Insurance can often seem like a necessary evil at best and a drain of valuable & limited financial resources at worst. However, running an organization hoping the worst will never come true is bad business planning. So, responsible Middle Market companies judiciously insure areas of business, so they are adequately protected. One area of insurance you may not have considered yet is Cyber Insurance. While not a brand-new insurance product, it also isn’t considerably widely known about or used.
In your company, you’ve likely taken steps to protect your infrastructure and data, but who is protecting your organization? Is it time to think about Cyber Insurance?
Why Middle Market Firms Should Look At Cyber Insurance
Incidences of cybercrime are more commonplace, attacking industries that in the past were seemingly untouchable. Additionally, they are racking up larger than ever tabs to mitigate and repair damages. Studies have indicated Middle Market organizations may be a favorite target. As you’ve grown into the Middle Market, it may have become harder to control data integrity. You may have more vendors and people accessing your hardware, software, and even your buildings. Lastly, the impact of a data breach or major security incident could be significant enough to financially drain your organization or tarnish your reputation almost permanently. While larger competitors have legal teams, PR managers, and budgets to help get them out of a nightmare cyber attack situation, could your Middle Market company survive with what you currently have in place?
What To Consider When Your Middle Market Organization Looks For Cyber Insurance
As with any other form of protection, doing a bit of research and homework can not only keep you informed, it can save you headaches and money. Knowing what you most likely need to be covered for, what you can afford and a bit about some of the key players in the Cyber Insurance industry is a good place to start. While comprehensive insurance plans can seem the best route to go, you may be paying a lot for coverage you don’t need. Think of it like carrying flood insurance on a house in the middle of a desert. Yes, it could get flooded, but it would be almost statistically unlikely to happen. Talk with your IT team, CIO, Board of Directors or Advisors and as many mentors and industry counterparts as possible when formulating your decision.
One thing to certainly include is first-party and third-party coverage. In very simplistic terms, first-party covers the organization’s costs of the breach and third-party covers if any suits are brought against your organization by customers or employees due to loss of data.
As our world continues moving further into the digital realm, it is vital your Middle Market organization is fully protected. Cyber Insurance is another form of protection you should at least consider.
So, what’s in the Mighty Middle Market for me? – get it right now at www.Go4ROI.com