Microsoft Dynamics Hosting and Microsoft Dynamics SaaS | Do You Need Cyber Insurance?

Every day in the US, 34,529 computer security breaches occur. Sixty-two percent of these cyber breach victims are small- to medium-sized businesses (SMBs) who are often vulnerable to these attacks. Awareness of the risk is growing, but many SMBs still face challenges in managing cyber security. Are you aware of data loss prevention best practices, and are you prepared should the worst occur?

Businesses are beginning to recognize that cyber security is extremely important. A Business Continuity Institute and BSI survey revealed that cyber-attacks and data breaches top the list of CEOs’ worries, with almost half saying they are “extremely concerned” about a potential data loss incident.

However, many companies are seriously underprepared when it comes to managing a data loss catastrophe and avoiding data loss. By adhering to data loss prevention best practices and having a managed backup and replication plan in place, your business can mitigate the damaging effects of a cyber security breach.

If you want to be fully prepared for every eventuality, you need to break through some of the biggest myths relating to data loss – and focus instead on a balanced solution that protects your company.

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Seventy percent of SMBs who purchase cyber insurance from market-leading Lloyd’s of London are first-time buyers, so it is clear that businesses are now starting to take the risk of cyber security seriously and look for ways to protect themselves. However, businesses should be careful not to rely solely on their insurance policy in the event of a data loss catastrophe.

Cyber insurance is relatively new, still under development, and only available to cover some data loss costs. It can be beneficial in mitigating some losses but there are a limited range of providers, and no standard way to determine any company’s risk factors. This means there are still coverage gaps – which can leave SMBs at risk.

Cyber insurance might cushion the blow of financial losses to an extent, but no payout will recover the loss of business reputation that data loss creates. Following strict IT security guidelines within day to day operations is still the best practice for preventing catastrophic data loss.

Data Resolution is a SaaS and web hosting site. Accountnet provides SaaS pricing and hosting options for Microsoft Dynamics. As a Microsoft Gold Certified Partner, Accountnet helps companies get up and running with Microsoft Dynamics. We don’t just install and configure the software – we train your accounting staff to use it to create the reports they need, so they can analyze data as needed. If you want to know more about data loss prevention best practices, or discuss your own managed backup and replication plan, you can Contact us at Accountnet and speak to our consultants.