While it may be 2018, there is still no 100% security, which is why stopping an attack early is crucial. Though when unknown security flaws often lay dormant for years, its become more of a question of how does your company know what it doesn’t know? For instance, take the recently discovered Spectre and Meltdown security flaws which were dormant for almost 20 years before security researchers independently found them within a few months of each other. How could your company have known about these flaws? Even with the hundreds of thousands of dollars a year your company may spend on its cyber and data security, there would have been no way of knowing.
That’s where the value of cyber insurance comes in. Sure, companies still purchase cyber insurance to protect sensitive data, whether its customer PII, PHI or third-party IP. However, more companies have begun purchasing cyber insurance to cover what it doesn’t yet know about.
Today, it is more crucial than ever to make sure your company has cyber insurance in place. And the reason this is important is because all companies are going to suffer an attack at some point. Today there are two types of companies – one has cyber insurance, and is proactively prepared to take on their cyber attack or breach response when it happens. The other type of company has no cyber insurance, and has no clue what to do when an attack or breach happens. Which company do you think is going to fare well in the eyes of its customers? Regulators? Congress?
Make 2018 the year your company steps up its cyber and data security, and finally buy or read that cyber insurance policy so that when your cyber attack or data breach happens, you’re ready to respond with the help of an experienced team of experts, and an incident response plan in hand.