If a data breach is just a matter of when, then the question I’d like to pose is — when it happens to your company, will it be prepared? And, how will it respond?
Cyber crime rates are growing at astonishing numbers, while companies are beefing up their cyber security budgets buying what’s become an endless number of options all deemed to be the latest and greatest security systems. Yet, breaches continue to happen “unexpectedly” to companies with security in place that failed to prevent the breach. Many breaches are lurking in company networks right now that have not yet been found being that the company does not know about it… yet! According to one report it can take as many as 146 days for a data breach to be discovered, or in some cases, years. The recently reported Yahoo breach went undetected for two years.
One Presidential candidate stated during the first 2016 Presidential debate that “security is hardly doable.”
Nevertheless, media headlines continue to prove that cyber security and the lack of it does not prevent a data breach. Indeed, companies still must have cyber security and those that lack it, will surely be penalized by regulators and in addition, cyber insurance carriers. Companies are flocking to purchase cyber insurance in what’s certainly become a “seller’s market.” While cyber insurance carriers are becoming very selective in who they will insure, companies that are looking to purchase a cyber insurance policy are eager to learn what measures they can take to reduce their cyber insurance premiums.
As an experienced cyber insurance brokerage with extensive cyber insurance expertise, Cyber Data Risk Managers is highly sought out by companies looking to purchase cyber insurance. Many companies often start with their current insurance broker, only to end up frustrated and dissatisfied due to their broker’s lack of cyber insurance knowledge and experience. This is why working with a specialist cyber insurance broker, such as us, should be a company’s first and last stop. Cyber insurance coverages, conditions and exclusions are complex and vary greatly by insurance carrier. Working with a specialist cyber insurance broker helps save the company time and money and nonetheless, provides the company with the cyber insurance help and experience they’re yearning for.
If a data breach is just a matter of time, when it happens, one of the first questions that company management and its board will be asking is “How will our cyber insurance policy respond?”
Besides the rare cyber insurance experience and expertise that Cyber Data Risk Managers offers to companies looking to purchase cyber insurance, our team has experience helping our clients with their cyber insurance claims. We help guide our clients when a security or data breach incident happens. When one happens to your company, you deserve to have an experienced broker on call to help facilitate your company’s cyber insurance claim.
If a data breach or security incident is just a matter of when, then I personally welcome your company to reach out to me for help with navigating and purchasing cyber insurance before (or after) your incident happens. This way when your incident happens, your company will have an experienced broker on call to help facilitate the company’s cyber insurance claim. Request your cyber insurance quote today.