SME Cyber Insurance
With the average cost of a ransomware attack now well above $1Million, Cyber Risk Insurance is becoming a must have for most Small to Medium sized Enterprises (SMEs).
At the same time, insurers are raising the bar ever higher. A necessary response to the rapidly increasing losses Insurers have been sustaining.
Does your business:
- mandate use of 2 factor authentication for all user accounts and VPN access?
- train all staff on cyber risks and how to prevent them?
- have a Business Continuity / Disaster Recovery Plan?
- have an Incident Response Plan that covers response to Ransomware attacks?
- have a Privacy Management Plan?
- have a Privacy and Data Retention Policy?
- have end point protection in place for all devices?
If you answer “No” to any of these questions, you may not be able to get cyber insurance at all or may be offered very unfavourable terms such as a high excess and high premiums.
Putting in place the necessary controls can be both difficult and expensive for many SMEs as many of our customers have already found out. For example, most pricing for end-point protection technology like Carbon Black, Crowdstrike or Sentinel One have minimum licence counts and are tailored for larger organisations.
But it needn’t be difficult, or even expensive.
JB Cyber has recently invested considerable time and effort researching and testing the best and most cost-effective control options for SMEs. For a small upfront fee JB Cyber will:
- advise your IT department or MSP on the end point and two factor
technologies required and how to implement them
- help you to establish security policies appropriate to your organisation
- provide templates for your Incident Response Plan
- provide tailored and cost-effective Cyber Awareness training to your staff, and
- when you think you’re ready, run a Penetration Test to confirm that the controls are
in place and working.
Regardless of whether you require Cyber Insurance or not, these steps will leave your organisation substantially better prepared to survive and respond to an attack.
Call us for more information on how we can help.