Cybersecurity: Virtual Threats, Real Solutions

Styles of digital threats have evolved and will continue to grow, morph, and repeat. Businesses benefit by working with experts who take a holistic approach to cybersecurity, from helping them qualify for the right level of insurance and maintaining it, to identifying and dismantling threats to help reduce the need to file a claim. Learn more about cybersecurity insurance and how i4DM is uniquely positioned to help your business in this ever-changing landscape.

Why Cybersecurity Insurance is Imperative
The global cost of digital attacks is predicted to surge from $9.22 trillion in 2024, to $13.82 trillion by 2028. Businesses and industries of all sizes view cybersecurity insurance as a vital part of their operation. It helps protect your business from known and unknown threats and risks that result in significant costs such as ransom, remediation, downtime, and damage to the brand and reputation.

Cybersecurity Requirements: What Providers Look For
i4DM experts have a thorough understanding of the types of risk assessments conducted by insurance providers. We help ensure that your business is ready to meet the requirements to qualify for — and maintain — the proper levels of cyber insurance.

Just some of the requirements include:

  • Strong Security Controls: Providers want to know that you maintain measures to protect your systems and sensitive data, including protection from internal threats. If your workforce is hybrid or remote, providers will want to see that you have implemented policy controls based on risk, context, and user role.
  • Multifactor Authentication (MFA): Second-factor tools like biometric authentication reduce the risk of unauthorized access and demonstrate to providers that you have considered situations where passwords alone may not provide enough protection.
  • Incident Response Plan: Providers will certainly want to see how your company plans to manage a cybersecurity incident, from detection, response, and recovery. Part of your plan should include evidence of regular testing, maintenance, and updates based on the evolution of the cyber threat landscape.

Two Types of Cybersecurity Coverage: First-Party and Third-Party
While we go beyond the essentials and provide comprehensive services to safeguard your organization from the unthinkable, cybersecurity insurance is essential to your business continuity plan. As your trusted partner, we will work with you and your provider to determine the coverage you need.

First-Party: This type of cyber coverage protects data, including that of your employees and customers. It usually covers business costs that relate to: Legal counsel; recovery and replacement; customer notifications and help center services; lost income; crisis management; cyber extortion; breach investigation; related fees, fines, and penalties.

Third-Party: This type of cyber coverage generally protects you from liability if claims are made against you by a third party. Coverage can include payments made to affected consumers; claims and settlement expenses; losses related to defamation, copyright, or trademark infringement; costs for litigation; accounting costs; and any additional costs related to damages, settlements, and judgments.

How i4DM Can Help with Your Cybersecurity Insurance Needs
Types and levels of cybersecurity insurance differ based on the data kept and used by your business. Our services go beyond meeting regulatory requirements. We help assess and identify the proper cyber insurance for your business needs while taking the necessary steps to reduce the likelihood that you’ll need to file a claim. The i4DM experts are there to tackle the complexities of cybersecurity and cybersecurity insurance every step of the way so you can focus on the success of your business.

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