As more businesses embrace technology, the need to secure devices, software, and technology platforms grows even broader. With cyber threats becoming more complex and far-reaching, even small and medium enterprises (SMEs) need to invest in cybersecurity platforms to not only protect their businesses but also ensure the safety of their customers and employees.
That’s why Saphron, an insurance technology (Insurtech) startup on a mission to make insurance radically accessible, rolled out its newest offering called Cyber Insurance and Breach Response for SMEs, or CYBRIS for short. CYBRIS is a cybersecurity insurance policy that protects a business from financial losses arising from a data breach or a cyber attack.
“In this day and age, it’s almost impossible to say that you’re in business but you don’t utilize technology. No matter what sort of business you’re in, it’s very unlikely that you will not come across data or information about the client. And there is an insurance policy [to protect] that.”Lorenzo Chan Jr., CEO of Saphron
The importance of cybersecurity in the new normal
Products like CYBRIS have become increasingly relevant in the new normal, as digitization has become a necessity for many industries. A business that is handling any form of data in a digital platform, whether it’s a cloud database or social media, is susceptible to some
form of cyber attack or data breach, so it’s important that businesses insure themselves should they become the next target.
The product’s focus on SMEs is crucial, as small business owners are the most vulnerable to cyber threats. A 2018 study by GoDaddy revealed that 50% of small businesses in the Philippines experienced financial losses due to hacking, one of the most common types of cyber attacks. Research from CyberScout, a multinational provider of cybersecurity solutions, shows that even small businesses that only have one or two servers for their digital operations can lose anywhere from Php250,000 to Php750,000 from a data breach.
“SMEs are not comparable to conglomerates or enterprises, because they don’t have the budget or expenses for high-tech [cybersecurity solutions]. When [cyber threats] hit them, they will hit them very deep.”Andrew Hong, Regional Director for Asia-Pacific at CyberScout
CYBRIS: Your trusted ally in protecting your business
With these threats in mind, CYBRIS ensures SME owners that their businesses will be protected financially from the aftermath of a cyber attack. A business covered by CYBRIS will receive financial compensation to cover the various liabilities arising from a data breach as well as help them take the first steps to recovery.
As it was made for SMEs, CYBRIS offers its policies for as low as Php7,500 to Php14,500 a year—around the same amount as, or even lower than, car insurance. In turn, the policy will cover up to Php2.5 million worth of financial losses arising from a data breach, which includes privacy breach liabilities, security breach liabilities, regulatory penalties, and payment card industry fines. CYBRIS also provides support for processing ransomware attacks, which according to CyberScout can cost around Php50,000 to Php150,000.
On top of this financial coverage, a CYBRIS policy also comes with 24/7 rapid breach response service from CyberScout, which has a wide network of industry and legal experts who are able to guide businesses when it comes to data breach incidents. CyberScout also helps entrepreneurs navigate through uncertainties in their digital operations and ensure that they are following the best practices in cybersecurity.
One of CyberScout’s clients is a mid-sized aviation company operating in 60 countries, which suffered from a password attack in 2019 that led to fraudulent emails being sent to the company’s clients. Once the company reported the attack, CyberScout shipped a proprietary blackbox that allowed the client to conduct a forensic investigation of the compromised units. Through this investigation, CyberScout was not only able to advise the company on how to inform their clients and recover from the attack, but it was also able to identify other vulnerabilities within the company’s systems that could be exploited by cyber criminals.
“We help SMEs facilitate the entire [breach response] process,” said Hong. “We advise you step-by-step on how to deal with a cyber attack. We even have a consultative panel of lawyers and industry experts to help.”
Secure your business for the digital economy
For Atty. Leandro Aguirre, Deputy Privacy Commissioner at the National Privacy Commission (NPC), products like CYBRIS have a two-fold benefit. Not only does CYBRIS enable SME owners to grow in the digital economy, it also makes them view the threat of cyber attacks more seriously.
“[CYBRIS] is something that hopefully will help SMEs who may not have the necessary resources or who may not even prioritize cybersecurity or data privacy,” said Aguirre. “Something like this will put it forward, make them think about it more, and it will help them take the necessary steps to comply with the regulations of the NPC. I look at this as some kind of multiplier effect with what we’re trying to do with the Commission. It makes them more aware of what they need to comply, and that also helps us.”
Through CYBRIS, SMEs can protect themselves from the financial repercussions of a cyber attack without having to shell out a lot of time, effort, and investment. With its affordable rates, comprehensive coverage, and accessibility, CYBRIS is every SME’s trusted ally in cybersecurity.
“This particular product is earmarked for SMEs. People normally think cybersecurity is not affordable, that you’ll need big comprehensive teams to maintain it. SMEs don’t have the time nor the resources for those right away, and sometimes they’re not even aware of it. [Offering] this product that is simple, affordable, and available online is going to be quite useful,” concluded Chan.