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Future Hosting Emphasizes The Importance of Cyber-Insurance For Modern Businesses

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Future Hosting Emphasizes The Importance of Cyber-Insurance For Modern Businesses

Future Hosting a provider of managed dedicated and VPS hosting services, today touched on an ongoing issue in the cybersecurity space: insurance.

PR Newswire

SOUTHFIELD, Mich., Sept. 4, 2018 /PRNewswire-PRWeb/ -- Future Hosting, a provider of managed dedicated and VPS hosting services, today touched on an ongoing issue in the cybersecurity space: insurance.

In a recent survey of telecommunications firms in the United Kingdom, it was revealed that only 38% have cybersecurity insurance comprehensive enough to cover their full risk profile - and that 17% have no insurance at all. And the UK is actually ahead of the game where insurance is concerned. Other nations fare much worse - a full 50% of companies in the US are uninsured.

"The world is becoming digitized," noted Maulesh Patel, VP of Operations at Future Hosting. "We store more information online than ever, everything from intellectual property to protected data. Given the sheer size of the threat surface facing modern businesses - and the fact that even a minor security flaw can lead to a breach - it's concerning that so few organizations have committed to cyber-insurance."

A cyber-insurance policy, explained Patel, ensures an organization is shielded to some extent from the consequences of a breach, provided it did everything in its power to prevent it. This could be anything from regulatory fines to loss of revenue to legal fees. More importantly, he continued, an organization with insurance demonstrates to prospective clients and business partners that it treats cybersecurity with the utmost care - an attractive quality in today's digital economy.

"Incidents such as data breaches and ransomware attacks have reached an all-time high," said Patel. "Decision-makers know this. They're aware of the myriad of threats and risks facing their organizations, yet they are not doing everything in their power to protect themselves."

Part of the reason may be tied to mistrust over insurance pricing, or a lack of understanding around why cyber-insurance is important. Patel expects that improvements to the cyber-assessment process used by insurance providers will mitigate at least some of the issue. In the meantime, however, he emphasizes that coverage is essential to a good security posture.

"Cyber-insurance should be viewed in the same light as a business continuity plan," Patel explained. "It may not directly relate to cybersecurity in the same way as a firewall or network monitoring system, but it is still critical for businesses that want to protect both themselves and their customers."

About Future Hosting, LLC
Founded in 2001, Future Hosting is a privately held leading Internet solutions provider specializing in managed hosting, including Dedicated Servers, Virtual Private Servers, and Hybrid Virtual Private Servers. The company has built a strong reputation for its high-quality service, innovative pricing models, and 3-hour Service Level Agreement. Future Hosting is based in Southfield, Michigan. For more information, visit http://www.futurehosting.com

 

SOURCE Future Hosting

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