Cybersecurity - ThinkSpace IT

Feb 08

How to Effectively Manage Supply Chain Risks

There are many benefits digital transformation has brought to businesses like yours, such as easier inventory management and order processing. However, it does make organizations more vulnerable to cyberattacks and data breaches. A breach occurring anywhere in your supply chain could have severe repercussions for your business. So, how can you protect your business from these threats? Deploying security solutions within your organization is a good start, but it isn’t enough. Supply chains have grown vast and complex, making it virtually impossible to pinpoint failure points or totally eliminate risks. It’s time to stop thinking of cybersecurity and data protection as merely an IT issue within your organization. It’s a problem encompassing people, processes and knowledge/awareness that affects your entire supply chain. As a result, your preventive and corrective measures should consider risks throughout your supply chain. Make supply chain security a part of governance Addressing supply chain risks on an ad hoc basis will only create ambiguity and chaos. Instead, make it a part of your security activities and policies. This way, employees will know how to coordinate with third-party organizations and what kind of security activities are necessary. Supply chain cybersecurity strategy best practices include: Defining who is responsible for holding vendors and suppliers accountable Creating a security checklist for vendor and supplier selection Specifying how to evaluate and monitor suppliers’ cybersecurity practices and how often Setting up a mechanism for measuring performance and progress Take compliance seriously Organizations must comply with various regulations to avoid weak links in their supply chain. For example, the defense industrial base must comply with the Cybersecurity Maturity Model Certification (CMMC). There are many other compliance regulations, such as GDPR, HIPAA and PCI DSS, for different industries and focus areas. Organizations usually have to undergo detailed assessments, produce different reports and documentation, and implement best practices to prove and maintain compliance. By making compliance with these regulations mandatory for your vendors, you can ensure your organization meets all the requirements Complying with applicable laws is crucial. It will not only improve your cybersecurity and data protection but also ensure that everyone on your team follows the same standards. These regulations are often updated, so it’s necessary to keep up with the latest industry standards. Deploy comprehensive and layered security systems It’s nearly impossible to predict threats when you have multiple third-party vendors. There are too many possible attack vectors. That’s why comprehensive, layered security is essential Layered security is a more holistic approach that protects each layer of your IT infrastructure with a different solution or method. So, even if one solution fails, you have others in place to fill the void. Layered security, of course, is only as good as the people who maintain it. That is why your employees must be trained and tested on a regular basis. They need to be able to identify potential threats and take appropriate action. Adopt and enforce international IT and data security standards Because modern supply chains are so interconnected, you have to interact and collaborate with your vendors. This means vast amounts of data are exchanged, including sensitive customer information such as medical records, Personal Identifiable Information and financial data. Such data must be stored securely (with continuous monitoring and real-time alerting) and only have regulated access. But how do you guarantee this? By adopting and enforcing international IT and data security standards such as GDPR and HIPAA. These standards ensure organizations keep track of the sensitive data they acquire, are able to produce thorough documentation when challenged, and have implemented adequate measures to secure data. Besides that, when selecting a software-as-a-service (SaaS) vendor, you should find out if they are SOC 2 or ISO27001 compliant. This indicates that the vendor is securing information as per industry standards. The best way forward With supply chains becoming smarter and more interconnected, now is the time to identify and secure weak links in your supply chain. This requires a lot of dedicated time and effort, so don’t worry if you don’t have the time or resources to do this on your own. An IT service provider like us can help. We can help deploy layered security and secure your data while maintaining compliance with regulations. Feel free to reach out to us for a consultation. To learn more, we created an infographic titled “How to Achieve Supply Chain Risk Management and Compliance” that you can download by clicking here.

