As a small to medium-sized business (SMB) owner, you understand the importance of safeguarding your company against a cyberattack. However, while many SMB owners find value in a cyber insurance policy, far too many prioritize price over protection when considering cyber insurance coverage.
Unfortunately, a crucial aspect often overlooked by SMB owners regarding cyber insurance coverage is the availability of 24/7 incident response teams provided by top-tier underwriters. The significance of having cyber insurance coverage that includes an incident response team can’t be overstated. The pivotal role of incident response teams has become essential and should be part of every business owner’s decision-making process when securing a cyber insurance policy. Here’s why.
The value provided by 24/7 incident response teams
The support and response provided by a typical cyber insurance claim process differ greatly from that of an incident response team. Operating separately from the claims department and typically at no extra charge, these highly specialized teams are trained to assess issues specifically and aid in bringing a breach quickly to a closewith as little damage as possible.
When a cyber incident is detected, a response team immediately steps into the role of crisis manager. Coordinating with multiple stakeholders, such as information technology teams, legal and public relations experts, and other resources, the team gets to work to resolve the issue at hand. Once the incident has passed, the team takes an active role in cleanup and remediation efforts, helping get the business back up and running as quickly as possible.
In many cases, legal teams are brought in on behalf of the business and may also contract with a forensics investigation firm. These firms prepare a comprehensive cybersecurity forensic evidence report that reconstructs digital events to identify vulnerabilities. A forensic report can also trace the origin of the incident, providing evidence for legal proceedings by identifying perpetrators and their motives and building a solid case for the prosecution.
A cyber insurance policy that provides your business with a dedicated 24/7 incident response team can make a significant difference in the outcome of a cyberattack by offering:
- Immediate access to a team of cybersecurity experts. If an incident occurs, you have highly experienced specialists capable of handling a wide range of cyber threats who are ready to go to work for you.
- Quick response to an incident. Cyber insurance incident teams know that the longer it takes to respond to a potential issue, the worse the situation can become and the more difficult it will be to control.
- Increased damage control. The ability to quickly respond to an incident can help mitigate the impact of a loss, saving your business a significant amount of money.
- Post-incident recovery and restoration. Response teams will rapidly assist your business in returning to normal operations by working hard to recover and restore systems and data as soon as possible after an incident.
- Proactive cyberattack prevention. In addition to responding to incidents, teams can help you better prevent a cyberattack by identifying your business’s potential risk exposure and developing a plan for preventing future incidents.
For SMB owners like you, maintaining an in-house cybersecurity team can be cost-prohibitive. Securing cyber insurance coverage that includes a dedicated and robust incident response team ready to go to work for you is a more budget-friendly solution. This can make a significant difference in the outcome of an incident, safeguarding your business’s financial security and good reputation while ensuring continuity.
About eSpecialty Insurance and Bob Sargent, Founder & CEO
eSpecialty Insurance was established to revolutionize the customer journey in specialty insurance. With years of experience in addressing unusual, complex, and challenging cyber exposures as both an underwriter and a broker, Bob and his team help SMBs (like yours) secure comprehensive insurance solutions at competitive rates.
To learn more, email [email protected] or call (435) 252-1077.