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Why every start-up needs cyber risk insurance

As a company dedicated to helping small and medium-sized enterprises (SMEs) protect their business, their data and their online reputation, we are always looking for ways to raise awareness and provide information on the latest trends and developments in cybersecurity.

That is why we wanted to delve into the results of a recent survey conducted by Embroker, a Californian digital broker, who published the "Cyber Risk Index: Startup Edition", based on a survey of more than 400 start-up founders who received investment from Venture Capital (VC). The report shed light on the growing concerns related to cyber attacks and the measures companies are taking to protect themselves.

The results show that, despite the significant economic hurdles start-ups currently face - from the difficult fundraising landscape to inflation problems and difficult operational decisions - founders remain strongly focused on improving their cybersecurity protections

Concerns about cyber attacks grow and measures taken to protect themselves

According to the results of the survey, more than two thirds (68%) of start-ups suffered a cyber attack. This sense of urgency is reflected in the fact that the86% of the surveyed founders already have some form of IT insurancea and the 71% is considering further protection and tools for 2023.

External factors such as global events and media attention to violations of data are having a significant impact on the development of commercial insurance coverage, and founders cite them as key motivations for the purchase of computer insurance.

But the cost of such products remains a major obstacle for those who have not yet taken out computer insurance.

When asked about their current policies, more than half of the start-ups with IT insurance described their coverage as "customised to our needs"or as 'the most comprehensive package' available.

However, half also stated that the current policy would only partially cover the damage in the event of an attack or violation.

As concerns about cyber security continue to grow among start-ups, it is now more important than ever for companies to have a solid plan for protection from attacks and breaches.

Looking ahead to 2023 and beyond, founders are especially concerned about the impact on their busienss aspects such as inflation, cyber attacks and supply chain issues.

Consequently, they are focusing their investments on iproduct innovationi, on the IT security protection and on theupdating technologies.

It is therefore clear that an increasingly important factor for start-ups (and small to medium-sized companies) is to strengthen its corporate infrastructure and equipment to better protect themselves against cyber threats.

How Cyberangels helps you

This is where Cyberangels can help. The solution is designed to enable SMEs to take control of their security by assessing cyber risk, providing remediation plans based on international frameworks and offering awareness training and phishing tests to help prevent future attacks. It also helps companies comply with regulations such as GDPR.

Every company, regardless of its size, must seriously consider having a high level of protection against cyber risks. Cyberangels is more than just a cybersecurity solution. It is a process of planning the protection of your company that will allow you to take control of your security for good.

By using Cyberangels solutions you will benefit from:

  • Greater security and peace of mind for your team and your customers.
  • Reducing the risk of data breaches and financial losses
  • Increased compliance with industry regulations
  • Increased efficiency and productivity by eliminating the need to constantly monitor for threats.

For any additional information, contact our team.

Let Cyberangels you differentiate yourself from the competition: keep focusing on your business challenges, we'll take care of your security!

RESOURCES FOR YOU

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In our guide you will learn how to secure a small or medium-sized business, from an IT point of view, and how to protect yourself from attacks on the internet.

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