Feb 01

Best Practices Cybersecurity Security

Recommended Best Practices to Reduce Cyber Supply Chain Risks

What exactly is a supply chain attack and how does it impact your organization? A supply chain attack is a type of cyberattack that targets an organization’s external suppliers and vendors. This can have significant consequences for the organization, such as financial losses, damage to reputation and costly recovery efforts. The process of identifying and mitigating potential risks to your supply chain is known as cyber supply chain risk management. This includes assessing third-party vendors’ security, ensuring that their products and services meet the necessary security standards and putting measures in place to protect against potential cyberattacks. As we navigate through today’s competitive business world, it’s essential to understand how to manage cyber supply chain risks. Failing to do so could mean the difference between maintaining order within your daily operations and facing the chaos of ruthless cybercriminals. Implementation of best practices can go a long way in minimizing the impact of a supply chain attack and can protect your bottom line. Recommended security practices Prevention is always better than cure, especially when you are managing data, systems, software and networks. By proactively adopting best practices, it is certainly possible to address supply chain risks. Some of these practices include: Having a comprehensive cyber defense strategy This involves taking a proactive and holistic approach to protecting your business from threats that may exist within your supply chain. For that, you need to focus on identifying and assessing potential vulnerabilities, implementing robust security measures to prevent attacks and developing contingency plans in case of a breach. Conducting regular security awareness training You must educate all employees about how even a minor mistake on their part could severely compromise security. Since employees are usually the first line of defense against cyberattacks, they must be trained to identify and avoid potential threats, especially when they come from within your supply chain. Remember that drafting and implementing an effective security awareness training program should not be a one-time affair. It should take place regularly to ensure all stakeholders are on the same page. Implementing access control Enabling an access control gateway allows verified users to access your business data, including those in your supply chain, and helps minimize the risk to sensitive data. Both authentication (verifying the user’s identity) and authorization (verifying access to specific data) are crucial in implementing a robust access control strategy. Additionally, you can restrict access and permission for third-party programs. Continuously monitoring for vulnerabilities Continuously monitoring and reviewing the various elements and activities within your supply chain can help identify and address potential security threats or vulnerabilities before a cybercriminal takes advantage of them. This can be achieved with tools and technologies, such as sensors, tracking systems and real-time data analytics. Continuous monitoring can also help you identify and address any bottlenecks or inefficiencies in your supply chain, leading to improved efficiency and cost savings. Installing the latest security patches This practice enhances security by ensuring that all systems and devices are protected against known vulnerabilities and threats. Usually, software updates that fix bugs and other vulnerabilities that hackers might exploit are included in security patches. By installing these patches promptly, you can help safeguard your business against potential attacks or disruptions and reduce the risk of other negative consequences. Developing an incident response strategy An incident response strategy is a plan of action that outlines ways to handle unexpected events or disruptions, including those resulting from a supply chain attack. This strategy helps ensure that your organization is prepared to respond effectively to any potential security breaches or other issues that may arise. Some components of a supply chain incident response strategy may include identifying potential threats and vulnerabilities, establishing clear communication channels and protocols, and identifying key stakeholders who should be involved in the response process. Partnering with an IT service provider Partnering with an IT service provider can help reduce supply chain vulnerabilities by providing expert support and guidance in areas such as cybersecurity, data protection and network infrastructure. This can help reduce the risk of data breaches and other cyberthreats and ensure your systems are up to date and secure. Plus, an IT service provider like us can help you implement and maintain robust security protocols and processes to help you strengthen your supply chain security and protect your business from potential threats. Adopt these best practices before it’s too late Supply chain security is a complex and multifaceted issue, and the best practices mentioned above are just the tip of the iceberg in terms of what you should be doing to avoid security incidents. It can be overwhelming to try and implement all of these measures on your own, especially if you already have a lot on your plate. One effective way to begin is by partnering with an IT service provider like us. We have a wealth of experience and expertise in this area and can provide the support and guidance you need to ensure a secure and safe future for your business. Don’t go it alone – get in touch with us today and let us help you take the first steps towards a safer tomorrow.

