How To Respond to a Cyber Attack – The Importance of Cyber Insurance
Cyber Attacks are more of a reality than just a possibility. On average, over 43% of cyber-attacks target small businesses, and the average cost of a data breach is a staggering $9.4 million in the United States. Now, with the growing costs of your own business, it would be impossible to bear the costs on your own, which is why, having a robust response strategy and Cyber Insurance is essential.
If you are under a cyber-attack, the first thing that you need to do is:
1. Stop the Spread & Assess the Damage
Disconnect all affected devices from your network, and immediately isolate them, as keeping them connected for longer could spread damage. Once isolated, do a quick run-through and check which data, systems, or operations have been impacted, whether sensitive information has been exposed, and realize the intensity of the damage.
2. Notify Key Parties & Engage Experts
Take all your stakeholders, employees, and team members into the loop. Transparency should be your first value in the case of a cyber-attack, and if client information is compromised, inform them at the earliest. It is also crucial to keep experts in the loop, hence, if you have Cyber Insurance, immediately inform your agent so that he can file a claim and seek help from the relevant Insurance Carrier, if not, contact cybersecurity professionals. They will help you manage the breach, identify vulnerabilities, and restore systems.
Would Cyber Insurance Really Help?
Cyber Insurance would remove half the sweat in case of a cyberattack. With regulatory fines averaging around $1.7 million per breach, hundreds of thousands of dollars for data recovery, and compliance with notification requirements can cost from $50,000 to $1 million depending on the scale of the breach, how could it not help?
Insurance is your safety net, and with Cyber Insurance, you would entirely be covered against Data Recovery Costs, Legal Fees, and Notification Costs. Additionally, Insurance would also help you recover the damages made to your reputation by supporting PR efforts.
At Professional Liability Insurance Group, we realize the exorbitant cyberattack costs and the mental stress that comes along with it and are happy to be of help. With over 27 years of experience, we specialize in providing tailored Cyber Insurance solutions that cater to your specific needs. We Are Here to Protect You Better!
Call or Text us at 1 (877) PLIG-123
That’s 1 (877) 754-4123
