Regardless of the size of your company, your organization is at the mercy of your security. Have you had a risk assessment lately? Do you have legacy technology lurking in your systems that may not be up to the task of protecting you against today’s threat actors? If so, it is just a matter of time before your systems are compromised.
This is especially true if you are presently relying solely on a firewall and/or anti-virus. That is, of course, a good start but you really shouldn’t stop there.
The idea that you can “set and forget” your security settings is alluring and very dangerous. With all of the complexities of today’s infrastructure, the process of securing your systems is one that will be ongoing – largely because the evolution of new threats is ongoing, and you should budget for that reality.
Complexity aside, there is a solid approach to take as you evaluate your risk. Begin your cybersecurity assessment with how you are protecting your network at the edges first, before moving on to your internal network. Your security really needs to be multi-level and it’s wise to obtain the help of a professional.
When is the best time to get Cyber Insurance?*
There can be severe consequences to not having an effective cybersecurity posture. Insurers have taken note of the true risks, and are now requesting evidence and validation from their policyholders to prove their cybersecurity adequacy to minimize their own exposure. So, the best time to get cyber insurance is … before you get hacked. This may seem obvious but if you put it off and you get hacked, not only will you spend thousands of dollars recovering (if you don’t go out of business), now you also won’t be able to get insurance.
Balancing Liability and Security
This is yet another case in support of a strategic cybersecurity approach because the cyber insurance companies will base your risk on how well you’ve secured your infrastructure. Here you don’t want to be less than truthful because if you get hacked and your infrastructure doesn’t match what you said you had in place – guess what? The insurance company won’t have to cover you.
SRS can help you determine the level of protection your organization truly needs to achieve a sound balance between your risk and your protection without breaking the bank. It all starts with the SRS Workscope and you won’t find a better, more cost-effective approach to protecting your data and systems.
Ready to talk? Get in touch.
*SRS does not sell cyber insurance but does have significant experience working with cybersecurity liability insurance firms. Our insights can save you many hours in identifying the firm that can provide the right coverage at the right price for your business.
