Hi Small Business Owners, welcome to this edition of "Lies they Believe", and "The Truths, I Know"
In this video we will seek to uncover a common cybersecurity misconception I hear when I speak to Small Business Owners.
"Number 2 - Darryl - Cybersecurity insurance is too expensive, and we don’t need it"
"But you see, that just isn't the truth. The TRUTH IS, having cybersecurity insurance or not, many times is the difference between remaining in business or having to close shop permanently. Its critical to understand that cybersecurity insurance and EO/General Liability insurance are not the same thing.
Take this real world example, in 2023, I was contacted by a company out of Ottawa who found out the hard way that their General Liability Insurance did not cover Ransomware. After paying the ransom, and spending over 100 thousand dollars to have their servers and data restored, they discovered their insurance company was no longer willing to offer them cybersecurity insurance at all.
Folks, with cyberattacks on the rise daily, insurance companies are having to control their losses, as a result they've become increasingly strict in what they are willing to pay out, and most importantly the security controls they expect YOU to have in place if they are to pay out your claim at all.
To find out more information on this topic and other cybersecurity recommendations, visit our website at mydware.com, or, contact us to get your complementary cybersecurity risk assessment today!
