A cyber threat used to be seen as a rare event that only ever happened to organisations with vast financial resources. Today, that is simply not the reality facing European businesses.
In fact, the latest research shows that there has been a 44% year-on-year increase in the exploitation of public-facing systems. In addition, the same study demonstrated that 56% of disclosed vulnerabilities happened because there was no authentication in place, therefore exposing businesses to possible attack.
Preparing for a cyber attack to take place at some point in the future is a sensible part of business planning. Investing in protective cyber insurance is a key aspect of this strategic work, as doing so can help reduce the impact of a damaging cyber incident.
In this article, we explore how cyber attack insurers protect businesses both during and after cyber incidents with preventative and advisory actions.
Contents
- How cyber attack insurers protect businesses.
- What is a cyber insurance provider’s role during and after an incident?
- Support your business with GasanMamo cyber protection insurance.
How cyber attack insurers protect businesses
In summary, a cyber attack insurance provider who is experienced in the field will be able to help your business protect its financial health and stability if a cyber event occurs.
There are a number of areas a professional cyber insurance provider can support your business if you undergo a cyber attack:
- Response
Any cyber event needs to be followed up by a rapid response. This will help minimise the damage inflicted in terms of confidential information loss and system vulnerability.
An experienced cyber insurer will be able to offer a range of response options for your business, such as investigation expenses, legal and regulatory guidance or crisis management advice.
- Recovery
The recovery of stolen data is of fundamental importance to an enterprise, especially in our digital age. A proactive approach involves the restoration of lost data, the rebuilding of inflicted systems and the ability to bring business operations back on line as soon as practicable.
- Mitigation
When a cyber attack happens, it’s likely that all normal business has to stop. This is because systems or networks have been made vulnerable or sensitive information has been breached.
Mitigation is essential in this environment, with a cyber insurer coming on board to support the interruption of business with loss of profit assistance or to aid with the increased costs of working during this period.
Learn more in our guide: Cyber attacks and business risk: Is insurance worth it?
What is a cyber insurance provider’s role during and after an incident?
A cyber insurance provider will typically have a variety of roles to play during and after a cyber incident within your enterprise. A knowledgeable insurer should maintain the ability to be a financial safety net, but this is not all they can do for your business.
An adept insurer will also be an active incident response partner as they immediately act to stem the damage caused by a cyber incident. This could take the form of a rapid triage as they provide round the clock support to connect you with IT experts and legal representatives who can help you potentially control the threat.
An experienced cyber insurance provider should also be a partner when it comes to offering preventative and advisory guidance. This could be through their comprehensive policy terms, where you can find areas that could be vulnerable within your business that require strengthening.
Post incident, you could find that you have much more insight into cyber exposure as a result of your time with a cyber insurer and after receiving their expert advice. This can help you plan better for future events, helping to take actions that could make your systems more robust and resilient to upcoming threats.
Browse more information in our article: Why cyber protection insurance is growing in importance for SMEs.
Support your business with GasanMamo cyber protection insurance
With decades of insurance insight and expertise, GasanMamo is ideally placed to support your business with Cyber Protection Insurance. Our policy is designed to give your organisation complete peace of mind by providing powerful financial protection and immediate expert support when a cyber incident strikes.
From rapid breach response to data recovery, business interruption cover, ransomware protection and regulatory support, this policy ensures your business stays resilient, secure and ready to recover quickly from the unexpected.
Our cyber insurance policy is competitively priced. Ready to protect your whole business, our friendly team of experts who know the insurance industry inside out offer insurance solutions that help your organisation to thrive.
Discover more details about your cyber protection options in our Cyber Insurance section or get in touch with our team for a chat.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.