Oct 26

Cybersecurity Employee Training

4 Employee Cyberthreat Traits

To succeed in today’s modern competitive business landscape, you need to understand the strengths and weaknesses of your employees. This will equip you to identify areas where employees may need further training, including cybersecurity awareness. Are you sure that your employees can resist threats and prevent cyberattacks? Certain employee traits can indicate a lack of cybersecurity knowledge or awareness. For example, individuals who regularly click on phishing emails or fall victim to social engineering attacks are likely unaware of the dangers of these threats. Similarly, employees who do not adhere to cybersecurity best practices, such as using strong passwords, may also demonstrate a lack of awareness or motivation. If you notice any of these behaviors in your employees, it’s essential to empower them with the latest cybersecurity training and best practices. By doing so, you can help protect your business against the dangers of cyberattacks. In this blog post, we attempt to categorize the most common employee traits so that you can identify individuals who require additional attention. Traits to watch out for Although there are numerous ways to classify employee traits, we believe the four listed below cover the most common character traits. The skeptic Skeptical individuals believe that a cyberattack will never happen to them. They don’t understand the significance of regularly changing their passwords or using two-factor authentication. This callous behavior is exactly what cybercriminals exploit to attack the organization. They have a high success rate when businesses and their employees don’t take the necessary safety precautions. Remember, cybercriminals are out there and they’re very good at staying under the radar, making it difficult to spot them if you’re not actively looking for them. The procrastinator Cybersecurity procrastinators know they are critical to preventing hackers from infiltrating systems, but they’ll worry about finally connecting to your virtual private network (VPN) or deploying that security patch tomorrow. Those with the procrastinator cybersecurity trait also have a love-hate relationship with the dozens of red bubbles on their apps and software. They know that if left unchecked, the situation could quickly spiral out of control, but they will prioritize other tasks and wait until “the next day” to take care of the issue. The naive Although naivete is not synonymous with foolishness, those who are inexperienced in cybersecurity might trust too easily. Do you know people who leave their computers unlocked when they go out for lunch? Or the remote worker who uses the free Wi-Fi at coffee shops? Some individuals even write their passwords on post-it notes; we’ve all been guilty of doing this at some point. While it may seem to this type of employee that they’re surrounded by good people, the threat might be sitting right next to them. The employee with good intentions If cybersecurity best practices were an exam, this type of employee would get an A+. They are cautious of emails with links or attachments, use complex passwords to deter hackers and are always informed of the latest threats. However, even the employees with the best of intentions can be targeted by a cybercriminal and not know it. That’s why providing your team with the latest cybersecurity awareness training is crucial. Conclusion It’s essential for any business to know its employees well. After all, they are the lifeblood of any company. Good employees help drive a business forward, whereas careless employees can drag it down. It’s important to remember that each employee is an individual with unique skills, traits and motivations. It’s up to you to make sure that these individual traits are being put to good use and that your employees receive regular security awareness training to help them all learn and practice good cyber hygiene. Don’t worry if you don’t know where to begin. The experience and expertise of a specialized IT service provider, like us, may be just what you need. Contact us today for a no-obligation consultation to see how easy we can make security awareness training. To learn more, download our eBook “Security Awareness Training: Your Small Business’s Best Investment”.

