As an IT Services company, this is a common question that our team at Ascent3 IT gets. Many companies don’t consider themselves a technology company, so the idea of cybersecurity insurance seems unnecessary or as an additional expense.
We would argue that all companies are technology companies now, as most companies are dependent on their IT Infrastructure for their day to day operations. Cybersecurity insurance protects businesses against financial losses caused by cyber incidents - including data breaches, theft, hacking, and ransomware payments or denial of service.
Ask yourself these questions:
Do you store sensitive information online or on a computer? (Client contact information, accounting information, registration lists)
What would the impact of your client or financial information being stolen be?
What would be the reputational impact on your organization in the event of a breach?
If your team is unable to access your systems for a few hours (or a few days) how would that impact your operations?
For all our clients, we strongly recommend cybersecurity insurance. If you have personally identifiable information (PII) like Social Insurance Numbers, if you have customer or financial payment data, or if you have medical information, then it is an absolute necessity.
Cybersecurity insurance can help cover data recovery costs if data is stolen via ransomware. It can help cover court and attorney fees, settlements and compliance fines in the face of a data breach, data recovery and operational recovery costs, and for software vendors, it can help provide coverage if you make a mistake. Ultimately for any type of business, it can help offset the costs you would face in the aftermath of a cyberattack.
Ascent3 IT doesn’t sell cybersecurity insurance, but we support our clients in meeting the requirements for being able to qualify for and obtain cyber insurance. Our services include system assessments to ensure that your system is secure and up-to-date, IT Security Training to help your team understand the threats to your organization and a Cyber Email Security Platform that helps identify malicious emails and cyber-attacks.
Our team of industry analysts can address your cybersecurity insurance and security questions as well as guide you to the right solutions for your organization.
Get in touch with us if you are looking for information on how to address your cybersecurity insurance and security needs.
Ascent3 IT is an Edmonton based IT Support and Consulting company focused on helping small and medium businesses get the most out of their IT budget.