Prime Educates Customers on the Importance of Cybersecurity Insurance

SKOKIE, Ill. - Aug. 29, 2022 - PRLog -- Prime Managed Technology Solutions, a leading managed technology services provider (MTSP), is educating small to mid-sized business (SMB) owners on how they can protect their organizations from the crippling blow that a cyberattack wields upon any organization with cybersecurity insurance. Cybersecurity insurance has become a vital component of any organization's risk mitigation efforts because it can eliminate liability from any damages which occur as the result of a cyberattack. This includes ransom payments, regulatory fines, public relations costs to restore your reputation, employee/customer lawsuits and lost income as the result of a breach. With the median cost for cybersecurity insurance at $140/month, (this varies from company to company based on a wide array of factors), many businesses are opting to secure this type of insurance coverage because it allows them to continue running their businesses without incurring large capital expenditures, while providing them significant "peace of mind."
Vic Levinson, President of Prime (https://www.primemtsp.com) summarized, "If your business collects sensitive data - like credit card numbers, account numbers, Social Security numbers or medical records, you're likely a target for cyber criminals." He continued, "Many small businesses assume that cybercriminals are only interested in targeting large organizations, from whom they can extort very large ransom payments, however, in recent years, those larger organizations have responded to this focus by investing heavily into their IT and cybersecurity. This is dissuading many hackers from targeting larger organizations with robust defense systems and has effectively redirected many cybercriminals' efforts towards small businesses who possess weak IT infrastructure, yet valuable data. Essentially, small businesses are now the 'low-hanging fruit' for hackers."
Cybersecurity insurance policies are an effective solution for SMBs to mitigate their risk in the short-term, while they build stronger IT infrastructure and bolster their cybersecurity in the long-term. However, one critical stipulation of cybersecurity insurance policies is that they do not cover prior acts of which you had knowledge before you started your policy.