If a manufacturing company does not qualify for cyber insurance and experiences a Cyber-attack, the consequences can be severe, but with a Managed Network Services provider like JD Young you are backed by a reputable company that supports all the necessary steps to make sure you qualify for insurance coverage.
However, should your company experience a Cyber-attack and fail to meet the requirements for cyber insurance coverage, the results may mean significant financial loss, damage to the company’s reputation, and legal and regulatory issues to name a few.
Without the protection of Cyber Insurance, your company is responsible for covering the costs associated with the Cyber-attack which may include:
Forensic Investigation: After a Cyber-attack, companies may need to conduct a forensic investigation to determine the extent of the damage and the cause of the attack. This can be a costly and time-consuming process.
- Data Recovery: Companies may need to spend money on data recovery services to restore lost or stolen data.
- Notification and Credit Monitoring: If personal data was stolen during the Cyber-attack, Companies may be required to notify affected individuals and provide credit monitoring services, which quickly add to the financial burden.
- Business Interruption: A Cyber-attack can disrupt business operations, resulting in lost revenue and additional costs associated with getting the business back up and running.
- Legal and Regulatory Fines: If the Cyber-attack resulted in a breach of data protection laws, Companies may be subject to significant fines and legal issues.
Manufacturing companies face numerous cybersecurity risks, and it is essential to have a comprehensive cybersecurity strategy in place to protect your business, data, and reputation. One critical aspect of this strategy is working with a reliable Managed Network Services provider like JD Young. By partnering with JD Young, manufacturing companies like yours can ensure that your network and systems are regularly monitored and maintained, reducing the risk of a Cyber-attack. In addition, JD Young provides expert guidance on cybersecurity best practices and helps companies achieve compliance with relevant regulations and standards. By taking these proactive measures, manufacturing companies can increase their chances of qualifying for cyber insurance in the event of a Cyber-attack. With JD Young as your Managed Network Services provider, you can have peace of mind knowing that we are taking steps to mitigate your cybersecurity risks and protect your business.