Why Cyber Insurance is Important for Small Businesses

Small Businesses continue to face mounting cyber attacks, with 61% experiencing an attack last year. For attacks that succeeded, 25% file for bankruptcy and 10% go out of business. Source: Verizon DBIR 2023.

SyncraTec Solutions, a managed IT services company in Yardley, PA has partnered with DataStream Insurance to bring you an opportunity to learn how cyber insurance is now an integral part of a company's cyber security program.

Our guest speaker, John Reith, is a licensed insurance agent from DataStream Cyber Insurance with experience assisting businesses navigate the cyber insurance market. John helps educate business owners on how cyber insurance is now an integral part of a company's cybersecurity program.

The main topics covered:
Current State of the Cyber Insurance Market
Requirements for Best Cyber Insurance Policies
How SMBs Should Navigate the Cyber Insurance Landscape

Find out:

Why your company could be targeted...
What the average claim loss is based on your company size...
What some of the basic cyber defenses are...
Learn why cyber insurance is valuable even if you have several layers of security in place.
Spoiler Alert: it comes down to risk...

We covered how to reduce your risk through:

Investing in your cybersecurity program.
Getting the basic cyber security controls in place... download checklist: The Basic Cybersecurity Requirements to Obtain Cyber Insurance
Planning for failure of your security controls through a layered approach to cybersecurity and having an Incident Response Plan and a System & Data Recovery Plan.
Understanding the three facets of a decent cyber policy.

"70% of companies that apply for quotes using DataStream's platform are offered a $1M policy for between $900 - $2,600."

I hope you enjoy this informative and lively presentation.