Would Your Organization Be Devastated by a Catastrophic Breach?
It’s nearly impossible to hear the word “breach” without getting a dark shudder running down your spine. The damage that a cybercrime group can do to your entity in a few short hours or days is nothing short of devastating — causing many companies to shut down for weeks . . . with some never reopening at all.
The costs associated with cybercrime continue to rise, with the most recent estimates from the Ponemon Institute showing the average costs of remediating and recovering from a data breach are in excess of $3.86 million. Keep in mind, that is the average cost globally. In the US, data breaches can be significantly more expensive, with the cost of an average lost or breached record that contains PII often topping $150 per incident. Simply put, depending on the size of the organization and scope of the breach it’s easy to see how the cost can escalate to staggering numbers.
While it may seem that there’s no way to avoid being the victim of a data breach, there are still ways to protect your organization. Cybersecurity insurance is a new breed of insurance that helps reduce the risk associated with your day-to-day business operations. This is particularly important for organizations or those serving a vulnerable community, as these resources are a vital component of maintaining a healthy lifestyle for families.
Understanding the Need for Cybersecurity Insurance
Does your organization really need yet another type of insurance? With medical, health and dental costs going up, it may feel easy to say ‘No’ to cybersecurity insurance. Before you do so, it’s important to consider how a data breach can negatively impact your organization:
- Stored client or patient information is at serious risk of loss, with breached information often sold on the dark web
- There can be significant fines and penalties for failing to have the proper safeguards in place to protect your organization from cybercrime
- Social engineering, ransomware and direct attacks via staff members are on the rise in all business sectors
- Credit monitoring for any impacted individuals, forensic expenses, breach monitoring, business interruption and data recovery costs are all associated with a breach event
- The cost of legal and PR support during a breach can be catastrophic
When you consider the risks associated with a breach and how cybersecurity insurance can help reduce them, it’s easy to see why many organizations in the developmental disability community are moving in this direction.
Specialized Coverage to Support Your Ongoing Operations
Your general liability insurance is unlikely to be enough to cover the deep costs and lengthy timelines associated with recovering from a cybersecurity breach event. Everything from resolving any type of problems on servers and in business applications, to ensuring your teams are able to access their email. These are all challenging when you’re recovering from a significant data breach.
With cybersecurity insurance, you have the added layer of confidence knowing that your entity will be protected against expenses such as regulatory penalties from HIPAA or HITECH.
With expert assistance from the GO Concepts team, you can feel confident that your organization is being sheltered from the damage that can be caused by a data breach or other type of cyberattack. With continuous training programs, comprehensive security and compliance monitoring and a wide range of additional IT services, GO Concepts allows you to focus on running your organization instead of fighting against your infrastructure. As the most trusted IT services company for Developmental Disabilities Organizations in Ohio, you can contact GO Concepts at 513-934-8235 or via email to firstname.lastname@example.org to schedule a complimentary initial consultation.