This is often the first question security experts ask companies that don’t invest in cybersecurity insurance (aka cyber liability). Much like a homeowner who couldn’t afford to replace their entire property after a fire, organizations must determine what they’d do if a cyberattack decimated their business.

Are there funds to repair the damage? What’s the daily cost of downtime? Would the company go out of business?

What it comes down to is risk tolerance: How much risk can you take on based on the budget for security insurance vs. how much you could lose in breach?

Enter cybersecurity insurance.

Depending on the provider and policy, this type of insurance could:

• Reduce the financial risks of cybercrime.
• Protect against the cost of cyberattacks.
• Pay for forensic mediations.
• Mitigate reputational damage.
• Promote a resilient digital environment.
• Pay ransoms.

Adversaries are often government employees

Forget about the lone wolf hacker in the hooded sweatshirt. Today’s prominent adversaries are primarily government-appointed hacker organizations from other countries. Experts often point to nation-state operations from Russia, China, Iran and North Korea.

We’re talking large, legal operations in large buildings. (At least, legal in that region.) Hacker employees receive government-issued paychecks to instigate cyberattacks on other nations, demand ransom payments and collect private information for their governments’ gain.

“Honest” hackers

Is there such thing as an “honest hacker” and is the term itself an oxymoron? As odd as it sounds, there’s some truth to it, at least in terms of what victims can expect. It’s important to keep in mind that adversaries treat hacking like a business. Therefore, they operate in a way that will most likely keep the money coming in.

For example, let’s say a hacker organization steals a company’s secret data and demands a ransom in order to return it. If the victim company doesn’t believe paying the ransom will result in the safe return of their data—often based on past behaviors—why would they pay it? Therefore, “honest” hackers actually follow through with their promises once ransom is collected. Many even accept PayPal, Venmo, Bitcoin and other mainstream, convenient payment methods.

Policies are hard to get (it’s all about controls)

If cybersecurity insurance doesn’t feel like an everyday conversation to you, it’s for good reason. Our experts, based on hundreds of discussions with end customers, estimate that only 30% of them currently have cybersecurity insurance.

Cost is the obvious factor here, but policy writers demand a lot of the organizations that apply for insurance. After all, with cyberattacks at an all-time high, it’s not if but when a company will be targeted.

It’s a rigorous process. But worth it if risk tolerance is a factor.

Underwriters will often refuse insurance to companies that haven’t strengthened their security with these controls:

• Multifactor authentication (MFA) for admin/privileged controls and remote access
• Endpoint detection and response (EDR)
• Backups that are secured, tested and encrypted
• Privileged access management (PAM)
• Email filtering and web security

5 key reasons why end customers buy insurance

Solution providers selling cybersecurity need to know the main drivers for their customers. Here they are:

1. Malicious activity: Recent incidents or cyberattacks recently experience.
2. Compliance: New regulations, partner requirements, audit failure or assessment gaps.
3. Security dissatisfaction: Cybersecurity dysfunction from cost, complexity or noise.
4. Resource constrained: Talent/expert shortage, lack of 24/7 coverage.
5. Cyber insurance gaps: Reduced coverage, increased rates or ransomware carveouts.

How Ingram Micro can help with insurance prep

Ingram Micro does not provide cybersecurity insurance, but rather helps get organizations to the point where they can be considered by underwriters.

With several years of cybersecurity experience, our highly certified security experts can customize training to fit an organization’s needs. We attack the global problem from multiple angles, including:

• Penetration testing: Leverage early in the process to evaluate the effectiveness of your customers’ existing security networks.
• Compliance assessments: Test the strength of customer security controls against sophisticated attacks.
• Professional installations: Help your customers upgrade to safer technologies—on time and on budget.
• Managed security services: Offer subscription or software-based services that manage and monitor logs, devices, clouds, networks and assets for threats.

Want to discuss insurance, penetration testing or other security issues? Follow the link below to start the conversation.

