Adam Roderick, CEO of Datateer, joins us to discuss all things data. In this episode Adam guides us through the stages of a company’s data and how it’s managed and utilized, how to start your data journey, what are some data privacy practices, and much more. Watch the full video podcast here.
Tag Archive for: cyber insurance
Bjoern Nordmann, Senior Vice President of Sales & Partnerships at Datava, speaks about the struggles of data silos, the power of data warehousing and data activation, and how solution providers can really benefit institutions. Watch the full video podcast here.
Cybersecurity is one of the most critical concerns for small business owners today. A single cyber-attack can bring down a business, causing financial losses, reputational damage, and even legal liabilities. Business owners increasingly turn to cyber insurance policies to help mitigate cyber risk. These policies transfer some risk by providing resources, such as money and services, to deal with data breaches, network outages, and cyber extortion. However, cyber insurance is rarely sufficient to deal with the havoc that can ensue when a small business experiences an incident or breach.
Cyber insurance applications can teach small business owners a lot about effective cybersecurity risk management. Cyber insurance applications have grown from a few questions to many pages of questions as carriers seek to better assess risks based on the cybersecurity posture of their customers. This blog post will explore the key lessons that small business owners can learn from the questions asked on a cyber insurance application.
Current cyber insurance applications focus on the following topics:
- Endpoint Management
Endpoint management refers to the management of laptops, desktops, servers, and mobile devices. Cyber insurance applications focus on endpoint management because endpoints are often the entry point for cyber attackers. Implementing endpoint management practices such as vulnerability scanning, patch management, and device encryption. - Phishing Prevention
Phishing is a type of cyber-attack where attackers use social engineering techniques to trick users into divulging sensitive information such as login credentials or credit card details. Phishing attacks are widespread and can be devastating for small businesses. Cyber insurance applications focus on phishing prevention because it is one of the most common types of cyber attacks. Small business owners can implement phishing prevention measures such as employee training, email filtering, and multi-factor authentication. - Identity Management
Identity management refers to managing user identities, access rights, and privileges. Identity management is critical for ensuring that only authorized users can access business data and networks. Cyber insurance applications focus on identity management because compromised user credentials are a common entry point for cyber attackers. Small business owners can learn from this and implement identity management practices such as password policies, enterprise password managers, user access control, and single sign-on (SSO). - Data Backup Solutions
Data backup solutions refer to the process of creating copies of business data and storing them in a secure location. Data backup solutions are critical for ensuring business continuity during a cyber-attack or other disaster. Cyber insurance applications focus on data backup solutions because they are critical for mitigating the impact of a cyber-attack. Application questions center around the segregation of backups because insurance companies know that cybercriminals will delete or encrypt backups if they can access systems. Small business owners can learn from this and implement data backup solutions such as cloud backup, offsite backup, and developing disaster recovery plans. - Endpoint Detection & Response
Endpoint detection & response refers to the process of detecting and responding to security incidents on endpoints through software and monitoring services. Endpoint detection & response is critical for detecting and responding to cyber-attacks before they cause significant damage. Cyber insurance applications focus on endpoint detection & response because it is a critical component of effective cybersecurity risk management. Small business owners can learn from this and implement endpoint detection & response measures such as threat hunting, incident response planning, and security monitoring.
The good news is that most IT-managed service providers and managed security service providers offer services to cover 100% of the risks cyber insurance companies focus on. If you cannot mitigate your cyber on your own, fast-track your risk mitigation and insurance readiness by contacting a managed security service provider like Go West IT.
Jeff Mostek, VP of Alliance Insurance speak with us about digital transformation and AI, finding where your business risk lies, what you have to do to diminish it, and the importance of cyber insurance. Watch the full video podcast here.
It was not that long ago that cyber insurance was something only purchased by large companies with a heavy reliance on data processing. Today, cyber insurance is something that many small businesses carry, and every small business should consider. If a business has the support of a cyber insurance carrier it creates a safety net in the wake of a cybercrime incident.
Cyber insurance claims most often result from a business falling victim to cybercrime such as ransomware, data theft, or payment fraud. In these situations, the cyber insurance carriers should be brought to the table as soon as possible. Cyber insurance carriers create policies to include resources in the form of services to help minimize potential losses. These services include incident response, forensic investigation services, remediation, business resumption services, and even ransomware negotiation services. They do this because they understand that the manner in which a business responds to an incident can help minimize potential loss.
Cybercrime events can take a heavy toll on business operations, along with a substantial mental toll on business leaders, most of whom do not possess the skills and tools required to deal effectively with a cyber incident. Go West IT has experience dealing with cyber events both with the aid of an insurance carrier and without and have seen the difference that having an insurance company in your corner can make. It can turn a stressful and potentially costly event into a manageable business obstacle.
Check out Go West IT’s full article regarding cyber insurance.
Contact Go West IT for more information.
