ProAction Insurance’s cyber insurance risk assessment provides a quick, high-level analysis of an organization’s risk level based on their technology, processes and people to facilitate the identification and classification of cyber risk. We work collaboratively with you to develop an operational framework that is optimized for the size, scope, and complexity of your company. The outcome will help you realistically and cost-effectively protect information assets while maintaining a balance of productivity and operational effectiveness.
Why do you need to perform a cyber risk assessment? There are a number of reasons you might want to perform a cyber risk assessment—and a few other reasons why you need to:
1. They can reduce long-term costs – Obviously, identifying potential threats and working to mitigate them has the potential to prevent security incidents, which saves your organization money in the long run.
2. It provides a template for future assessments – Cyber risk assessments aren’t a one-off, you need to continuously update them. By doing a good job on the first one, you create a repeatable process that can be picked up by someone else in the event of staff turnover.
3. They provide your organization with greater self awareness – Knowing where your organization’s weaknesses lie helps give you a better idea of what areas your organization needs to grow and invest in.
4. It helps you avoid breaches and other security incidents – This hearkens back to our first point, a well-done cyber risk analysis can improve your security implementations and mitigate attacks and personal data breaches.
5. It can improve communication – Typically a cyber risk assessment requires input from a number of different departments and stakeholders, this can help increase organizational visibility and enhance communication.
If that was unconvincing, let’s look at two reasons you NEED to do a cyber risk assessment:
1. You need one to get cyber insurance – Cyber insurance has never been more critical. Without it, organizations can be put entirely out of business. Two out of every three uninsured small businesses that are hit by a breach go under. If you want cyber insurance, you need to perform a cyber risk analysis.
2. It may be legally required – Various industries will various regulatory requirements may already have a legal obligation to perform a cyber risk assessment. For instance, under HIPAA, all “covered entities” must perform a proper cyber risk assessment.
When cyber attacks like data breaches and hacks occur, they can have devastating results. Organizations have to deal with countless headaches, like business disruptions, lost revenue and litigation. Cyber liability insurance is now an essential component of any business’ risk management program as it provides a number of unique benefits. Contact ProAction Insurance today to schedule a complimentary cyber liability risk assessment for your healthcare agency.