Oct 19

Cybersecurity

4 Cyberthreats Small Businesses Need to Know

Oct 12

Best Practices Cybersecurity

Why Passwords are Your Business’s Weakest Point

In today’s digital world, safeguarding your organization’s online assets is critical. Unfortunately, poor password hygiene practices by some employees cause problems for many small businesses, leaving them vulnerable to hackers. Cybercriminals are constantly trying to find new ways to break into business systems. Sadly, too often, they succeed thanks to weak passwords. In fact, nearly 50% of cyberattacks last year involved weak or stolen passwords.* This calls for small businesses like yours to step up and take password security seriously and implement strong password policies. Fortunately, there are a few best practices that you can follow to protect your business. Before we get into those, here are the top 10 most common passwords available on the dark web that you should avoid at all costs: 123456 123456789 Qwerty Password 12345 12345678 111111 1234567 123123 Qwerty123 Password best practices When your team is aware of password best practices, they can significantly ramp up your cybersecurity. Use a password manager One of the most important things to keep your passwords safe is to use a password manager. A password manager helps you create and store strong passwords for all your online accounts. Password managers can also help you keep track of your passwords and ensure they are unique for each account. Implement single sign-on (SSO) Single sign-on is a popular password solution that allows users to access multiple applications with one set of credentials. This means that you only need to remember one password to access all your online accounts. While SSO is a convenient solution, remember that all your accounts are only as secure as your SSO password. So, if you’re using SSO, make a strong, unique password that you don’t use for anything else. Avoid reusing passwords on multiple accounts If a hacker gains access to one of your accounts, they will try to use that same password to access your other accounts. By having different passwords for different accounts, you can limit the damage that a hacker can cause. However, avoid jotting down your passwords on a piece of paper and instead depend on a safe solution like using a reliable password manager. Make use of two-factor authentication (2FA) One of the best ways to protect your online accounts is to use two-factor authentication (2FA). In addition to your password, 2FA requires you to enter a code from your phone or another device. Even if someone knows your password, this method makes it much more difficult for them to hack into your account. While 2FA is not perfect, it is a robust security measure that can assist in the protection of your online accounts. We recommend that you begin using 2FA if you haven’t already. If you use 2FA, make sure each account has a strong and unique code. Don’t use the information available on your social media Many people use social media to connect with friends and family, stay up to date on current events or share their thoughts and experiences with others. However, social media can also be a source of valuable personal information for criminals. When creating passwords, you must avoid using information easily obtainable on your social media accounts. This includes your name, birth date and other details that could be used to guess your password. By taking this precaution, you can help keep your accounts safe and secure. An IT service provider can help you As cyberattacks become more sophisticated, you may not be able to devote sufficient time and effort to combat them. As an IT service provider, we can ensure your team creates strong passwords, stores them securely and changes them on a regular basis. Schedule a no-obligation consultation with us today to learn more about how we can help protect you from poor password hygiene. Now that you know how to keep your passwords safe, download our infographic by clicking here to learn how to keep your email inbox safe.

Oct 05

Cybersecurity

Busting Four Popular Cybersecurity Myths

As the business world becomes increasingly digitized, you’ll have to tackle several dangers that come with doing business online. Cybercriminals nowadays have several methods to target organizations, from credential hacks to sophisticated ransomware attacks. This is why it’s critical to think about measures to protect your organization in every possible way. If you are unfamiliar with technology and the cyberthreat landscape, it might be hard to know the best strategy to protect your organization. With so much noise about cybersecurity out there, it can be challenging to distinguish between myth and fact. Understanding current and evolving technology risks, as well as the truths behind them, is critical for providing a secure direction for your business. This blog can help you with that, and after reading it, you’ll have a better idea of the threat landscape and how to protect your business against it. Cybersecurity myths debunked Busting the top cybersecurity myths is essential to keep your business safe: Myth #1: Cybersecurity is just one solution There are many different aspects to cybersecurity and they’re all crucial in keeping your business safe. A robust cybersecurity posture includes employee security awareness training, physical security measures and a web of defenses for your network and devices. You can create a solid cybersecurity strategy for your business by considering all these measures. Myth #2: Only large businesses become the victims of cyberattacks If you fall for this myth, it could severely damage your organization. The truth is that small businesses are targeted more frequently by cybercriminals since their network can easily be compromised and they are less likely to recover from an attack unless they pay a ransom. Myth #3: Antivirus software is enough protection Nothing could be further from the truth. Antivirus software doesn’t provide comprehensive protection from all the threats that can exploit your vulnerabilities. Cybersecurity is about much more than just antivirus software. It’s about being aware of potential dangers, taking the necessary precautions and deploying all the appropriate solutions to protect yourself. Myth #4: I’m not responsible for cybersecurity Many businesses and their employees believe that their IT department or IT service provider is solely responsible for protecting them against cyberthreats. While the IT service department/IT service provider bears significant responsibility for cybersecurity, hackers can target employees because they are usually the weakest link. It’s your responsibility as a business leader to provide regular security awareness training and your employees’ responsibility to practice good cyber hygiene. An IT service provider can help Cybersecurity myths like the ones you learned above can lull businesses into a false sense of security, leaving them vulnerable to attacks. This is where an IT service provider, like us, can help. We can help you separate fact from myth and make sure your business is as secure as possible. We have the experience and expertise to handle matters such as cybersecurity, backup, compliance and much more for our customers. We’re always up to date on the latest security landscape and provide you with the tools and guidance you need to stay safe. Contact us today to learn more about how we can help you secure your business. Want to learn more? Get our eBook that highlights the importance of security awareness training in your cybersecurity strategy. Download it here.

