help them improve their cybersecurity.
From full-stack security to compliance audits, our team of experts is here to help you protect your business and save money on cyber insurance. Schedule a consultation with us today and let us show you how we can help.