MRB Data Protection Services, Cornerstone Insurance Brokers and i-TOO Special Risks announced an industry first in the cyber security protection and insurance industries.
In a more connected world, hackers and thieves are getting better and smarter at tapping into systems, stealing data and disrupting operations. Even a simple digital security breach can expose you to investigation and recovery costs, lost revenue due to operational disruptions, crisis communications costs and even liability when people’s private information is hacked. A cyber insurance policy protects you in the event that data is lost, stolen or corrupted and provides cover for the costs arising from associated legal proceedings.
These recovery costs arising from a cyber attack have grown exponentially in recent years: this is in large part due to the complexities that SMEs face. An infrastructure with multiple vendors and tools is a key reason for this and increases the length of downtime when attacked. Recovering from these scenarios often requires skills and management not available to the average SME and the results can be disastrous, with 60% of global SMEs going out of business within six months.
If an SME has the appropriate insurance cover and has made it through the initial qualification steps, there is still the burden of having a claim repudiated because they did not adhere to the continuous protection of their SME environment, whether that be forgetting a patch update or not implementing a password policy. The results are ruinous, not just for the direct challenges and cost of the SME operations, but also the liability faced by breaches exposing their customer data.
It removes the barrier of qualifying for the insurance cover as well as the ongoing risk associated with compliance, reducing the risk of potential claim repudiation significantly.
MRB Data Protection Services, Cornerstone Insurance Brokers and i-TOO have recognised these challenges and have produced a solution that provides an affordable policy for the average SME under the R250 million revenue mark.
MRB is a leading data protection specialist in the area of cyber security and data backup. MRB offers complete, integrated solutions tailored to the specific needs and requirements of each client. Its services are designed to provide IT managers with information that ultimately results in efficiency through automated and customised data protection solutions. MRB, through its DataWarrior division, offers intense and customised services providing infrastructure assessment, vulnerability studies and penetration testing.
Cornerstone Insurance Brokers is an independent financial solutions company dedicated to spreading more financial wellness to more people. It is a team of top-shelf industry specialists. Every business is vulnerable to a variety of different risks, especially cyber attacks. Cornerstone Insurance Brokers will carefully assess and thoroughly consider the risks you’re most exposed to, ensuring that you’re comprehensively covered in the event of commercial misfortune.
i-TOO has assisted MRB Data Protection Services and Cornerstone Insurance Brokers develop a bespoke cyber offering for the SME market.
Be cyber smart and ensure your business is protected.
Contact us before it’s too late.
For more information, contact MRB on sales@mrbackup.biz or Cornerstone Insurance Brokers on info@csib.co.za
Sources: https://dl.acronis.com/u/rc/Infographic-Acronis-Cyber-Protect-2021-SMB-Threat-Landscape-EN-US.pdf
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