Technology Can’t Save You from Cyberattacks

CSaaS is all in one, all at once. With CSaaS, insurance, like compliance, becomes a by-product of a sound security strategy.
ICARM simplifies complex security engagements by effectively certifying and continuously remediating the buyer’s environment. Universal guidelines like the CIS top 18 make the process flexible and repeatable, designed to support organizations as they change and grow so they can seamlessly remediate new risks around the clock.

Cyber insurance for
protection and peace of mind

For some organizations, however, even CSaaS and ICARM are not enough to quell the anxiety of possible ransomware attacks that could jeopardize the entire business. They seek protection beyond their day-to-day operations to defray breach-related costs should an incident occur—because even if a company practices good cyber hygiene, its supply chain vendors might not.

Without proper security health checks and a certified environment, insurance can be prohibitively expensive, especially for startups and SMBs. But for organizations willing to embrace the cybersecurity basics, implement sound controls, and certify their security environments, cyber insurance can be a cost-effective way to get peace of mind—and some financial assurance to manage service-disruption costs related to ransomware threats, business email compromise (BEC), compliance penalties, audit failures, regulatory fines, legal liability claims, business interruption expenses, and more.

Some security products already come with warranties, but buyers seeking financial assurance are then limited both in their choice of product and their range of coverage. If a company chooses to seek cyber insurance on its own, they must do their own due diligence and navigate complex, lengthy underwriting processes. In either case, there’s a good chance they will end up with big bills that aren’t covered in the event of a cyberattack.

Combining cyber insurance with CSaaS is an important innovation for cybersecurity generally and one of the fastest-growing trends in CSaaS specifically. Not only does the CSaaS provider validate that the insurance offered is the best available, they also complete the application for the buyer and certify the buyer’s environment, which streamlines underwriting while securing the best rates and lowest premiums for buyers. Additionally, the alignment of security and insurance means that, in the event of a claim, forensic data is more quickly and securely communicated between parties, so claims are paid faster.

The best cyber insurance offerings today are technology agnostic, include conventional cyber insurance coverage, and provide financial assurance to CSaaS subscribers in the aftermath of an incident. Some providers are going even further, offering service guarantees with broader protection than product-specific warranties. Subscribers enjoy this automatic protection for no additional charge, serving as a kind of “deductible” that may further lower premiums on a full cyber insurance policy. 

Think of it this way. A small cookie shop suffers a DDoS attack that prevents online orders from being placed. Every hour that passes costs the shop in terms of lost revenue. With a CSaaS subscription, the service guarantee may be the shop’s first line of defense, covering the initial costs related to operational downtime, legal fees, or compliance fines. If the costs to remediate and recover exceed the protection in their subscription, or if additional coverage (to handle reputational damage, for example) is required, their cyber insurance kicks in. The same is true in a ransomware attack: once the maximum reimbursement provided by the CSaaS subscription is reached, including ransom payments, the buyer’s cyber insurance takes care of everything else. Both the service guarantee and the access to affordable, comprehensive cyber insurance are inherent benefits of the CSaaS model.

CSaaS is all in one, all at once. With CSaaS, insurance, like compliance, becomes a by-product of a sound security strategy. 

For many decades, the marriage of people, process, and technology has been a proven best practice, but somehow this union has passed cybersecurity by. Now, organizations can save money, boost business velocity, and increase cyber resilience by choosing cybersecurity as a service coupled with cyber insurance to achieve advanced protection from today’s threats and peace of mind that confidential data is safe from hackers.

Best of all? They’ll find they can actually afford it.


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