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Prevention is better than cure, when it comes to cyber security.

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Cyber insurance: why protection is better than a payout

First and foremost the disclaimer: Optimus Systems isn’t an insurance broker, so to ensure your business insurance needs are covered, speak to your insurance specialist.

What we do know about is technology and cyber security

And we know that 60% of small businesses go out of business within 6 months of a cyber attack. (Source: The Insurance Council of New Zealand.)

That statistic is in line with our 16 years’ experience in IT. After all, data is the lifeblood of most businesses, so if you lose your data, you essentially lose your business. It’s very hard to recover from that.

So to us it makes sense to take every measure possible to avoid losing your data – rather than buying a cyber insurance policy. An insurance payout is surely cold comfort when you’ve lost all your data.

What would it mean for your business, if you lost all your data?

Have a think for a moment, what it would mean for your business to lose all of its data. In many cases, this would include:

  • Staff unable to work and perform their duties – yet you still have to pay their wages, despite your entire team not being productive, for days or possibly weeks.
  • As well as desktop computers and laptops not working, mobile phones and tablet devices would be useless too, as the security on those would be compromised. So you would be very limited in your ability to call on your team, contractors, suppliers, and also your customers.
  • Your company’s inability to deliver products or services to clients means lost sales now, and possibly in the future. Your customers may have no other option but to call on your competitors – and they may just continue to use them.
  • The hacker may make your data publicly available, which compromises your organisation’s credibility in the most serious way of all.
    Damage to your brand could be long-term or permanent.

Wouldn’t it be better to avoid this nightmare scenario altogether, rather than relying solely on an insurance payout?

The good news is that we can provide you with very comprehensive cyber security protection

Before you spend a cent on cyber insurance, please take a good look at your cyber security measures, because prevention really is better than an insurance payout.

And if your business holds confidential client data, keeping that information away from hackers is crucial. There is the risk of clients taking legal action against you if you did not take all reasonable steps to keep their data secure.

Optimus Systems is currently recommending a 3-tier approach to cyber security, to ensure that your systems are protected at every level:

  • Desktop security layer
  • Backup security layer
  • Network security layer.

You can be assured that we’re also doing everything possible at our end to protect our clients, and that includes continually researching the newest technology to ensure we’re offering the best cyber protection possible.

Are you wondering how your existing cyber security stacks up?

The first step is to check how your existing cyber security stacks up, and then identify any possible gaps.

Optimus Systems offers a free cyber security audit – contact us on 0800 359 933 to arrange yours.

Of course, if you still want to take out cyber insurance after that, that’s completely up to you, but please protect your data first and foremost.