Cetrom Support fixed all of my problems, their engineers are very professional, courteous, friendly and very efficient. If all customer service out there was like this, it would be a better world...- Mid-sized
As a result of numerous cyber attacks on businesses and organizations, cyber insurance rates have skyrocketed. Recent reports show that the number of claims filed in 2020-2022 has increased significantly. As a CPA firm, you may wonder how to protect your business from cyber risks without breaking the bank. One solution to this problem is outsourcing your IT security to a reliable IT security provider.
Cybersecurity insurance is designed to protect businesses from cyberattacks and related risks. CPA firms can benefit from both first-party and third-party coverage provided by cybersecurity insurance.
Understanding the benefits of cybersecurity insurance and what it includes is crucial in determining the best way to protect your CPA firm in case of a cyberattack.
CPA firms face a range of privacy and exposure risks due to frequent and expensive cyberattacks. However, having a solid cybersecurity insurance policy can help mitigate these risks. Such approaches can offer protection against privacy liability, system failures, cyber extortion, business interruption, fraud, reputational harm, and data breaches, which can compromise the personal information of clients and employees.
In addition, some cybersecurity insurance policies may cover the cost of providing credit monitoring services to affected clients. Another risk exposure that covers cybersecurity insurance is ransomware attacks or denial-of-service attacks, which can cause significant financial losses. It's crucial for C-suite executives to carefully review the policies offered by cybersecurity insurance companies, as these policies can vary significantly.
The cost of cybersecurity insurance is determined by several factors, including the type and size of the company, its location, existing security measures, and the level of coverage and deductible.
A nationwide study found that cybersecurity insurance premiums ranged from $650 to $2,357 annually, based on moderate-risk companies with a million-dollar liability limit and a $10,000 deductible. Insurers consider the nature of the business, the number of sensitive records stored, and whether credit card or banking information is stored when determining the cost of cybersecurity insurance.
The location of the business also impacts the cost of insurance. The average monthly premium for cybersecurity insurance is increasing due to ransomware attacks and data breaches. Existing security measures are reviewed during the application process, and insurers may question applicants on their cybersecurity protocol.
Strong cybersecurity measures are crucial to protecting CPA firms from cybersecurity threats. Specialized IT service providers can offer effective cybersecurity solutions and strategies to help protect against potential threats.
Outsourcing your IT security to a reliable provider can help you save money on cyber insurance. Outsourcing your IT security is an excellent solution to protect your business from cyber risks without breaking the bank. By reducing the risk of cyberattacks, improving compliance, and responding quickly to cyber incidents, you can minimize the likelihood of filing a claim on your cyber insurance policy, which can translate to lower insurance premiums.
Cetrom is an IT cloud-based security system provider focusing entirely on providing cybersecurity solutions for CPA firms. With a multi-level approach to cybersecurity, Cetrom helps prevent, detect, and combat even the most challenging cybersecurity threats. Its state-of-the-art security technologies can help prepare CPA firms to qualify for vigorous cybersecurity insurance coverage.
Cetrom Support fixed all of my problems, their engineers are very professional, courteous, friendly and very efficient. If all customer service out there was like...- Mid-sized