Are you covered if you have a Claim? Strengthen your Security and Protect your Organization.

With the increased risk of cybersecurity attacks against devices, networks, applications, and end users, cyber insurance is essential for all companies. The cost of a cyber-attack is more than a financial one, it can lead to loss or theft of data, loss of customers, loss of your reputation, and possibly your business. In 2020, threat actors caused $7 billion in damages to SMB companies, and that number is on the rise and will exceed $28 billion by 2025.

As a C-Level Executive, Director, or Manager, you must develop an overarching Cybersecurity plan and budget. Many companies are spending between 5% and 20% of their IT budget just on Cybersecurity, and it's worth every penny.

Who needs cybersecurity insurance?

The answer is Every Business needs it! As more companies and people are mobile and working on internet-based platforms, threat actors have more available targets, and the SMB market is ripe for the picking. If your business stores private or sensitive information online or on a computer, whether it's customer information, credit cards, financial statements, proprietary product information, or personnel information, you are a target, and your commercial liability policy may not protect you even though you think you are covered. Why is that? Well, your commercial cyber security policy requirements change throughout the term and with your annual renewal. Below are several items that are covered, and if you do not maintain Insurance Compliance, things the criteria that may get you a denial of claim in the event of a breach:

 Can your claim be denied? The answer is 100%, YES!

Like any other insurance policy, some stipulations could lead to a denied claim. We've seen a rise in claims being denied across the SMB businesses for these reasons: 

• Failure to maintain/follow ongoing program or minimum standards
• Discrepancies, errors, or ambiguity in completing the initial risk assessment
• The initial compromise occurred prior the purchase of the policy
• Ransomware perpetrated by nation-state actors

What should you do?

	First, form a security team, develop a plan, budget, and funding, and deliver the solutions to protect the business.
	Second, obtain the proper coverage or audit your coverage to ensure the business complies with the policy requirements.
	Third, utilize the experts in this field. ICG's Cyber Security Services allows us to fit where you need us: as little or as much as you prefer. See ICG's NINE things you must be doing to protect your business.

Creating safeguards to protect yourself and your business is essential, but having a safety net could mean the difference between surviving or not when the worst-case scenario happens. ICG is here to ensure your business has the proper protection from cyber-attacks and that your cyber plan secures your business.