While many SMBs may think they don't have to worry about cyber insurance, they could be setting themselves up for a costly or even fatal failure, CyberPolicy CEO Keith Moore said.
CyberPolicy helps companies of all sizes develop a cybersecurity program beginning with selecting the appropriate tools before moving on to purchasing a proper policy.
Often the process begins with a conversation about the risks, Mr. Moore said, as many are not aware of them. That was the case of for a bed and breakfast in California whose owners were randomly targeted by hackers who emailed cancellation notices to their reservation base citing a fictitious bed bug infestation. By the time the error was discovered and addressed the owners suffered damaging losses.
That takes care of œBut my business is small - "why would they target me?" question, but there is another area of they must consider and that is their relationship with business clients and how they connect with them online. As more companies link invoice and remittance systems with each other in increasingly global supply chains, each and every participant must ensure their information is secure and they are not letting viruses and other threats into their supply chain. The infamous Target data breach began via an HVAC vendor, for example.
We look at 'plan, prevent and insure', Mr. Moore said. œWe're not just selling insurance, we're giving an opportunity to create a cybersecurity plan.
And with more than 700 different classes of insurance CyberPolicy helps businesses of all sizes develop an appropriate type of policy for a business of their size and type. A small bakery needs different coverage than an Amazon vendor, who needs different coverage than a larger enterprise linked to dozens of others through its supply chain.
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