The MOST important thing to understand:

The need for Cyber Insurance does NOT necessarily indicate that your IT provider has failed. There are certainly ‘bad’ IT companies out there, but even the BEST Managed Services Providers (MSPs) who provide military grade, up-to-date security are subject to an employee allowing a viral intruder into the system..

85% of successful data breaches and Ransomware attacks are caused by Phishing attacks, wherein cyber crooks fool employees into clicking on a bad link or opening a malware-laden attachment. The best Filtering, Anti-Virus and Firewalls CANNOT prevent that.

IT Support LA provides ongoing user training for our clients. Even that cannot prevent breaches. At one of our clients’ office, a user clicked on a legitimate looking FedEx ‘track your package’ link which was fake - a spoofed email with an authentic logo and appropriate wording. Ransomware was immediately released into his computer. Due to our security measures, the virus was trapped within that one workstation, without an opportunity to infect the larger network. Within two hours, the computer was wiped clean, the data restored from our reliable backup system, and he was at work again.

About a year later, the same employee fell for the same type of Phishing ploy.

It is Not a Matter of IF, But of WHEN

The true test of your IT provider is what happens after the attack. Even huge infrastructures like the City of Atlanta have been crippled for days or weeks, which causes ‘open season’ on their sensitive data files. What happens once your own confidential client information is thrown out there into the community at large?

Liability. THAT’S What Happens:

So Now what? Lawsuits and heavy fines will soon be at your door. Who is going to pay? Civil litigations of this type can force Small to Midsize Businesses (SMBs) to close their doors forever. Depending on the nature of your business, you may believe you are already covered, when in fact, you may not be. For Doctors and Lawyers, Malpractice Insurance is typically found to be wanting in these areas as well.

Consult Your Insurance Agent Today

Do not take our word on this subject: We at IT Support LA are not licensed to sell or even advertise specific insurance products. What we are able to do is to alert you that this IS an issue – a crucially important one.

What We CAN Tell You: It’s Low-Cost Now, but Will Only Get More Expensive!

This is a new type of policy, and therefore still relatively inexpensive. As time goes by, payouts will advise Insurance providers’ ongoing Cost/Risk Analyses, the pricing will surely go up. With the drastic changes in business methodology we have seen due to COVID-19, the lockdowns, and the tremendous upsurge in Cyber Crime profiteering, NOW IS THE TIME to seriously look at Cyber Insurance.

This type of insurance is geared toward covering the cost of recovering from all types of data breaches, cyber attacks and frauds, and any legal claims that may arise as a result of these attacks.

Any policy particulars that address your own business situation need to be discussed with your insurance agent. We can only suggest you look at the issue – not at specific levels and coverages.

IT provider Cognizant, one of the largest global MSPs was itself a victim of a massive Ransomware attack a few months ago. While no figures are yet available concerning any ensuing fines or litigations, Cognizant estimated back in May that they expected the breach to cost them between $50-$70 Million dollars.

That amount of money lost is not closing Cognizant down. How much loss would it take to close you down?

What IT Support LA CAN Do for You:

We can assess your Security measures and the reliability of your Backup systems. These are the two cornerstones of the strongest Cyber Attack Defense. For all companies in the Greater Los Angeles and Ventura County areas, with 10 or more users and at least one localized server, we will perform a FREE Network and Security Assessment and deliver you a ‘no-strings’ 10 to 15 page comprehensive report which is yours to keep, with NO obligations whatsoever.

What a 3rd Party Security Audit Does for You:

You can take your FREE report to the Insurance provider, to show that you exhibit the least amount of risk involved in insuring your company. Once they see the state of your Cyber Security, and measures you have taken to make it ‘bulletproof’, it only serves to make you a highly desirable insure.

Please do not hesitate to contact your own insurance agent. If you like, we can refer you to a partner company that provides better pricing for IT Support LA clients, as they are supremely comfortable with the unequaled level of security and user training we provide.  Regardless of where you look, we strongly suggest that you look into it soon.

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