At Tcom Solutions we take an overall approach to Cyber Security that starts with the old adage, “It’s not a matter of if your organization will experience a data breach, but when.”
Hackers across the globe are looking for ways to get rich quick by defrauding businesses… any size businesses.
Unfortunately a company’s most valuable assets, their employees, frequently fall prey to such criminals. Statistics abound showing the chance of a breach, the threat of ransomware, the weakness of human capital, the costs associated with a breach, and the subsequent ransomware requests.
The Threat Is Real, The Risks Are Real
Increasingly, operating without cyber insurance leaves businesses open to not only monetary risk, but operational risk as well. In fact, cybercrime damages are predicted to reach $6 trillion worldwide this year. These costs include not only the damage and destruction of data, but operational downtime, lost productivity, intellectual property theft, recovery of data and systems, and potential legal repercussions.
With ransomware demands increasing in size and frequency, the cyber insurance market is rapidly changing to adjust, resulting in higher premiums and coverage reductions, along with scrutiny of risk profiles and detailed assessments of a business’s cybersecurity posture.
Not Just Insurance, But the Right Insurance
Cybersecurity insurance requirements are becoming more stringent – existing policyholders are being hit with complicated cybersecurity questionnaires to keep their current policies and underwriters won’t extend coverage or will restrict amounts if minimum basic controls aren’t in place.
If you are unsure where to start or how your organization can protect itself with cybersecurity controls that meet cyber insurance needs, you are not alone.
With Cyber Insurance, you’ll be better positioned to mitigate the impacts of a cybersecurity incident if and when it occurs.
Some may feel that if a data breach is inevitable, what’s the point of cyber insurance? Or you may think this insurance isn’t relevant to your industry, and the data you manage or that hackers aren’t interested in “small” businesses.
But the truth is cyber insurance coverage is relevant to all businesses and data types today, and it makes a huge difference in the event of a cybersecurity incident. Any business that has personal information like Social Security Numbers, birthdates, bank account information, credit card information and addresses are highly sought after.
The True Cost of Cyber Attacks
Cybercriminals’ main goal is usually identity theft of individuals and businesses. However, nearly every day brings news of cyberattacks of all kinds, even aimless attacks like “Zoom-bombing” or even entry through your communications systems.
The cost of a cybersecurity incident could be in the low hundreds to millions of dollars, according to the cyber claims study.
For an idea of how this breaks out, Ransomware attacks alone average over $713,000 per incident, according to Kaspersky Labs latest research. On top of that, the cost of downtime, including incident response, is 23 times greater than the actual average ransom – and 50.6% of those who pay don’t even recover their data, leading to higher costs!
According to theguardian.net, even the smallest businesses suffer from cyberattacks that cost them upward of $84,000 to remediate- and that doesn’t include all the collateral damage! Crisis services include forensics, credit monitoring, notifications, legal guidance/breach coaches and other related expenses.
When it comes to cybercrime, small and large businesses of all industries are at risk. Cybercriminals target small companies as well as large, million-dollar companies. In fact, according to Verizon.com, 61% of the time, the primary targets are businesses considered small or midsize.
This is usually due to the expected vulnerabilities of smaller companies. Hackers assume that smaller companies have fewer protective measures in place, and they can assume similar trends based on industry.
The Tcom Advantage
The good news is that Tcom Solutions offers several advantages to their clients that most other Cyber Security companies don’t even address.
The first is an added protection program (NOT INSURANCE) that acts as a service warranty when you implement the Secure Cyber Shield™ with all our recommendations and maintain them on an ongoing basis. This provides the following protections (IN ADDITION TO CYBER INSURANCE):
- $100,000 of ransomware and business email compromise protection
- $100,000 of compliance and regulatory failure protection (If applicable and enrolled in a compliance management program through Tcom Solutions)
- $50,000 of business income loss protection
- $250,000 of cyber legal liability protection (customer must first exhaust any other applicable service guarantee)
This protection covers all endpoints under a paid security services contract with Tcom Solutions. There is no extra charge for this – Tcom Solutions includes it with Secure Cyber Shield™.
The second is a HUGE benefit to any business that enrolls in Secure Cyber Shield™. It is an opportunity to review your Cyber Insurance policy or lack thereof with one of the top insurers in the Cyber Security Industry.
Tcom Solutions and our preferred partners work together to help your company get the best possible policy with the best possible terms — a huge added value Tcom brings to the table that’s unique to the industry.
A policy through one of our preferred partners includes many additional benefits, including an opportunity for reduced rates due to your improved Cyber Security posture through implementing Secure Cyber Shield™, and ongoing management of your risk from both an insurance perspective and a cyber security perspective.
The result is a proper Cyber Insurance policy fully aligned with your Cyber Security program, so you’ll feel confident that you’re covered in the event of a breach.
Contact Tcom Solutions to get started with Cyber Insurance now.