Just like how technology has become more accessible and scalable for SMBs around the world, so too have the tools used by cyber criminals. SMBs in Alberta and Edmonton face a growing threat landscape, with cyber-attacks becoming more sophisticated and frequent, the question isn’t if your business will be targeted, but more of a question of when!
Cyber insurance is a popular and increasingly essential piece for businesses’ risk management and peace of mind. But should your business in Alberta, Edmonton, or perhaps elsewhere invest in cyber insurance? In this guide, we’ll give you insight into the cyber insurance landscape and offer guidance for your business.
What is Cyber Insurance and how does it work?
Cyber insurance is designed to protect businesses from the financial repercussions of cyber-attacks, incidents, and data breaches. Unlike traditional insurance policies, cyber insurance can also cover costs related to first-party and third-party claims, including data recovery, legal fees, customer notification, and costs associated with responding to cyber incidents.
Given that business and crime are continuing to become cyber in their nature, cyber insurance is becoming an increasingly essential solution for businesses. However, one barrier stopping them is high premiums, risks of not getting payouts due to discovered non-compliance with policies, and a lack of documentation and proof of a robust cyber security posture that leads to missed opportunities for coverage offers and lower premiums from insurers.
The Essential Aspect of Cyber Insurance for SMBs
It’s still common for some SMBs to believe they’re less likely to be targeted compared to large corporations, but like many things, the truth is counter-intuitive. SMBs are attractive targets due to their typically lower cyber security preparedness and cyber security hygiene. This can spring from a lack of internal IT expertize and resources.
Cyber insurance acts as a safety net for SMBs as it offers a lifeline of financial stability and support in the aftermath of a cyber incident, and when it’s combined with a robust cyber security plan and defenses, it minimizes premiums, and the risk of attacks and the non-payout of policies.
Drawbacks to Cyber Insurance for SMBs
SMBs can’t necessarily afford to splash their cash; in principle, there isn’t a big reason to not get cyber insurance, except that it can be too expensive! Costs are rising because of rising cyber threat risks, combined with the inability of many insurers to validate the cyber security posture of businesses. This is leading to higher premiums and non-payouts, but this can be prevented.
Cyber Readiness with Tier3 IT: Superior Cyber Security with Cyber Insurance
We’re helping businesses in Alberta and Edmonton to maximize their security and tap into the best cyber insurance coverage around by elevating their cyber readiness, serving as a link between a robust internal cyber security posture and eligibility for lower premiums, giving you the best of both worlds. Find out more by booking a consultation with us.
The Role of Phishing Attacks and Ransomware Trends
Phishing attacks and ransomware attack trends are big factors behind the impetus for cyber security and cyber insurance for businesses around the world. So much so, that user awareness training and email security are both key pieces for securing your business, and lower cyber insurance premiums.
How can this be? Because these two forms of attack are the most common today, but also because the vast majority of cyber incidents are actually connected to user errors! Securing these two factors can clear the prohibitive pricing barriers that SMBs can face when they’re looking for cyber insurance.
The Surprising Role of Cyber Security Companies Today
IT support and cyber security companies like ourselves at Tier3 IT, are helping businesses to get the best of both worlds: assured cyber security alongside more competitive and reliable cyber insurance coverage. These companies can help you address cyber risk, maximize cyber hygiene, and document these proven defenses into your insurance applications.
The Benefits of Cyber Insurance
Cyber insurance preserves the financial and operational continuity of your business, serving as a final (when policies are followed) reliable net of defense for you. The process of getting cyber insurance in and of itself can encourage you to lower your risk profile by considering your cyber security; with the right expertize at hand, this can be a fast and smooth process for your business.
In Conclusion: Get Cyber Insurance and Secure Your Business!
We do think every business should ideally have cyber insurance, but we also understand that there are barriers that get in the way. So for us, our answer is ‘yes!’, and to overcome the barriers in your way, we suggest investing in your cyber security.
This is even more essential than cyber insurance, and once your business is secure, it removes the barriers to better cyber insurance deals too. Our team is passionate about helping businesses in Edmonton and Alberta get cyber secure; if you’d like a hand with securing your business and access to a cyber insurance policy that works for you, get in touch with Tier 3 IT today.
Tier 3 IT Solutions – Your Premier IT Support Provider in Edmonton
Looking for top-tier IT support in Edmonton, Alberta? Look no further than Tier3 IT Solutions. As the foremost IT support company in the region, we specialize in delivering tailored solutions designed to address the specific requirements of businesses in Edmonton and beyond. Our seasoned team of technicians is dedicated to providing prompt help desk support and maintaining a proactive stance towards IT management.
At Tier3 IT, we understand the importance of a robust technology infrastructure for your business. That’s why we offer a comprehensive suite of services ranging from network monitoring and cybersecurity to cloud solutions and data backup. With Tier3 IT at your side, rest assured that your technology needs are in capable hands.
Experience unmatched reliability and efficiency with Tier3 IT Solutions. Contact us today to learn more about how we can elevate your IT experience in Edmonton and propel your business forward.
