Even if you have the best possible cybersecurity plan available, a company is only ever as secure as its weakest link. No matter how much training you offer, it will always be possible for an employee to accidentally click a dangerous link or open a dangerous attachment and compromise a company’s network. With this ever-present risk in mind, cyber insurance is here to help mitigate and reduce the costs associated with cyber breaches. Cyber insurance is not only for large companies either; in a press release written by the Small Business Committee, it was reported that in 2016, 60% of all targeted attacks struck small and medium sized entities and also a staggering 60% of these small businesses closed within 6 months. No matter the size of your business, you can benefit from having a cyber insurance plan that will rectify any losses incurred in cyber attacks.

Cyber insurance is coverage for cyber and cyber-related assets, like the loss of corporate intellectual property or data due to a ransomware attack. It’s not unlike the same insurance you would get for the destruction of corporate offices or buildings due to a natural disaster or an arson attack. Cyber insurance can cover many costs associated with breaches, including specific types of breach attempts such as social engineering or ransomware. Ultimately, the key to getting the most out of a cyber insurance plan is knowing your company’s needs and which of them to prioritize; this will allow you create the most effective and cost-efficient cyber insurance plan with your broker.

At Intellectmap, we’re able to offer you premium cyber insurance consulting that’s tailored especially for you and your business. We provide guidance throughout each stage of the process, from start to finish. If you already have a plan, we’ll evaluate it to make sure it is the optimal plan for your business. If you don’t, we will work with brokers and underwriters to select the best policy for you. We will also analyze your cyber security posture and determine which areas need coverage the most, what limits make the most sense for your business, and what factors may disqualify you from coverage – the information you need to know to get the most out of your plan.