RE: THE EVER GIVEN OF CYBER ATTACKS 🚢?
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You can buy insurance for business interruption and cyber risk. I guess with any insurance if you managed the risk well you can often get a better deal. Just think of why insurance companies ask if you have deadlocks on your windows, equally I would expect them to ask what cyber protection you have as well.
Just some food for thought.
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Yes, cyber insurance is something, but for SMBs that insurance can be very expensive and cost-prohibitive, especially if they are already carrying several other levels of insurance to manage risk (think small medical practices). It also doesn't repair the reputation and trust lost for that SMB.
You bring up a great point though, which is what I try to tell clients all the time, solutions are not always technical, they are not always administrative (policy/process). They are oftentimes a combination of both, plus people.
In this case, the firm can organize a cyberattack through a front company to get insurance. But at the same time, the company will not suffer serious losses.
I have not heard that the Russian Federation offers insurance services against cyber attacks. To check the hacking of the system, the insurance company must have a professional staff of hackers.
This is a possibility, but most small businesses, the target of this article, are not going to sabotage themselves like this.