The Worst Advice We’ve Ever Heard About Cyber Insurance

What Advice Have You Been Given About Cyber Security?


In the modern world of business, digital interactions are integral to virtually every aspect of the operation. Therefore, ensuring that those systems are safe is vital. While installing the right security features should be top of the agenda, cyber insurance is an equally common and crucial asset to possess.

Unfortunately, a lot of companies and contractors still fail to make the most of it. In many cases, it’s because they listen to some ridiculous excuses for not having it. Here are four pieces of advice that you may have heard – and should disregard entirely.

Small Companies Needn’t Worry

Whether you’re a contractor or a small business owner, it may be tempting to believe that hackers won’t bother attacking your systems due to their small size. After all, the potential rewards for those hackers are far smaller than if they were to infiltrate a global giant. Right? Wrong.

Studies show that over 60% of all commercial cyber hacks hit businesses with under 1,000 employees. So, even if you’re company employs just a small number of people, you’d be a fool to assume that it won’t come under threat. If anything, hackers may think it’s easier to gain access.


The Company’s Systems Are Watertight

Prevention is the best form of protection, and its great news that you’ve taken the necessary steps to ensure your firewalls and data encryption are up to scratch. Nonetheless, if the systems of TalkTalk and the NHS can be infiltrated, there’s no doubt that yours can be too.

Modern hackers are smarter than ever and constantly develop new ways to bypass security measures. Cyber insurance might not prevent this from happening, but it’ll allow you to respond in the fastest and most effective fashion. Even if your security is good, it’s better to be safe than sorry.

Cyber Security Insurance Is A Wasted Expense

Paying a monthly premium for a service that you’ll hopefully never use may feel like a waste of company funds. In reality, this business expense is a drop in the ocean compared to what you’ll spend in other areas. More importantly, it could save you thousands should the worst occur.

Even if a breach of cyber security doesn’t happen, you’ll find that the plethora of other benefits will make it a worthwhile investment. Clients and employees will be in a position to place greater trust in the brand, which can aid both productivity and revenue. Financially, cyber insurance is essential.

The Repercussions Of Aren’t That Bad

Depending on the nature of your business, it may even seem as though the potential fallout out of a data hack won’t be that severe. Sadly, even if the immediate damage doesn’t feel overly significant, the problems for the company reputation will be severe. Moreover, it can last for years.

Getting yourself covered with the right insurance quote helps you limit the damage to restore normality as quickly as possible. The sooner you can put the ordeal in the past, the better. If you’re ever going to stop cyber attacks causing major disruption, being protected is a must.

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