Does Your Myrtle Beach Business Need Cyber Insurance?

A ransomware attack or data breach can mean recovery costs, lost revenue, legal fees and notification requirements. Cyber insurance is designed to help cover those costs. For many small businesses, it has gone from a nice extra to a real need.

What cyber insurance can cover

Policies vary, so read yours carefully, but cyber coverage commonly addresses:

• Data recovery and system restoration
• Business interruption and lost income
• Breach notification and credit monitoring for affected customers
• Legal costs
• Ransomware response

Insurers now ask about your security

Getting cyber insurance, and keeping it, is harder than it used to be. Applications often ask detailed questions, such as:

• Do you use multi-factor authentication?
• Are backups encrypted and stored offsite?
• Do you have endpoint detection and response?
• Are systems patched regularly?
• Do employees receive security training?
• Do you have an incident response plan?

If the answers are “no,” you may face higher premiums, limited coverage or a denied claim later.

How PcRx helps you qualify

PcRx does not sell insurance, but we help Myrtle Beach businesses put the security controls in place that insurers look for. Our managed IT and cybersecurity plans include MFA, threat detection and response, encrypted backups, patch management, employee training, risk assessments and documentation. That makes insurance questionnaires much easier to answer honestly.

We can also tell you about the $100,000 CORK cyber warranty, which adds another layer of financial protection. See our post on cyber insurance vs. cyber warranty.

Ask us about it

Have a cyber insurance application in front of you, or a renewal coming up? Call (843) 488-4100 or contact us and ask about getting your business insurance-ready.