Why Cyber Insurance Is Crucial For Vancouver Island Businesses

Cyber Insurance On Vancouver Island

Written by Daxter Granlin

November 14, 2022

Why Cyber Insurance Is Crucial For Vancouver Island Businesses

Key points in this article:

  • Cybercrime is so prevalent that cyber insurance has become a necessity
  • Qualifying for cyber insurance can be difficult if you don’t have the right cybersecurity standards
  • Daxtech IT Solutions will manage your security and insurance policies to ensure you get a payout when you need it

Why Vancouver Island Businesses Need Cyber Insurance

What do you know about cybersecurity insurance? Do you know whether your Vancouver Island business needs it?

Start with the basics in our latest video:

YouTube video

What Vancouver Island Business Owners Need To Know About Cyber Insurance

The cybercrime landscape is getting more unpredictable and complex every day. Cybercriminals are finding more effective ways to infiltrate business networks and steal critical business data—but you already know all this.

There’s not much point in the “doom and gloom” cybercrime discussion anymore, because it’s so common and well understood. The fact is, the global cybercrime industry is booming—by the end of last year, it was estimated that cybercrime caused up to $6 billion in damages alone.

Cybersecurity insurance is a relatively new type of protection designed specifically to help cover the potentially massive expenses associated with an unavoidable data breach. It can be a worthwhile investment, so long as you know how it works.

The ongoing threat of cybercrime has led businesses to consider cybersecurity insurance as a final layer of reassuring protection.

In fact, it’s becoming more and more necessary, as many insurance providers have begun drawing a clear line between normally covered losses, and those incurred by cybercrime-related events.

Do You Actually Need Cybersecurity Insurance?

In short? Yes. While you may not be required by the law to have cybersecurity insurance. However, certain compliance regulations, depending on the industry, do recommend it. Cybersecurity insurance policies are offered by a variety of insurers and policy prices and exclusions vary widely among different providers.

Odds are, it’s more likely you’ll need cybersecurity insurance in one form or another at some point, which is why it’s wiser to invest now. At the very least, you should get a quote on a policy so you can make a properly informed decision.

Why Does Your Vancouver Island Business Need Cyber Insurance?

According to Security Magazine, the average cost of a data breach for a small business is $36,000 to $50,000. Not to mention the lost productivity and reputational damage to your company.

Of course, this number is much greater when we look at large successful businesses. Here are the stats:

  • 90% of cybersecurity incidents can be traced back to human error
  • The average cost of a data breach is $3.86M
  • 60% of breached companies go out of business within half a year of a cyber incident

In light of this, business owners have started investing in cyber insurance coverage to keep them protected against these types of expenses.

Cybersecurity insurance is protection designed specifically to help cover the potentially massive expenses associated with an unavoidable data breach. It can be a worthwhile investment, so long as you know how it works.

How Daxtech Helps Vancouver Island Businesses With Cybersecurity Insurance

Application Management

We can manage the questionnaire on your behalf, identifying any areas that require changes in order to help you qualify for a policy, or even a lower insurance premium.

Cybersecurity Remediation 

We make necessary modifications and changes that cost as little as possible. In many cases, it’s simply a matter of developing the right documentation or changing settings in your systems to comply with your carrier’s cybersecurity standards.

Additional Resources

We offer templates for cybersecurity management policies and statements of operations so that you don’t have to start from scratch.

We’ll Make Sure Your Claim Is Approved

Vancouver Island Businesses that work with Daxtech IT Solutions can rest easy knowing they’re covered even if a breach occurs. Our proactive cybersecurity support, combined with our cyber insurance policy management will ensure that you will encounter absolutely zero issues when submitting a claim.

Cybersecurity Insurance Support For Vancouver Island Businesses

Meeting the stipulations laid out by cybersecurity insurance providers may not be easy depending on the state of your cybersecurity posture. Daxtech IT Solutions can help you improve your approach to cybersecurity.

Our team provides cybersecurity and technology services for organizations like yours—we are available to help you develop a robust cybersecurity defense.

We can advocate your qualification to qualify for a policy and minimize the chance that you’ll have to make a claim on your cybersecurity insurance. Get in touch with our team to get started.

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