Do you need cyber insurance? First, is Cyber Security REALLY a problem?
Do you need cyber insurance? First, is Cyber Security REALLY a problem?
Cyber Security problems faced by businesses today
47% of businesses between 100 – 1,000 employees are hit with a ransomware attack last year.
Avg cost to remediate a ransomware attack is $505,827 for a company between 100 and 1,000 employees.
Avg cost for a SMALL business data breach is $120,000 to $1.24 million (2019)
Of small business, 37% suffer financial loss, 25% file for bankruptcy, and over 9.7% go out of business.
Loses include liability for lost credit card data (can be $$$$), plus the credibility
So, how do you protect your business?
Good IT security helps—but in all these cases… the results of getting HIT (even with everything in place (Even Steve Jobs got hit))—can SHUT YOU DOWN.
You may want to consider…
Now that you can see some of the advantages of cyber insurance, who should you select—they are NOT all the same (especially, when all is said and done—it is still best to REDUCE the risk in advance).
When considering cyber insurance, you need to make sure it covers the most common problems including breach, ransomware, cyber-crime, cyber terrorism.
They don’t do a proper analysis in advance of your potential problems, do not provide security awareness training, a risk reduction plan, or proper information.
Most insurance companies do not know your business, and require you to hunt for an approved security expert if a breech occurs.
You need tools that will be effective in preventing and responding to cyber attacks, plus FAST expert help, from someone who knows your business, and IT systems
Some will pay to replace, but do little to help you recover (which is the greater loss)—and most don’t even know who can help you.
So, how do you get the RIGHT coverage, avoid a breech if possible, get the FASTEST help if it occurs, with the right tools and HELP to fix the problem—so you can withstand an attack and recover the quickest… so you can get back to your business?
Perhaps you should consider…
- DataStream is backed by Axis, a multi-billion-dollar global insurance firm.
- Built on the Envelop cyber risk model. Based on the most comprehensive data set of cyber claims, this model tracks over 1.5mn companies and over $10bn in insurance premiums.
- Driven by experts with over 10+ years in cyber security and cyber insurance. Our leaders have prior career experience at industry leading companies, including Lockheed Martin, Electric Boat, and Verisk Maplecroft
- Leadership includes former VP GE, Sr. VP Motorola, launched Netscape and AOL, and launched over 400 products
Best Cyber Insurance Nationwide
There are SIX MAIN reasons to consider Datastream for Cyber Security
1) Best Comprehensive Cyber Insurance
- Broad First-Party Coverage. DataStream covers losses and damages to your company’s own computers, network, IT systems and business that result from a cyber-attack.
- Complete Third-Party Coverage. It covers losses and damages to third parties, such as customers or related business, that result from a cyber-incident.
- Clear language and explanations. The company will help you understand in simple language what cyber insurance covers and what it does not.
- Compares Your Cyber Coverage to Your Peers. DataStream provides clear metrics of how your cyber coverage compares to similar sized companies in your industry.
2) BEST Pre-Breach Services
- Comprehensive Cyber Risk Analysis. DataStream creates a detailed individual cyber risk analysis based on the industry’s best learning cyber risk model which incorporates over three thousand potential risk factors. This model is based on the world’s largest data set of cyber losses and tracks nearly a million companies and over $10bn in insurance premiums.
- Auto Alerts MSP if Issues Emerge. Assigned Managed Service Providers (MSP) monitor updates, breaches, and risk and receive automatic notification so they can fix problems before they escalate.
- Analyzes Your Current IT and Cyber Stack. DataStream works directly with you and your MSP to determine the current state of your IT and cyber security stack. You can see your security risk compared to similar organizations of your size and industry.
- Breach Preparedness and Security Awareness Training.DataStream provides cyber security education to your team to pre-emptively protect your company.
3) BEST Breach Response
- Incorporates Current MSP. DataStream is the only provider that works directly with your pre-vetted MSP in advance and after an incident to ensure the absolute fastest and effective resolution.
- Expert and Professional Repair. You and your MSP have access to DataStream’s global network of world-class cyber responders who have dealt with nearly every type of cyber incident—helping to resolve issues in record time.
- Incident Preparedness. The DataStream response team works with you and your MSP in advance, and again after an incident to harden your systems and assure that another attack doesn’t take place.
- Breach Coach. You also get a dedicated breach coach to help you manage a cyber incident, retain a forensic professional, notify customers, and manage crisis communication.
- Computer Forensic Services. A forensic investigator is assigned to work with law enforcement agencies and private firms in the collection, preservation, and examination of your digital media. DataStream will connect you to these services and ensure that an investigation is both immediate and thorough following a breach.
4) Industry’s BEST distribution w/Local Security Support
- Direct-Buy. You can purchase cyber insurance directly from a DataStream cyber insurance specialist, who understands security and how to match your needs to the best coverage, versus a typical insurance broker who isn’t a cyber expert.
- Local Help. DataStream aligns with your pre-vetted local Managed Service Provider (MSP) who already knows your business, systems and security. This assures individualized help to prevent security problems, or the fastest response and remediation if there is ever an incident.
5) The BEST Cyber Tools
- Threat Monitor. DataStream partners use the best threat detection and monitoring services and system to help prevent breach, phishing and ransomware attacks.
- DDoS Mitigation. DataStream partners leverage tools to mitigate a denial-of-service cyber-attack when a perpetrator seeks to temporarily or indefinitely disrupt a domain, machine or network.
- Credential Monitoring. DataStream’s team runs alerts on your employees credentials, passwords and data and sends alerts if it appears to have been compromised—helping you make changes to prevent an identity breach.
- Patch Manager. Your systems are monitored to ensure all drivers and applications are up-to-date, and are then automatically updated, or your MSP is notified to update—ensuring you reduce system vulnerabilities.
You get to work on a Monday morning ready to attack the week. As you walk in, your IT people explain that all of your sensitive data has been wiped. You receive an email from a sketchy account saying that unless you pay thousands, all of that data will be permanently deleted and/or made public.
You send the funds because you are don’t know how else to proceed. You tried telling the local police, but they lack to know-how to assist you. The money and your data is gone, you have to make huge layoffs and you have lost 70% of your customers because you fumbled their confidential information. You are crushed.
You get to work and find your system is wiped–with a smiley face demanding a ransom.
You calmly dial your MSP and tell your IT not to worry. The MSP, and you, get on a call with DataStream. You learn–there will be no loss to you.
Recovery is swift from secure backups, the hole was identified and plugged. The police were notified, the customer letters are sent immediately–all covered at no cost. You are back up within the day (and compensated for the downtime), your reputation is restored.
Life is good.