cybersecurity insurance

Take a Deep Dive into Cybersecurity Insurance

Most modern businesses rely on technology in order to meet their clients’ needs and operate at their best. But participating in the digital landscape can put businesses at risk from cyberattacks; no one business is immune, and it can happen when you least expect it. How do you protect your business from suffering from financial risks related to these cyberattacks? There are two ways: a strong security posture and coverage when you need it the most. That’s where cybersecurity insurance comes into play.

An emerging industry, cybersecurity insurance is a form of insurance that can help mitigate the financial risks of a cyberattack. Like your everyday car insurance, you can pay a monthly fee and the policy purchased can help relieve some of that risk to the insurer.

You’ve realized that cybersecurity insurance sounds like a potential fit for your business needs, but you aren’t too sure where to start. Have no fear – let’s take a deeper look into what is covered and the various insuring agreements that cybersecurity insurance has to offer.

Five Insuring Agreements and What They Mean to You

#1 – Network Security

For those companies who are subject to information and privacy risks, network security coverage is a beneficial agreement to look into. This aspect of cybersecurity insurance coverage will help protect your business if your network security fails. This can include data breaches, malware infection, ransomware, and other related cyberthreats.

#2 – Privacy Liability

Like network security, privacy liability coverage is beneficial for companies who store a lot of private information and are subject to privacy risk. Employee and customer information can be sensitive to violations and breaches, which could potentially expose and threaten your business's reputation. This aspect of cybersecurity insurance coverage can help protect your company from any breach involving the leak of sensitive information like financial or medical records.

#3 – Network Business Interruption

Would you say that your business is dependent on technology? Network business interruption offers companies protection against operational cyber risk, whether from failed software patches or security failures like third-party hacks.

#4 – Media Liability

Not many companies think of media liability as a needed coverage. However, this form of cybersecurity insurance coverage allows for the protection of intellectual property infringement.

#5 – Errors & Omissions

One of the most popular forms of cybersecurity insurance coverage, E&O addresses the event of a cyberattack that could keep you from fulfilling your contractual obligation to your customer. In the result of a claim of negligence, you can rest assured that E&O can include legal defense costs or provide compensation to a disgruntled customer.

You Know the Basics of Cybersecurity Insurance...What Now?

Cybersecurity insurance can help provide your business with a little extra protection, but are your cybersecurity solutions in a good place to qualify for coverage? Here at MSPName, our team is ready to help you make sure your cybersecurity processes, standards, and plans are in top shape. If a cyberattack does occur, you can rest assured that you are protected. Talk to a specialist today to learn more about how our services can help bolster your cybersecurity solutions. Let’s get you on track to a better tomorrow.

Looking to learn more about cybersecurity insurance and other cyber tips? Check out more of our blogs in our resources section

Check out our past blogs and contact a member of our team to learn more about disaster recovery and other great cyber tips.

disaster recovery

Disaster Recovery vs. Business Continuity: What's the Difference?

When it comes to the livelihood of your business, you probably have some measures in place to make sure your business can withstand a disaster. That’s where business continuity and disaster recovery plans come into play. These plans are critical to the survival of your business, which is why they’re so important to have.

However, there are still businesses who don’t have any precautions in place. According to a survey by Mercer, 51% of businesses don’t have any kind of business continuity plan in place. The same can be said for disaster recovery. As a business owner, you need both a business continuity and disaster recovery plan, but what’s the difference between the two? In this blog, we will explain each type of plan and how they differ.

The Differences Between Them

#1 – When the Plan Takes Place

The first key difference between business continuity and disaster recovery is when each of them can be enacted. When it comes to business continuity, the plan is focused on both preventive and recovery steps and can take place before or during a disaster. Disaster recovery is more specific. This plan takes place after a disaster occurs. Business continuity is the bigger picture of making sure your business continues to run, and disaster recovery is one of the pieces of that big picture.

#2 – What Each Plan Involves

Different from business continuity plans, disaster recovery plans involve a variety of strategies from safety procedures to data backup procedures. For disaster recovery, there are a few elements that go into the plan. Some of the elements include:

  • Creating a disaster recovery team
  • Assessing all the risks
  • Determining your critical business procedures
  • Creating your backup and offsite procedures

A business continuity plan is a bit broader, since it covers everything about your business. Some common elements of a business continuity plan include:

  • An analysis of all your critical business functions
  • Identifying potential threats
  • Developing strategies to avoid risks
  • Contact information for key and emergency personnel

#3 – They Have Different Goals

The goals between the two plans are a bit different. For business continuity, the primary goal is to make sure that your business can run during a disaster. Some other objectives are to reduce the financial loss and make sure critical services are uninterrupted. As for disaster recovery, the primary goal of the plan is to minimize the amount of downtime and data loss you experience. Establishing alternate ways to operate your business and complying with regulations are other objectives of a disaster recovery plan.

How Do Business Continuity and Disaster Recovery Work Together?

They both help businesses prepare for the worst. Together, their purpose is to make sure your business can bounce back from disruptions and continue to be successful. When you don’t have a business continuity and disaster recovery plan, you leave your business vulnerable to disasters – and several other issues that eat into your organization’s productivity. Consider this: the Federal Emergency Management Agency found that 40% of businesses never reopen after a disaster. So it’s important that you account for how you will recover when an issue does arise.

We know everything from disaster recovery to business continuity can be overwhelming. Instead of stressing over these plans, leave it to the IT experts. Here at Della Technology Solutions, our experts are ready to tackle your IT concerns so you can focus on what matters – your business.

Check out our past blogs and contact a member of our team to learn more about disaster recovery and other great cyber tips.