In the last year, ransomware attacks hit small businesses and huge corporations alike. It was a year of massive data leaks, expensive ransomware payouts, and large-scale identity thefts resulting in lawsuits that cost global businesses billions.
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Traditional insurance policies don’t usually cover cyber-attacks. Cybersecurity insurance is a “stand alone” line of coverage against a wide range of cyber incident losses, such as costs arising from data destruction and/or theft, extortion demands, hacking, and legal claims for defamation, fraud, and privacy violations. Unfortunately, cybersecurity insurance can be difficult and expensive to secure.
Providers require the adoption of preventative measures in return for more coverage and base premiums on an insured’s level of self-protection. In fact, they often require that their policy holders enact strict cybersecurity postures to obtain and maintain coverage at all. This may include multi-factor identification, back-up encryption, endpoint protection, and more.
Instituting a strict security posture may seem like an arduous process. The good news is that it can be done with the right tools and help. Partnering with an IT managed service provider (MSP) experienced in cybersecurity and threat mitigation, like BBH Solutions, can go a long way toward making cybersecurity insurance easier to obtain and less of a financial burden.
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