SBAM Announces New Cyber Liability Insurance Program through MAIA Insurance Services

Small businesses are particularly vulnerable to cyber threats. Over the last few months, our members have voiced their concerns on cyber risks and the lack of access to cyber resources. We have researched options to help fill this void and found affordable, trustworthy solutions from the top experts in the industry.

As you know, we currently have partnerships with RiskAssure and SensCy, both of which provide tools that help you discern where your company stands regarding cyber security risk and what is at stake in the event of an attack. And now we also have cyber liability insurance coverage through a new partnership with MAIA Insurance Services.

RiskAssure

The free RiskAware tool available through RiskAssure works by scanning all your files, looking for sensitive data patterns, and then assigns each found pattern a risk value in dollars. In just minutes it pinpoints where that data lives on your devices. You see a total dollar amount that reflects the value of your cyber information. You also get visibility into duplicate files, along with files that might no longer be needed. This allows you to remove redundancies and expired information, thereby reducing your risk.

SensCy

The free SensCy Score™ is a numeric representation of the effectiveness of your organization’s cyber hygiene. Using various data points, their proprietary algorithm calculates your score which ideally should be at an 800 or above. Your SensCy Score™ is a good indication of your organization’s cyber hygiene and how prepared you are against cyber threats. SensCy can generate your score in less than 30 minutes for free.

Once you have the results from your RiskAware scanning tool and SensCy Score™, the next step is obtaining a cyber liability insurance policy to fully protect your company financially so you can recover from cyber incidents and mitigate potential damages.

MAIA Insurance Services

That’s where our new partnership with MAIA Insurance Services comes into play. MAIA Insurance Services offers SBAM members access to 10 leading cyber insurance providers and will find you the best plan to fit your specific needs. Their team of dedicated professionals understands the cyber insurance market and can help you make the best decision on a policy for your small business.

It’s important to point out that cyber liability insurance is different than general liability insurance. While general liability insurance typically covers injuries and property damage, cyber liability insurance specifically addresses the risks associated with cyber incidents. By obtaining cyber liability insurance, you will have comprehensive coverage tailored to your company’s unique cyber risks.

Visit sbam.org/cyberinsurance today to complete the initial inquiry form in which we ask some questions about the current state of your company’s IT data and record management. Our representative with MAIA Insurance Services, Joe Sommerdyke, will respond with proposals from the top insurance carriers that are the best fit for you. If you have any questions about the program or the application, please contact Joe directly at (517) 3278042 or jsommerdyke@michagent.org.

By Kellie Neirynck; originally published in SBAM’s November/December 2023 issue of Focus magazine

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