embarrassed person with denied stamped on forehead my info tech partner it services perth it support perth cyber security perthI know you are really busy and don't have time for this right now. I know it seems like almost daily you're getting bombarded with things you must know or things you must do. I too have felt the same way. Being a business owner or business manager, your responsibilities are endless and sometimes you feel like putting your head in the sand or quitting.

You’re either busy with your family duties, practicing your profession, finding more client work from existing clients, finding new clients or trying to find good employees to help you get the client work done.

Just recently, we learned of a case which went to court where a cyber liability insurance policy was declared null and void. The insurance company had initially filed for a ruling in July of 2022 before a joint application was made between the insurance company and the previously insured that “no insurance coverage shall be available to any person or entity under the policy for past, present, and future claims, suits, loss, costs, or expenses of any kind whatsoever.”

The policy initially was supposed to be active from the 4th April 2022 to 4th April 2023, before the insured party had suffered a ransomware attack in May of 2022. The insurance company claimed the insured party had misrepresented information on it’s use of multi-factor or 2 factor authentication technology which “materially affected the acceptance of the risk and/or the hazard assumed by Travelers”.

Then if we add just the downtime associated with a ransomware or cyber attack you could be look at 2 weeks to a month, possibly longer, depending on how long forensics take and how long your cyber liability insurance provider takes to get the forensics people to your office. Not to mention you may also need to re-setup your entire system from scratch with new equipment to continue operating while the forensics take place.

So that raises a question, can you afford to be either down that long or purchasing all new equipment to start again at short notice? Given recent lead times on technology equipment this can be as much as 3 months from the orders being placed to when it actually arrives.

That’s off course assuming your cyber liability insurance will cover you and you’ve done the right things on your paperwork. There was a recent case this year where a company had their insurance withdrawn after trying to claim on it, because they had provided incorrect information on the application form.

You’re also having to then deal with potentially negotiating with the ransomware actors or paying the ransom to ensure they do not release your extremely sensitive client information publicly for anyone to find. Obviously, then dealing with the emotional stress, anxiety, and team burnout, which one CEO recently spoke about as being one of the most surprising things for him in going through a ransomware attack.

Would it be out of line for me to ask when does it become irresponsible to not properly invest in your team with the right training and the right services from the right IT services or cyber security company to protect your time, reputation and ultimately your family’s livelihood?

My Info Tech Partner is a trusted IT Services and IT Support provider in Perth that specialises in protecting reputations and family’s livelihoods with advanced cyber security services for legal, accounting and financial services firms and is the only one that offers a “Never Pay the Ransom” $10,000 Guarantee.

Want to learn more on how to prevent or mitigate reputation damage, protecting your family’s livelihood and ensuring your cyber liability insurance claim is not denied, then click here www.myinfotechpartner.com.au/3secrets-ondemand/ and register for our free on-demand executive training titled “The 3 Secrets To Avoiding Your Cyber Liability Claim Being Denied Without Having To Be A Cyber Security Specialist”