October 21, 2020 | By stephen

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What Cybersecurity Insurance Is And How Managed IT Helps You Avoid It

• Cybersecurity

Internet-based technology and cloud technology influence how businesses operate today. However, the web also opens up new surfaces for cyber-attacks. No matter if hackers, nation-states, or ordinary criminals cause breaches in your business IT security, the result could be data loss, a dent to business credibility, or even physical damage to your IT infrastructure.

Depending on your exposure level, we can design a risk management plan to cover web filtering, email support, cloud support, and spam filtering. We will let you know the risks you can avoid, control, accept, or transfer. Cyber insurance comes into play in cases where you need to transfer risks that you cannot control.

Why Cybersecurity Insurance Is Important

Cybersecurity insurance, also known as cyber liability insurance coverage (CLIC), helps your organization mitigate exposure to risk by covering any costs resulting from a cyber breach or a similar security event. An example is Beazley’s InfoSec policy¹, which helps mitigate the following effects on your business:

• Investigation: A breach requires a forensic examination to establish what happened and how to repair the damage. ²
• Business losses: Your cyber insurance policy could cover financial losses due to business interruption, network downtime, crisis management costs, and data recovery.
• Privacy and notification: Notification of the data breach to affected parties and customers.³
• Lawsuits and extortion: Legal expenses related to the release of intellectual property and confidential information.

How LeadingIT’s All-Inclusive Cybersecurity And IT Support Helps You Avoid Insurance Costs

Cybersecurity insurance is an essential cover that helps your business avoid liability claims from your customers or partners in case of a breach. However, many cybersecurity insurance carriers do not pay out larger claims, particularly if they can prove that the business had inadequate protection in the first place. For this reason, LeadingIT provides IT support and security services to ensure that your business can operate without cybersecurity insurance or can make claims in case of an unlikely breach.

The key benefits of our managed cybersecurity and IT support service include:

1. Dedicated security specialists
   Our specialists help you to identify network vulnerabilities and allow you to respond quickly to incidents. Our swift response helps to stop a cyber-attack from escalating and helping you avoid having to make a claim to your insurer.
2. Affordability
   There is a high demand for cybersecurity professionals, and, as a result, they command high salaries. For a small or mid-sized company, this could put an in-house data security team out of reach. However, we provide an affordable, multi-tiered solution backed by our experienced professionals.
3. Up-to-date technology
   Staff using their devices at work or working from home means more endpoints to assess ongoing monitoring and security. We have the expertise to keep up with evolving technology, and the extra attack surfaces these devices expose.
4. Compliance
   A key reason for cybersecurity protective measures and insurance is the need for regulatory compliance. From the EU’s GDPR to various U.S. state regulations, our team will give you the confidence that your technology infrastructure is up-to-date, and any personally identifiable information is secure.
5. 24/7 support
   One of the crucial things we pride ourselves on at LeadingIT is our high customer service and technical support level. Our dedicated team ensures that no incident goes unnoticed, lowering the possibility of downtime and reducing the knock-on effect on your other business operations.

Let Us Secure Your Business From The Damage A Cyber Attack Can Cause

Technology is challenging, and you cannot know all the answers. This situation is where our managed services come into play. We provide the cybersecurity services you require to help you stop worrying about hackers and concentrate on your business’s success.

About LeadingIT

LeadingIT offers 24/7, all-inclusive, fast, and friendly technology and cybersecurity support for nonprofits, manufacturers, schools, accounting firms, religious organizations, government, and law offices with 10-200 employees across the Chicagoland area.

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Sources:

¹https://www.insurancejournal.com/news/international/2020/07/22/576429.htm

²https://www.riskmanagementmonitor.com/the-benefits-and-limitations-of-cyberinsurance/

³https://www.finance-monthly.comhttps://www.goleadingit.com/the-pros-and-cons-of-cyber-insurance/