If you’re a company with valuable data and a large investment in your information technology infrastructure, you might be wondering how to add protection. After discovering cybersecurity insurance and IT security solutions, you might be tempted to pick one over the other, but they are both extremely important to the well-being of your business. Today, we’re going to explain the benefits and coverage of each, show you why they work best in tandem, and help you find the best cybersecurity solutions for your company.
What is Cybersecurity Insurance?
Cybersecurity insurance is a safety precaution put in place to provide financial protection for the impact of a security breach or cyber incident. If data is lost, cyber liability insurance helps cover costs associated with data recovery, potential fees, fines and business interruption. Just like home insurance covers in case of a fire or other damage, cybersecurity insurance helps cover lost data expenses. That way, if the unexpected happens, you’re fully prepared—and your investments are protected.
Cybersecurity insurance helps cover:
- Data recovery if lost or stolen
- Loss of income due to cybersecurity event
- Legal expenses after a security threat occurs
- Reputation damage repair
- Consumer payments after a breach
- Cyber extortion and fraud
- And more
Essentially, cybersecurity insurance is the coverage needed to sustain your company after a cyber attack, breach, lost information, and more. Having insurance helps lessen the expense on your company if something happens—and even the largest, most lucrative corporations are still susceptible to cybersecurity threats.
What is IT Security?
Whereas cybersecurity handles the post-crisis affairs, IT security handles the pre-crisis portion of things to minimize the risk of threats. IT security is the best solution for preventing breaches, lost information, and threats to your company’s data.
An information technology security team goes over your system routinely to ensure everything is updated, the proper security measures are in place, and someone actively checks your network to ensure any problems are fixed as soon as possible.
IT security helps protect your data by:
- Enhancing network security
- Completing routine updates for a stronger system
- Protecting from malicious attacks and activities
- Preventing unauthorized access to data
- Backing up data and providing cloud security
- And more
Oftentimes, companies use a managed service provider (MSP) for IT security needs because it's an affordable and straightforward way to get necessary protection. A managed service provider (MSP) or fractional IT services are often ideal for organizations as they provide access to a highly skilled IT expert and ensure your business benefits from expert guidance for a fraction of the cost of hiring someone full-time.
Why Businesses Need Cybersecurity Insurance and IT Security
While it may seem like a better idea to choose one over the other to save on expenses, knowing why businesses need cybersecurity insurance and IT security is crucial. On their own, they are extremely helpful in protecting your assets, but together, they provide the perfect cybersecurity blanket. IT security protects your data and network to prevent anything bad from happening while cybersecurity insurance protects your company if something manages to slip through your security. That way, you’re protected on all sides. It’s also important to be aware that there is a good chance that you will be unable to qualify for a cyber insurance policy without having the appropriate security controls in place.
Where to Find Cybersecurity Insurance and IT Security
If you’re wondering where to find cybersecurity insurance and IT security, our team at Premier IT can help with the IT security and MSP part of things and our expert techs can help you find insurance, as well. Reach out to us today to speak with an IT professional and safeguard your data.
Premier IT is a Minnesota based managed IT services provider with a dedicated IT support team that manages all your technology needs. We pay attention to the details so you can focus on what you do best. We provide technical consulting, hosted infrastructure, computer & network support, security, Microsoft support, repairs, network monitoring and more. If your small business needs reliable technical support, contact our team of experienced technicians and engineers.