Sep 28

Cyber Insurance Cybersecurity Security

3 Times Businesses Were Denied Cyber Insurance Payouts

Cyber insurance is a type of insurance that protects businesses from financial losses that can result from a cyberattack. While it’s an essential tool for businesses of all sizes, there are some facts you should be aware of before purchasing a policy. Just because you have cyber insurance, it doesn’t mean you are guaranteed a payout in the event of an incident. This is because you may not have the correct coverage for certain types of cyberattacks or you might have fallen out of compliance with your policy’s security requirements. As a result, it is critical to carefully review your policy and ensure that your business is adequately protected. Learn from the past Here are three real-life examples of denied cyber insurance claims: Cottage Health vs. Columbia Casualty The issue stemmed from a data breach at Cottage Health System. They notified their cyber insurer, Columbia Casualty Company, and filed a claim for coverage. However, Columbia Casualty sought a declaratory judgment against Cottage Health, claiming that they were not obligated to defend or compensate Cottage Health because the insured didn’t comply with the terms of their policy. According to Columbia Casualty, Cottage Health agreed to maintain specific minimum risk controls as a condition of their coverage, which they then failed to do. This case reminds organizations of the importance of reading their cyber policy, understanding what it contains and adhering to its terms. BitPay vs. Massachusetts Bay Insurance Company BitPay, a leading global cryptocurrency payment service provider, filed a $1.8 million insurance claim, but Massachusetts Bay Insurance Company denied it. The loss was caused by a phishing scam in which a hacker broke into the network of BitPay’s business partner, stole the credentials of the CFO of BitPay, pretended to be the CFO of BitPay and requested the transfer of more than 5,000 bitcoins to a fake account. Massachusetts Bay Insurance stated in its denial that BitPay’s loss was not direct and thus was not covered by the policy. Massachusetts Bay Insurance asserted that having a business partner phished does not count as per the policy. Although BitPay is appealing the denial, this case emphasizes the importance of carefully reviewing insurance policies to ensure you understand what scenarios are covered. This incident also highlights the importance of employee security awareness training and the need to reach out to an IT service provider if you don’t have a regular training policy. International Control Services vs. Travelers Property Casualty Company Travelers Property Casualty Company requested a district court to reject International Control Services’ ransomware attack claim. The company argues that International Control Services failed to properly use multifactor authentication (MFA), which was required to obtain cyber insurance. MFA is a type of authentication that uses multiple factors to confirm a user’s identity. Travelers Property Casualty Company claims that International Control Services falsely stated on its policy application materials that MFA is required for employees and third parties to access email, log into the network remotely and access endpoints, servers, etc. They stated that International Control Services was only using the MFA protocol on its firewall and that access to its other systems, including its servers, which were the target of the ransomware attack in question, were not protected by MFA. This case serves as a reminder that when it comes to underwriting policies, insurers are increasingly scrutinizing companies’ cybersecurity practices and that companies must be honest about their cybersecurity posture. Travelers Property Casualty Company said it wants the court to declare the insurance contract null and void, annul the policy and declare it has no duty to reimburse or defend International Control Services for any claim. Don’t be late to act As we have seen, there are several reasons why businesses can be denied payouts from their cyber insurance policies. Sometimes, it could be due to a naive error, such as misinterpreting difficult-to-understand insurance jargon. In other cases, businesses may be maintaining poor cybersecurity hygiene. An IT service provider can help you avoid these problems by working with you to assess your risks and develop a comprehensive cybersecurity plan. Feel free to reach out for a no-obligation consultation. To learn more about cyber insurance, download our infographic titled “What Every Small Business Needs to Know About Cyber Insurance” by clicking here.

