What is Cyber Insurance?
The insurance industry has not always embraced innovation. For a business whose products are inherently complex, it’s a difficult position to defend – especially for cyber insurers. Darkside has partnered with Cysurance, who developed a simple, technology – enabled platform offering all the coverages a growing business needs for one low price.
Cyber insurance covers online and IT-related exposures created by cloud computing, the Internet of Things, artificial intelligence, online commerce, mobile devices social media and more. And since 60% of small businesses shut down within 6 months of a cyber-attack, a cyber insurance policy may prove invaluable.
The Growing Market & Need For Cyber Insurance
A ransomware attack can be initiated by any of your employees (including Janice from accounting), from any endpoint, anywhere in the world and cripple your systems in seconds. Having a Cysurance Complete policy in place won’t prevent an attack or hack, and it’s not meant as a replacement for the policies, procedures & controls you’re meant to have in place.
We also understand that not every online attack is preventable. So if your cybersecurity defenses fail somehow, we will take care of the aftermath like paying for all the stuff that you really don’t expect, like paying a ransom and restoring your computers.
A process designed to set risk management and risk transfer parameters to ensure recovery in the event of a compromise. By integrating cyber insurance with cybersecurity and compliance, MSPs can leverage technical knowledge and existing products to support their customers in accurately and confidently completing insurance attestations, ensuring coverage for first-party and third-party losses AND regulatory fines and compliance costs.
- Cybercrime will inflict $6 trillion in damages annually by 2021.
- More than 58% of phishing attacks are launched against organizations with fewer than 250 employees.
- 67% of SMBs have suffered a cyber attack in the past 12 months.
- More than half (54 percent) of businesses believe a cyberattack or data breach is inevitable but nearly half of companies continue to operate without cyber insurance.
- Cyberattacks tripled among small businesses and rose 100 percent and 74 percent among medium and large businesses, respectively, from 2015 to 2019, but 49 percent of businesses still do not have cyber insurance.
Integrating Cyber Insurance as a Service
There is currently no cybersecurity product or service available that can guarantee 100% protection for your network. Your vulnerabilities can be quickly exploited by cyber criminals.
If your data is stolen and misused, there are fines & penalties that could prove even more crippling to your business than a potential ransomware attack. Data recovery is expensive.
Darkside Cyber Insurance as a Service (CIaaS) is designed for businesses like yours. Our offering is designed for small businesses and covers you for incident response, digital data recovery, business interruption, ransomware, social engineering & more.