If you are management, and your employee came to you with a proposal, you’d likely (hopefully) listen.
What if that employee proposed to you that by keeping business as is, you’d likely lose millions of dollars – and possibly go under? But if you made one small change, you’d increase your odds of staying in business and actually thriving throughout the years – would you listen? I bet you would. I know I would.
Yet the numbers that are being presented in the business world aren’t adding up, and no one seems to be concerned. What do I mean? Well, the odds of your business being affected by a data breach or in a cyberattack are off the charts compared to it not happening. According to security firm Symantec, there are 4,800 websites each month that are hit by formjacking code, a type of theft used by cybercriminals to steal personal information.
Four thousand and eight hundred. Each month.
Not each year; each MONTH.
The revenue lost to cybercrime each year is in the hundreds of millions. However, according to the Council of Insurance Agents and Brokers (CIAB) only 33% of insurance clients purchased some sort of cyber coverage. Why is that? It doesn’t add up. There is a real and valid threat to businesses today, but people aren’t reacting in a way that seems proactive.
The odds of a hurricane hitting the eastern US seaboard don’t compare to what the odds of a data breach are, but I can guarantee that those who were affected by Hurricane Sandy have hurricane insurance today if it’s available. I wonder how many of those have cyber insurance? I’m guessing it isn’t even close.
As an MSP you need to guide and lead your clients to have cyber insurance not only because it gives you a sale, but because it is necessary and the right thing to do. By managing your client and their IT needs, part of that is knowing when to bring in certified and qualified team members to do the best job for them. You aren’t a PR firm, or a breach or forensics expert. Cyber insurance provides you with those resources. You will be who your clients look to for guidance at this time, and being prepared for the unfortunate series of events that can follow a cybercrime will make you the best leader for them.