Insuring Your Organization Against Increasing Cybersecurity Threats Takes More than Insurance

Cyber-extortion and ransom is rampant, and it’s a threat to any and every organization. According to blockchain research firm Chainalysis, ransom payments from companies increased 341% to a total of $412 million during 2020. CIODive remarks that the trend among these threats is multi-layered extortion: one ransom for undoing encryption, one for the protection of the companies’ sensitive information, and the last for the protection of customer and partner data. 

Many organizations have opted to pay for the coverage rather than build a total solution and spend appropriately based on their needs, and we can’t blame them. In the hard-cost world of budgeting, it’s hard to determine the true price of a hack without going through one. Unfortunately, a lot of organizations are at the point now where they’re learning through experience. 

I don’t bring this to your attention to alarm you, but rather to encourage you to prepare for these possibilities by protecting your company. Insurers today are running thin on patience, and money for reimbursement certainly isn’t infinite. That’s why, when mapping out your cybersecurity solutions, it’s time to think holistically. 

Insurance is part of cybersecurity and business strategy as a whole, but now, investing in security services is vital. Hardware, logs and dashboards are the standard solution, but how do you use these? How can you be proactive to thwart attacks? And, how much does that talent cost and, critically, how can you afford it? These are questions that CIOs and IT leaders need to consider, and for many, the answers lie in outsourcing.

The Cybersecurity Services Industry is growing at an unprecedented pace because businesses are realizing that the complexity, risk and rate of attacks are outgrowing their capabilities. Hackers and cybercriminals are growing smarter and more sophisticated, and companies are struggling to keep up on their own. The greater the threat, the greater attention needs to be paid to the proactivity and efficacy of your security systems, and it pays off to employ expert assistance in this day and age. 

Paying for coverage is commonplace, but the true solution is in the blueprint. It’s time to design and budget for cybersecurity and embrace outsourcing as a service solution to your problems. Nobody wants to be a statistic, and you don’t have to. Putting forth a core-out plan of action built into your budget and recruiting high-level talent to aid you in protecting yourself is key. This is a race that most Technology and IT teams cannot win alone, but it’s one that you certainly don’t have to lose. 

TechChoice takes a design-first approach to helping our clients build sustainable solutions and solve complex problems, like those associated with cybersecurity. We arm our clients with information and institutional knowledge that we’ve gained from decades of experience, thousands of real world transactions, and the combined thought leadership of our strategic partners.

We’re ready to fight back, and we know you are, too. To add the most effective solutions to your armory, contact us.

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