Do you know your risk to cyberattacks? According to a recent study, 43% of cyberattacks are aimed at small and mid-size businesses, but only 14% are prepared to defend against them. It is critical to assess your risk and make informed decisions about your cybersecurity posture. We will cover three reasons you should use a cybersecurity calculator today.
What is a Cybersecurity Risk Calculator?
Before we dive into why you should use a cyber risk assessment calculator, let’s discuss what it is. A cyber risk assessment calculator can be helpful for businesses that don’t know how their cybersecurity stacks up. The calculator assesses your level of risk based on how you answer a set of questions and can provide valuable insight into your cybersecurity.
Reason 1: Understand Your Level of Risk in Renewing your Cyber Insurance
One reason you should take advantage of a cybersecurity risk calculator is to understand your level of risk when it comes to obtaining or renewing a cyber insurance policy. If your business doesn’t have enough cybersecurity in place, an insurance provider may not approve coverage for your organization. By answering a few questions about your security infrastructure, you can determine if your risk is too high or not.
Reason 2: Identify Cybersecurity Vulnerabilities
Another reason to use a cybersecurity risk calculator is to identify potential vulnerabilities within your organization. When you don’t have proper security in place, you become more vulnerable to cyberattacks. Cybercriminals take advantage of vulnerabilities to enter your infrastructure to steal data or hold your data for ransom. By identifying vulnerabilities, you can quickly address them to improve your security posture.
Reason 3: Determine if You Meet Security Requirements for Cyber Insurance Coverage
Requirements to get and keep cyber insurance coverage are changing and becoming much more stringent. Using a cybersecurity risk calculator can help businesses take a hard look at their cybersecurity to meet these evolving cyber insurance requirements. A cybersecurity risk calculator makes it easier for you to determine if your business has the right technologies in place to meet new security requirements.
How TPx Can Help
Taking the appropriate steps to protect your company against cyber threats can directly impact your ability to get cyber insurance. TPx offers a free cybersecurity risk calculator for businesses to assess their level of security risk. The results can help inform vulnerabilities within your infrastructure that should be addressed before you try to obtain or renew your cyber insurance policy.
TPx can help strengthen your security posture with a full suite of cybersecurity solutions and services. Contact a TPx expert today and see how we can help improve your cybersecurity.