There are countless horror stories pertaining to what can happen without cyber insurance, but one in particular, occurring just last year, served as a warning sign for many companies. The Florida water system hack was not the first occurrence of a water system being hacked, but it was the first time one had been held for ransom.
In 2021, Florida’s water system was in danger when hackers began accessing their commonly used commercial application that’s used by team members to access each other’s desktops. The hackers demanded a ransom in order to restore the system, causing panic and fear among residents as they were unsure if their water was safe to drink. The Florida water system did not have cyber insurance and ended up settling with the hackers for an undisclosed amount. This nightmare shook a lot of businesses into rethinking their processes and protections.
As made evident by this example, cyber insurance is often overlooked, but it can protect your company from hacks, data breaches, and other cyber attacks. There has never been a better time to invest in cyber insurance as new threats from cyber criminals arise regularly.
Don’t let your business become a horror story. Get ahead of it while you can.
How Does Cyber Insurance Protect You?
Not only does cyber insurance protect your company financially, it also shows clients and customers that you take their safety and security seriously.
One statistic reported by the Stastia Research Department states how the average amount caused by a data breach in 2022 in the US has grown to over 9 million dollars. The reported global cost per data breach exceeds 4 million dollars per incident. Investing in cybersecurity has never been more critical than it is today.
Making this investment reduces the cost that cyber attacks can have on your company in the long run. This includes:
- Cost of notifying clients and customers about a breach
- Coverage of any legal fees that may arise from a cyber attack
- Assistance with restoring your business’s reputation after a hack or breach
- Help with recovering lost data
Investing in this service is less costly than running the risk of suffering the consequences that come without having it. Not only does it protect your business from possible costly damage, but it can also protect your reputation as well.
How Can Stasmayer Help?
Stasmayer has 19 years of experience in the technology industry, and we know how to support your company with customized and comprehensive cybersecurity needs. With 21 awards and worldwide recognition, we understand what it means to keep cybersecurity infrastructures protected. We offer services like cybersecurity, system monitoring, and of course, expert guidance whenever you need it. This drastically helps when applying for and renewing your cyber insurance policy.
The best way to combat cybercrime is to partner with a managed IT services company like Stasmayer. We don’t want you to become the next victim in a horror story, partner with us today and we can introduce you to the right people in this field.