Cybercrime has soared greatly in recent years, and in 2022 it is more rampant than ever. With technology advancing at an unprecedented rate, and businesses increasingly reliant on its usage, this upward trend of cybercrime is only expected to continue…
Implementing strong cyber security solutions is essential but cannot guarantee that your business will be fully protected. No business is safe from the risk of a cyberattack, but with cyber security insurance, you can protect yours.
‘What is cyber security insurance?’
Cyber security insurance is a form of cover that a business can obtain to protect themselves from a cyberattack or data breach when sensitive customer information and data is stolen.
As most businesses are now investing in their cyber security, you may ask ‘do I need cyber security insurance’, but in the current cyber threat environment where cybercrime is so rife, leaving your business without security insurance is not a risk worth taking. Global cyberattacks increased by 28% this third quarter compared to 2021 – an average of 1,130 attacks per business worldwide every week. So, when you question, ‘do I need cyber security insurance?’, the answer is straightforward, ‘yes’.
‘Why do I need cyber security insurance?’
In the modern digital age, organisations are increasingly reliant on IT infrastructure to carry out their business operations. While this provides undoubted benefits, it also exposes businesses to risks. If these risks are not taken into consideration, many devastating repercussions could follow. With cyber security insurance, you can cover any financial losses and keep your business protected; without it, you could fall victim to a devastating attack with unsurmountable financial consequences. While BITS can provide your business with Cyber security solutions to help minimise the impact of an attack, we know that having Cyber security insurance is another layer of support for business if and when your business defences are breached.
‘How do I get cyber security insurance?’
Business owners and managers report having difficulty understanding cyber security and knowing what solutions to implement and how. That is where BITS can help. Cyber security insurance underwriters usually require detailed information of the IT setup within the business. By conducting a cyber security audit, you can gain insights into your potential vulnerabilities and answer any insurer’s questions with confidence.
A cyber security audit is a comprehensive analysis of a business’ IT infrastructure that detects vulnerabilities and threats before enforcing the appropriate policies and procedures to protect the organisation. Protecting organisations against data breaches and privacy violations, conducting a security audit will identify and address any weaknesses so that businesses can mitigate risks and enforce appropriate measures of defence. Audits are staple to any secure cyber defence plan and will aid your insurance application process. Additionally, our security audit will answer all the questions asked within the insurance underwriter’s form, making it simple for you to get cyber security insurance for your business.
Cyber security insurance: partnering with BITS
At BITS, we will conduct your cyber security audit for you, helping you to streamline the cyber security insurance application process. We have many years of experience supporting customers with their security defences and will ensure your audit is conducted by our experts in the field. Via a thorough analysis of your systems, our comprehensive cyber security audit will provide you with an in-depth overview of the status of your IT security and identify vulnerabilities across your IT infrastructure. This will strengthen your security posture and streamline your cyber security insurance process.
With BITS, it’s never been easier to ensure your business is safe. No longer question, ‘do I need cyber security insurance’, but rather partner with BITS to get started on your cyber security insurance application process. To start strengthening your security defences and obtain cyber security insurance for your business, book your cyber security audit today.