Sep 21

Cyber Insurance Cybersecurity Security

3 Types of Cyber Insurance You Need to Know About

As the world becomes more digitized and cybercrime increases, the need for cyber insurance is something businesses should not overlook. If your company handles, transmits or stores sensitive data, you need to know about cyber insurance. Cyber insurance is intended to protect businesses from the monetary losses arising from a cyber incident that could jeopardize their future. It covers financial losses caused by events such as data breaches, cybertheft and ransomware. Since small businesses often lack the resources or budgets of big corporations, cyber insurance can provide critical financial protection in the event of a cyberattack, helping them recover quickly. Types of cyber insurance and what they cover Although insurers may have their own specific classifications, cyber insurance can be divided into three broad categories: Cybertheft insurance With more and more businesses storing sensitive data online, the risk of cybertheft is more prominent than ever. As a result, ensuring that your company is adequately insured against this growing threat is critical. Cybertheft insurance protects businesses from financial losses caused by digital theft. This type of insurance can cover a variety of cybertheft scenarios, including first-party cybertheft, embezzlement scams, payroll redirection and gift card scams. Businesses of all sizes can be victims of cybertheft, and no business is too small to need cybertheft insurance. Therefore, even if there is a remote chance that your data or digital assets will be stolen, ensure you have cybertheft insurance for your business. Cyber liability insurance Cyber liability insurance includes third-party coverage for damages and losses, data breaches, regulatory penalties, credit monitoring and lawsuits. Cyber liability insurance is a vital tool for small businesses like yours because the financial ramifications of a cybersecurity breach can be more severe than you can handle. This does not mean you should panic right now; it simply means that having cyber liability insurance can help your business recover and move forward even after a breach, without being stunted. Cyber extortion insurance/ransomware insurance Cyber extortion insurance protects businesses against ransomware attacks. This type of insurance can help cover the cost of ransom payments, recovery expenses, business interruptions and more. It can also provide access to a team of experts who can help with cyber extortion negotiations and forensics. Keep in mind that an attack could still succeed even with the right cybersecurity solutions in place to protect your business. That’s why it’s critical to have cyber extortion insurance. It can help you recover from a ransomware attack and reduce the financial impact. Let’s work together to ensure your success Cyber insurance is a complicated and ever-changing industry. There are many factors that can influence whether or not you qualify for a payout in the event of a cyberattack, and trying to remain compliant with your insurance policy can be difficult. Working with an IT service provider can help you better understand your options and ensure that you have adequate security in place, increasing your chances of receiving complete coverage. Not sure where to start? Contact us today to schedule a consultation. Our knowledge and experience may be just what you require. We’ve also created an infographic titled “Cyber Insurance and Why Your Small Business Needs Coverage” that you can download by clicking here.