This is often the first question security experts ask companies that don’t invest in cybersecurity insurance (aka cyber liability). Much like a homeowner who couldn’t afford to replace their entire property after a fire, organizations must determine what they’d do if a cyberattack decimated their business.

Are there funds to repair the damage? What’s the daily cost of downtime? Would the company go out of business?

What it comes down to is risk tolerance: How much risk can you take on based on the budget for security insurance vs. how much you could lose in breach?

Enter cybersecurity insurance.

Depending on the provider and policy, this type of insurance could:

• Reduce the financial risks of cybercrime.
• Protect against the cost of cyberattacks.
• Pay for forensic mediations.
• Mitigate reputational damage.
• Promote a resilient digital environment.
• Pay ransoms.

Adversaries are often government employees

Forget about the lone wolf hacker in the hooded sweatshirt. Today’s prominent adversaries are primarily government-appointed hacker organizations from other countries. Experts often point to nation-state operations from Russia, China, Iran and North Korea.

We’re talking large, legal operations in large buildings. (At least, legal in that region.) Hacker employees receive government-issued paychecks to instigate cyberattacks on other nations, demand ransom payments and collect private information for their governments’ gain.

“Honest” hackers

Is there such thing as an “honest hacker” and is the term itself an oxymoron? As odd as it sounds, there’s some truth to it, at least in terms of what victims can expect. It’s important to keep in mind that adversaries treat hacking like a business. Therefore, they operate in a way that will most likely keep the money coming in.

For example, let’s say a hacker organization steals a company’s secret data and demands a ransom in order to return it. If the victim company doesn’t believe paying the ransom will result in the safe return of their data—often based on past behaviors—why would they pay it? Therefore, “honest” hackers actually follow through with their promises once ransom is collected. Many even accept PayPal, Venmo, Bitcoin and other mainstream, convenient payment methods.

Policies are hard to get (it’s all about controls)

If cybersecurity insurance doesn’t feel like an everyday conversation to you, it’s for good reason. Our experts, based on hundreds of discussions with end customers, estimate that only 30% of them currently have cybersecurity insurance.

Cost is the obvious factor here, but policy writers demand a lot of the organizations that apply for insurance. After all, with cyberattacks at an all-time high, it’s not if but when a company will be targeted.

It’s a rigorous process. But worth it if risk tolerance is a factor.

Underwriters will often refuse insurance to companies that haven’t strengthened their security with these controls:

• Multifactor authentication (MFA) for admin/privileged controls and remote access
• Endpoint detection and response (EDR)
• Backups that are secured, tested and encrypted
• Privileged access management (PAM)
• Email filtering and web security

5 key reasons why end customers buy insurance

Solution providers selling cybersecurity need to know the main drivers for their customers. Here they are:

1. Malicious activity: Recent incidents or cyberattacks recently experience.
2. Compliance: New regulations, partner requirements, audit failure or assessment gaps.
3. Security dissatisfaction: Cybersecurity dysfunction from cost, complexity or noise.
4. Resource constrained: Talent/expert shortage, lack of 24/7 coverage.
5. Cyber insurance gaps: Reduced coverage, increased rates or ransomware carveouts.

How Ingram Micro can help with insurance prep

Ingram Micro does not provide cybersecurity insurance, but rather helps get organizations to the point where they can be considered by underwriters.

With several years of cybersecurity experience, our highly certified security experts can customize training to fit an organization’s needs. We attack the global problem from multiple angles, including:

• Penetration testing: Leverage early in the process to evaluate the effectiveness of your customers’ existing security networks.
• Compliance assessments: Test the strength of customer security controls against sophisticated attacks.
• Professional installations: Help your customers upgrade to safer technologies—on time and on budget.
• Managed security services: Offer subscription or software-based services that manage and monitor logs, devices, clouds, networks and assets for threats.

Want to discuss insurance, penetration testing or other security issues? Follow the link below to start the conversation.

