Add a Cyber Warranty to Your Cybersecurity Coverage Strategy
When cyber threats lurk around every digital corner, businesses must take proactive steps to safeguard their digital assets. Cork, a new cyber warranty offering, emerges as a beacon of additional protection in this volatile cyber landscape, offering robust solutions tailored for small- and medium-sized businesses (SMBs). With cyber-attacks continuing to evolve rapidly, the field of cyber insurance itself has seen significant updates that include more restrictive coverage and higher premiums.
If your business faces a cyberattack, having a cyber warranty like Cork could be the key to avoiding disruption. It might mean the difference during a typically prolonged insurance resolution process and immediately available funds to ensure your business operations continue smoothly.
Recent Shifts in Cybersecurity Insurance
The cyber insurance industry is adapting as the frequency and intensity of cyberthreats increase. A report from the Government Accountability Office (GAO) suggests a rise in cyber insurance premiums, coupled with a fall in availability. Insurers are revising coverage limits and scrutinizing risk controls more thoroughly, implying that obtaining coverage may become more challenging for businesses that may not already have robust, enterprise-grade cybersecurity measures in place.
Here are some trends and updates shaping the cyber insurance marketplace:
Selective Underwriting
Insurers are becoming selective, focusing on businesses that maintain the strongest cybersecurity practices.
Premium Increase
With a surge in claim payouts, premiums for cyber insurance are rising, leading businesses to reevaluate the cost-benefit ratio of obtaining traditional cyber insurance.
Coverage Restrictions
There’s a move towards imposing stricter limits and exclusions on policies, as insurers aim to mitigate their exposure to high-risk cyber incidents.
Why Add Cyber Warranty?
With clients experiencing gaps in the cybersecurity insurance market and coverage, it was time for our team to hunt for a solution. Cork’s Cyber Warranty fits the bill.
Cork’s warranty model offers a refreshing deviation from the cybersecurity insurance trends, utilizing a company’s existing cybersecurity measures to establish a seamless coverage framework. Their approach aligns with the need for businesses to maintain robust cyber defenses while promising rapid post-incident recovery without the typical delays associated with traditional cyber insurance claims.
Anderson Technologies offers a $100,000 Cork Cyber Warranty free of charge to clients who invest in our recommended suite of cybersecurity products to protect their network. Contact us to learn more!
Comprehensive Coverage Without Hassle
Cork stands out by working seamlessly with managed IT service providers (MSPs) like Anderson Technologies to financially protect businesses from targeted cyber threats, such as phishing attacks, ransomware, and business email compromise (BEC).
Shocking statistics show that 61% of small businesses have faced a cyberattack, and the average cost to an SMB clocks in at a staggering $300,000. Alarmingly, 75% of SMBs suggest a ransomware attack could shut them down within a week.
A Swift, Secure Response
Traditionally, cyber insurance has been a lengthy, document-heavy affair, slackening businesses’ ability to bounce back post-incident. Cork offers deductible-free cyber warranties with swift payouts, often within days to bridge the gap and provide needed financial assistance in the days after an incident while your team continues to work with your insurance company for additional funds. Partnering with Cork and your MSP means that obtaining financial protection against cyber incidents is just minutes away.
Key Features of Cork Cyber Warranty:
- Instant qualification and underwriting based on your MSP’s existing security measures
- Comprehensive cost coverage that includes data recovery services, business interruption losses, incident response, ransom payment, etc.
- Expedited claim validation and settlements through real-time critical insights from active security tools
Coverage aspects include ransomware, spear phishing across platforms, and BEC. Cork is about more than just financial resilience; it’s about empowering businesses to return to growth and stability utterly free from cyber anxieties.
Cork’s cyber warranty service acts as a sentinel for your business, designed to ensure the financial stability needed to swiftly remedy cyber intrusions. Their innovative partnership with MSPs including Anderson Technologies streamlines the protection process and ensures that businesses can resume operations with minimal disruption. In a time of escalating cyber threats and evolving insurance landscapes, services like Cork provide the much-needed layers of security and assurance.
For businesses navigating these tumultuous digital waters, we want to provide not just cybersecurity coverage, but confidence—a promise to keep you secure and operational, no matter what cyber challenges unfold.
