Cyber crime is a major threat to businesses, costing the global economy over a half a trillion a year according to insurer Allianz. Because criminal hackers are so proficient and because computer systems are so central to business, some analysts predict insurers could soon face catastrophic losses. Many businesses are looking to cyber security insurance to mitigate some of the damages and insurers report that business is booming.
Insurance can help protect businesses from the losses associated with a cyber security breach, but it is not a silver bullet. Some policies don’t insure against the latest scams — many insurers can’t keep up with the risks. And, insurance can’t protect against damage to your business’ reputation. When data is breached, it is breached. You can’t put that genie back in the bottle.
The absolute best protection against cybercrime is to put the proper cyber security controls in place to begin with. In fact, businesses may not be able to purchase protection unless they do these 3 things first:
- Determine your cyber risk profile
- Implement proper cyber security protections and protocols
- Educate employees on cyber security awareness
ACE IT Solutions can help businesses put these cyber controls in place. Contact us at 646.558.5575 to set up a cyber security consultation and discuss what steps your business need to take in order to ensure proper protection against cyber crime.