Cyber Insurance Services
Ransomware attacks spiked in October 2023 and the number of organizations affected by ransomware in October 2023 was 66% more than a year earlier.
(Symantec, 2023)
In 2023, the global average cost of a cyber-attack was reported to be $4.4M.
(PwC’s 2024 Global Digital Trust Insights survey)
More than half of all cyberattacks are committed against small-to-mid-sized businesses (SMBs), and 60 percent of them go out of business within six months of falling victim to a data breach or hack. (Cybercrime Magazine)
- Cost and coverage of Cyber insurance is based on the security requirements you have in place
- Cyber insurance covers you however you get hacked (Ransomware or Breached)
- Pays to get your systems restored (when possible), or replaced, so you can get your business back up and running
- Covers the cost of lost revenue while your business is down
- Helps pay to harden your systems, reducing future attacks
- Drastically reduces liability from exposed confidential data
- Helps remediate your reputation
- Protects you from the cost of damages to third parties
Now that you can see some of the advantages of cyber insurance, who should you select? As with anything, not all providers are the same. Through our partnership with NJ Cyber Insurance Group, Datastream, BMT is able to refer services to a trusted provider. As a broker, Datastream will assess your situation and put together a package that best meets the needs of your organization.
Things to Consider When Choosing a Cyber Insurance Provider
SOME DO NOT PROVIDE OR RECOMMEND THE RIGHT COVERAGE
When considering cyber insurance, you need to make sure it covers the most common problems including breach, ransomware, cyber-crime, cyber terrorism.
NOT ALL CARRIERS HELP YOU AVOID A BREACH
They don’t do a proper analysis in advance of your potential problems, do not provide security awareness training, a risk reduction plan, or proper information.
MOST DO NOT PROVIDE IMMEDIATE HELP
Most insurance companies do not know your business, and require you to hunt for an approved security expert if a breech occurs.
DON’T RECOMMEND OR LEVERAGE EXISTING CYBERSECURITY TOOLS
You need tools that will be effective in preventing and responding to New Jersey cyber attacks, plus FAST expert help, from someone who knows your business, and IT systems.
MOST DO NOT HAVE ANY SOURCES TO HELP FIX YOUR BREACH
Some will pay to replace, but do little to help you recover (which is the greater loss)—and most don’t even know who can help you.
