Cyber Security problems faced by businesses in Metro St. Louis
Liability & Cyber Security Insurance68% of small business has experienced a cyber attack in the last 12 months (2019)
47% of businesses between 100 – 1,000 employees are hit with a ransomware attack last year.
Avg cost to remediate a ransomware attack is $505,827 for a Software To Go between 100 and 1,000 employees.
Avg cost for a SMALL business data breach is $120,000 to $1.24 million (2019)
Of small business, 37% suffer financial loss, 25% file for bankruptcy, and over 9.7% go out of business.
Part of these loses included liability for lost credit card data (some were hundreds of thousands of dollars), plus the credibility—YOU lost my data in Metro St. Louis.
Fortunately, over 89% with cyber insurance said it covered their losses—and 87% were HAPPY they had it. Especially, when you consider the avg annual cost for $1 million in coverage is between $1,000 to $7k per year (depending on size and industry). It’s a fraction of the cost of the overall IT budget (a single IT employee could be $60k)—yet it could SAVE their business.
So, how do you protect your business?
Good IT security helps—but in all these cases… the results of getting HIT (even with everything in place (Even Steve Jobs got hit))—can SHUT YOU DOWN.
You may want to consider…
It covers you WHEN you still get hacked (ransomware or breached) in Metro St. Louis
Pays to get your systems restored (when possible), or replaced, so you can get your business back up and running
Covers the costs of lost revenue while your business is down
Helps pay to harden your systems—to reduce future attacks
Drastically reduces liability from exposed confidential data
Helps remediate your reputation
Protects you from the cost of damages to third parties
Now that you can see some of the advantages of cyber insurance, who should you select—they are NOT all the same (especially, when all is said and done—it is still best to REDUCE the risk in advance).
So, how do you get the RIGHT coverage, avoid a breach if possible, get the FASTEST help if it occurs, with the right tools and HELP to fix the problem—so you can withstand an attack and recover the quickest… so you can get back to your business?
Perhaps you should consider…
DataStream is backed by Axis, a multi-billion-dollar global insurance firm.
Built on the Envelop cyber risk model. Based on the most comprehensive data set of cyber claims, this model tracks over 1.5mn companies and over $10bn in insurance premiums.
Driven by experts with over 10+ years in cyber security and cyber insurance. Our leaders have prior career experience at industry leading companies, including Lockheed Martin, Electric Boat, and Verisk Maplecroft
Leadership includes former VP GE, Sr. VP Motorola, launched Netscape and AOL, and launched over 400 products
cyber insurance - affordable breach insurance
There are FIVE MAIN reasons to consider DataSream for Cyber Security
1. Comprehensive Cyber Insurance
2. BEST pre-breach services
3. BEST Breach Response
4. Use of the BEST cyber tools
5. Industry’s BEST distribution w/Local Security Support
Let’s consider these reasons in detail
Broad First-Party Coverage. DataStream covers losses and damages to your company’s own computers, network, IT systems and business that result from a cyber-attack.
Complete Third-Party Coverage. It covers losses and damages to third parties, such as customers or related business, that result from a cyber-incident.
Clear language and explanations. The company will help you understand in simple language what cyber insurance covers and what it does not.
Compares Your Cyber Coverage to Your Peers. DataStream provides clear metrics of how your cyber coverage compares to similar sized companies in your industry.
Comprehensive Cyber Risk Analysis. DataStream creates a detailed individual cyber risk analysis based on the industry’s best learning cyber risk model which incorporates over three thousand potential risk factors. This model is based on the world’s largest data set of cyber losses and tracks nearly a million companies and over $10bn in insurance premiums.
Auto Alerts MSP if Issues Emerge. Assigned Managed Service Providers (MSP) monitor updates, breaches, and risk and receive automatic notification so they can fix problems before they escalate.
Analyzes Your Current IT and Cyber Stack. DataStream works directly with you and your MSP to determine the current state of your IT and cyber security stack. You can see your security risk compared to similar organizations of your size and industry.
Breach Preparedness and Security Awareness Training. DataStream provides cyber security education to your team to pre-emptively protect your Software To Go.
Incorporates Current MSP. DataStream is the only provider that works directly with your pre-vetted MSP in advance and after an incident to ensure the absolute fastest and effective resolution.
Expert and Professional Repair. You and your MSP have access to DataStream’s global network of world-class cyber responders who have dealt with nearly every type of cyber incident—helping to resolve issues in record time.
Incident Preparedness. The DataStream response team works with you and your MSP in advance, and again after an incident to harden your systems and assure that another attack doesn’t take place.
Breach Coach. You also get a dedicated breach coach to help you manage a cyber incident, retain a forensic professional, notify customers, and manage crisis communication.
Computer Forensic Services. A forensic investigator is assigned to work with law enforcement agencies and private firms in the collection, preservation, and examination of your digital media. DataStream will connect you to these services and ensure that an investigation is both immediate and thorough following a breach.
Bricking is when a computer device is rendered non-functional after a cyber-attack. DataStream will replace your device if it cannot be restored.
Direct-Buy. You can purchase cyber insurance directly from a DataStream cyber insurance specialist, who understands security and how to match your needs to the best coverage, versus a typical insurance broker who isn’t a cyber expert.
DataStream aligns with your pre-vetted local Managed Service Provider (MSP), such as Software To Go, who already knows your business, systems and security. This assures individualized help to prevent security problems, or the fastest response and remediation if there is ever an incident.
Threat Monitor. DataStream partners use the best threat detection and monitoring services and system to help prevent breach, phishing and ransomware attacks.
DDoS Mitigation. DataStream partners leverage tools to mitigate a denial-of-service cyber-attack when a perpetrator seeks to temporarily or indefinitely disrupt a domain, machine or network.
Credential Monitoring. DataStream’s team runs alerts on your employees credentials, passwords and data and sends alerts if it appears to have been compromised—helping you make changes to prevent an identity breach.
Patch Manager. Your systems are monitored to ensure all drivers and applications are up-to-date, and are then automatically updated, or your MSP is notified to update—ensuring you reduce system vulnerabilities.
You get to work on a Monday morning ready to attack the week. As you walk in, your IT people explain that all of your sensitive data has been wiped. You receive an email from a sketchy account saying that unless you pay thousands, all of that data will be permanently deleted and/or made public.
You send the funds because you are don’t know how else to proceed. You tried telling the local police, but they lack to know-how to assist you. The money and your data is gone, you have to make huge layoffs and you have lost 70% of your customers because you fumbled their confidential information. You are crushed.
You get to work and find your system is wiped–with a smiley face demanding a ransom. You calmly dial your MSP and tell your IT not to worry. The MSP, and you, get on a call with DataStream. You learn–there will be no loss to you. Recovery is swift from secure backups, the hole was identified and plugged.
The police were notified, the customer letters are sent immediately–all covered at no cost. You are back up within the day (and compensated for the downtime), your reputation is restored. Life is good.
Contact DataStream to Get a Quote
Give DataStream a call at (650)-209-0872
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Insurance products are offered by DataStream Insurance, a trade name of Binary Insurance Services, CA License# 6003254.