Today’s business environments continue to gain complexity with compliance and cybersecurity issues causing ongoing concerns for technology professionals in a wide range of industries. Life sciences and financial services face the greatest risk due to the high-value information that is stored within the organization — making them a major target for cybercriminals and competitors alike. The costs associated with this type of risk continue to climb, with experts estimating that the aggregate cost of cybercrime will exceed $6 trillion by 2021. While it’s vital that your business makes every effort to reduce the possibility of attack, investing in cyber insurance and legal coverage can help protect your business from the devastating impact of a cybersecurity incident.
What is Cyber Insurance?
Also known as cyber risk or cyber liability insurance, cyber insurance helps protect your business against threats such as malicious hacks, data breaches and more. Before you question whether your business needs this insurance, consider that thousands of small to mid-size businesses are closing their doors each year because of the high cost of recovery after a data breach or malware attack. Cyber policies can help offset a range of costs:
•First-party and third-party reputation management costs
•Investigation of the cybercrime
•Data recovery costs
•Loss of business income due to shutdowns
•Restoration of business systems
•Damages and settlements
•Legal defense funds
•Cybersecurity services from trusted IT providers
•Costs incurred to notify victims of the attack
While this is not an exhaustive list, this represents some of the main expenses that are incurred after a cyber attack.
Maintaining a high degree of operational efficiency is vital to the success of your business. With Coretelligent, you have the peace of mind knowing that your cybersecurity solutions are being managed by an IT services provider with deep experience in the life sciences and financial services market. Our White Glove support strategy ensures that your business has access to the tools and knowledge necessary to protect your business from unnecessary cybersecurity and compliance risks. Contact us today at 855-841-5888 or fill out our quick online form to request a free initial cybersecurity services consultation for your business.