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Cybercrime continues to rise, threatening businesses across various industries. Certified Public Accounting (CPA) firms are prime targets for cyberattacks, because of the personally identifiable information and financial records they possess. With the ongoing evolution of cybercrime, C-suite executives and technology experts are recognizing that cybersecurity insurance coverage is an important layer in their CPA firm’s cybersecurity defense. They understand the importance of learning about cybersecurity insurance requirements to adequately protect their firms. This blog will examine what is cybersecurity insurance, the different types of cybersecurity insurance coverage, and other intricacies of the cybersecurity insurance market. The blog will conclude by reviewing the benefits for CPA firms in having robust cybersecurity prevention strategies when securing cybersecurity insurance coverage.
Cybersecurity insurance was developed to protect businesses from losses resulting from cyberattacks and technology-related risks. How does cybersecurity insurance protect CPA firms?
There are numerous benefits to cybersecurity insurance. Understanding what is included in a cybersecurity insurance policy is important in deciding the best way to protect your CPA firm in the event of a cyberattack.
There are myriad privacy and exposure risks CPA firms face in this age of increasingly expensive, frequent cyberattacks. The risks from a cybercrime can be mitigated with a robust cybersecurity insurance policy.
Cybersecurity insurance policies vary significantly. It’s important for C-suite executives to review the different policies offered by cybersecurity insurance companies.
A nationwide study by Advisor Smith of over 43 insurance companies found cybersecurity insurance premiums ranged from $650 to $2,357 annually with a million-dollar liability limit and $10,000 deductible. The findings were based on moderate risk companies. Other factors are also considered:
Protecting CPA firms (regardless of size or locale of the firm) from cybersecurity threats begins with strong cybersecurity measures. Insurers often require CPA firms to have cyber resilience when they seek coverage. Fortunately, there are specialized IT service providers who can provide excellent cybersecurity solutions and strategies.
Cetrom is a proven IT cloud-based security system provider, specializing 100 percent on the cybersecurity of CPA firms. Cetrom’s multi-level approach to cybersecurity helps prevent, detect, and combat even the most challenging cybersecurity threats. Cetrom provides state-of-the art security technologies.
CPA firms who commit to strong IT solutions, in conjunction with a solid cybersecurity insurance plan, can rest assured they have done everything possible to protect their firm. Let Cetrom help prepare your CPA firm to withstand even the most arduous insurance application, so you can focus your talents on helping clients feel positive about their financial well-being. Contact Cetrom today to learn more about how we can protect your CPA firm from cybersecurity threats.
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