Sep 14

Cyber Insurance Cybersecurity Security

How an IT Service Provider Can Help With Cyber Insurance

When looking for cyber insurance for your small business, you may find it hard to navigate technology and insurance jargon. There are even different types of cyber coverage and you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you do have coverage, there’s always the risk of not receiving a payout in the event of an incident if you didn’t meet your policy’s requirements. Partnering with an IT service provider can make your journey to qualify for cyber insurance easier in so many ways. Keep reading to find out how. An IT service provider can help you Although an expert IT service provider can bring a lot to the table on matters regarding security, backup and compliance to help you stay protected, in terms of cyber insurance, you can get assistance with the following: Auditing and complying with insurance policies While meeting your cyber insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with a specialized IT service provider. The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data and more. An IT service provider can help handle all of these and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements. An IT service provider can also help make documenting your security measures easier. Picking the right coverage for your business Without an in-depth understanding of cybersecurity, it can be difficult to know which type of cyber insurance is best for your company out of the many available options (theft, liability, and extortion). An IT service provider can evaluate your company and direct you toward the right coverage. The drawback of not having the right insurance coverage is that you’ll have to pay the premium and get nothing in return when you really need it. Improving your cybersecurity posture Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining cyber insurance coverage challenging, it is not impossible. If you have a strong cybersecurity posture, your chances of getting coverage will be higher. An IT service provider can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. They can also help you implement security controls and monitor your network for threats. If you do suffer a data breach, an IT service provider can help you with the incident response process. The decision is yours If you’re hoping to qualify for a cyber insurance policy, a specialized IT service provider like us can help. We can use our expertise and experience to help you choose the right policy for your business and meet your policy’s requirements. Feel free to reach out for a no-obligation consultation where you can decide if we’re the right partner for you. To help you learn more about cyber insurance, we created a comprehensive checklist titled “Cyber Insurance 101 for Small Businesses” that you can download by clicking here.

Sep 07

Cyber Insurance Cybersecurity Security

Don’t Fall for These Cyber Insurance Myths

As the world increasingly moves online, so do the risks to our businesses. Cyber insurance is one way to help your business recover following a cyberattack. It covers financial losses caused by events such as data breaches, cyber theft, ransomware and more. Cyber insurance can be beneficial in many ways since it typically covers the cost of: Recovering data Legal proceedings Notifying stakeholders about the incident Restoring the personal identities of those affected Due to the complicated nature of cyber insurance, there are a lot of myths out there that can be harmful to your business if you fall for them. Let’s debunk them together. Cyber insurance myths debunked Busting the top cyber insurance myths like the ones below is necessary so that you can make informed decisions for your business: Myth #1: All I need to protect my business from cyberthreats is a cyber insurance plan This could not be further from the truth. Your insurance provider will only cover your business if you meet the requirements outlined in your contract. Most reputable insurers will require proof that you have been following the proactive measures outlined in your policy. If you can’t prove your compliance, your claims are unlikely to be paid. One of the most common insurance requirements is that you have top-tier cybersecurity protection. Despite the availability of a variety of cybersecurity solutions in the market, keep in mind that not all of them are the same. Finding a solution that offers the best protection for your needs is crucial. Myth #2: I don’t need cyber insurance since I have cybersecurity solutions Even though cybersecurity solutions can boost your defenses, they don’t make you immune to cyber incidents. Yes, cybersecurity solutions can reduce the risk of a cyberattack by identifying and protecting vulnerable points in your system. However, no solution can provide complete protection against all threats because staying on top of emerging risks can be challenging. Additionally, human error can always result in vulnerabilities in a system, regardless of how secure it is. That’s why it’s a good idea to have a cyber insurance policy in place to fall back on in case of an incident. Myth #3: Cyber insurance is easy to get As technology advances, so do the occurrences of cyber incidents. With small and medium-sized businesses being the most susceptible targets of cybercriminals due to a lack of enterprise-level protection, the likelihood of an attack is high. Consequently, insurers are reluctant to provide coverage since the risks are significant. While policies are still available, they are becoming more expensive and difficult to obtain. Myth #4: If I have a cyber insurance policy, my claims will be covered in case there’s an incident If you can’t prove that you’ve complied with your cyber insurance policy’s prerequisites, your claim is likely to be rejected. This is why you might want to consider partnering with an IT service provider. An expert IT service provider can help you remain compliant with your cyber insurance policy as well as provide evidence of such compliance. Partner for success It’s crucial to not fall for the above myths about cyber insurance so that your business qualifies to invest in a policy and receive coverage. However, it’s also important to remember that cyber insurance is something that demands a lot more time and effort than you might have. To protect your business effectively, you should partner with an IT service provider like us who can help you understand how to increase your chances of receiving coverage and a payout in the event of an incident. Reach out to schedule a no-obligation consultation. Additionally, we created an infographic titled “What is Cyber Insurance and Why Your Business Needs Coverage” that you can download by clicking here.

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