This is often the first question security experts ask companies that don’t invest in cybersecurity insurance (aka cyber liability). Much like a homeowner who couldn’t afford to replace their entire property after a fire, organizations must determine what they’d do if a cyberattack decimated their business.

Are there funds to repair the damage? What’s the daily cost of downtime? Would the company go out of business?

What it comes down to is risk tolerance: How much risk can you take on based on the budget for security insurance vs. how much you could lose in breach?

Enter cybersecurity insurance.

Depending on the provider and policy, this type of insurance could:

• Reduce the financial risks of cybercrime.
• Protect against the cost of cyberattacks.
• Pay for forensic mediations.
• Mitigate reputational damage.
• Promote a resilient digital environment.
• Pay ransoms.

Adversaries are often government employees

Forget about the lone wolf hacker in the hooded sweatshirt. Today’s prominent adversaries are primarily government-appointed hacker organizations from other countries. Experts often point to nation-state operations from Russia, China, Iran and North Korea.

We’re talking large, legal operations in large buildings. (At least, legal in that region.) Hacker employees receive government-issued paychecks to instigate cyberattacks on other nations, demand ransom payments and collect private information for their governments’ gain.

“Honest” hackers

Is there such thing as an “honest hacker” and is the term itself an oxymoron? As odd as it sounds, there’s some truth to it, at least in terms of what victims can expect. It’s important to keep in mind that adversaries treat hacking like a business. Therefore, they operate in a way that will most likely keep the money coming in.

For example, let’s say a hacker organization steals a company’s secret data and demands a ransom in order to return it. If the victim company doesn’t believe paying the ransom will result in the safe return of their data—often based on past behaviors—why would they pay it? Therefore, “honest” hackers actually follow through with their promises once ransom is collected. Many even accept PayPal, Venmo, Bitcoin and other mainstream, convenient payment methods.

Policies are hard to get (it’s all about controls)

If cybersecurity insurance doesn’t feel like an everyday conversation to you, it’s for good reason. Our experts, based on hundreds of discussions with end customers, estimate that only 30% of them currently have cybersecurity insurance.

Cost is the obvious factor here, but policy writers demand a lot of the organizations that apply for insurance. After all, with cyberattacks at an all-time high, it’s not if but when a company will be targeted.

It’s a rigorous process. But worth it if risk tolerance is a factor.

Underwriters will often refuse insurance to companies that haven’t strengthened their security with these controls:

• Multifactor authentication (MFA) for admin/privileged controls and remote access
• Endpoint detection and response (EDR)
• Backups that are secured, tested and encrypted
• Privileged access management (PAM)
• Email filtering and web security

5 key reasons why end customers buy insurance

Solution providers selling cybersecurity need to know the main drivers for their customers. Here they are:

1. Malicious activity: Recent incidents or cyberattacks recently experience.
2. Compliance: New regulations, partner requirements, audit failure or assessment gaps.
3. Security dissatisfaction: Cybersecurity dysfunction from cost, complexity or noise.
4. Resource constrained: Talent/expert shortage, lack of 24/7 coverage.
5. Cyber insurance gaps: Reduced coverage, increased rates or ransomware carveouts.

How ChoiceCom Networks and Communications Ltd can help with insurance prep

ChoiceCom does not provide cybersecurity insurance, but rather helps get organizations to the point where they can be considered by underwriters.

ChoiceCom partners with cybersecurity experts to bring you years of experience to the table, our collaboration with highly certified security experts can customize training to fit an organization’s needs. We attack the global problem from multiple angles, including:

• Penetration testing: Leverage early in the process to evaluate the effectiveness of your customers’ existing security networks.
• Compliance assessments: Test the strength of customer security controls against sophisticated attacks.
• Professional installations: Help your customers upgrade to safer technologies—on time and on budget.
• Managed security services: Offer subscription or software-based services that manage and monitor logs, devices, clouds, networks and assets for threats.

Want to discuss insurance, penetration testing or other security issues? Follow the link below to start the conversation.