Cyber threats are an ever-present and evolving risk in today’s digital age, and no business or organization is immune to the potential consequences of a data breach. At Cygnus, we recognize the imperative need for proactive protection, and our Cyber Enterprise Risk Management (ERM) Policy is designed to safeguard your valuable assets against the multifaceted challenges posed by cyber threats.
These are the commonly heard phrases from small and medium-sized business owners in the market.
"We're just a small company"
"These solutions are great for large companies, not for us (SMEs)"
"We've been operating for XX years, no issues. We'll remain on what we've been using"
However, according to the CEO of Zurich Insurance, Mario Greco
"Cyber attacks are set to become 'uninsurable'...there's a limit to how much the private sector can absorb, in terms of underwriting all the losses coming from cyber attacks"
Cyber Attacks can Inflict Severe Harm on Your Organization's Reputation!
Cyber attacks pose a significant threat to the trust of customers, regulatory compliance, and employee confidence. They can inflict severe harm on an organization’s reputation, resulting in increased customer attrition and potential regulatory scrutiny. When it comes to data security breaches or privacy breaches, it’s not a question of “if” but “when” they will occur.
While businesses increasingly rely on technology for their operations, it’s essential to recognize that it’s people and our need to engage in commerce that create vulnerabilities. Risks that were relevant in the past now manifest differently in today’s digitally interconnected world. Having the right Cyber Insurance in place can effectively mitigate your cyber exposure and control insurance costs.