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The 7 Irresistible Qualities of Cloud ERP
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Why a Business Continuity Plan is Essential
Learn why your company needs a business continuity plan.
Ransomware 101
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Office 365 Migration Made Easy
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Can Businesses be denied Cyber Insurance?
/in Blog /by Chris HigginsIn our world of constantly evolving and varied cyber threats, many organizations consider cyber insurance to help them get back on their feet should they fall victim to a cyber event. Data breaches and ransomware attacks can also require specialized expertise and funds to deal with. For these reasons, many business owners choose to purchase cyber insurance for financial protection should an incident occur. Here are some reasons why you get denied cyber insurance
Cyber security insurance used to be either very expensive or a cheap add-on to an existing policy. These days, it has its niche market and has become a critical need for many businesses.
It’s worth noting, however, that cyber insurance does not solve all cyber-related problems, and it won’t ever prevent a cyberattack or data breach. Just like businesses with physical property need to put appropriate measures in place for security, so do companies with intellectual property.
Unique cyber insurance for a unique business
Generic business insurance doesn’t cut the mustard. It rarely even mentions data loss. Of course, there are overlaps in many cyber insurance policies, but businesses should have coverage that is as unique as their business.
Beyond the basics, there are various additions and enhancements that policies can offer. As a result, you won’t know what to watch out for unless you’re aware of them. There are enhancements such as social engineering coverage (for employees who get duped into doing things), reputational harm coverage (often related to a security breach), and technology bricking (replacing technology equipment that is no longer usable after malware infection). Make sure you cover everything important to you.
Cyber insurance prequalification
Even if businesses prequalify for cyber insurance, it is still possible to get denied. Even if you have had cyber insurance in the past, it can still happen to you. There are many reasons for this.
Poor plans for business continuity and disaster recovery
Cyber insurance providers want a return on investment. If a provider believes your business cannot recover from a disaster, they may deny your application. Disaster recovery doesn’t just mean having backups. Businesses need adequate disaster recovery plans to make sure they’re able to survive after a cyber event.
Poor account security – multi-factor authentication
Businesses are often denied cyber insurance coverage due to the lack of multi-factor authentication. Many providers focus on account security before they offer a policy.
Poor cybersecurity awareness
Training employees is essential for maintaining appropriate cyber security. It’s no secret that employee involvement is one of the weaker aspects of business security. Training for employees is vital – and it needs to be updated as cyberattacks evolve.
Inadequate endpoint security
Many policies require more than antivirus software. Businesses often need endpoint detection and response tools that combine several security measures covering a range of detection and prevention techniques.
Using an MSP to assist even if you have cyber insurance prequalification
Being denied cyber insurance is a daunting prospect, and when a business gets rejected once, it’s even harder to get a policy. This roadblock is where your Managed Service Provider comes in.
By using an MSP to help with cyber insurance prequalification, you’re making sure you have experts looking into everything with an experienced eye. Your MSP can help rectify the areas that need improving if you do not qualify for a cyber insurance policy.
Final thoughts
Even if you have a prequalification for cyber insurance, you can still get denied coverage. MSPs can help you secure cyber insurance and cyber insurance prequalification by assisting businesses to meet the necessary criteria. For more information, get in touch with us to schedule your free cyber security business review.
Cybersecurity Insurance – 5 Reasons Why you need it
/in Blog, Security /by Chris HigginsCybersecurity insurance, also referred to as cyber insurance or cyber liability insurance, is insurance that your business can buy to reduce risks to data loss. A cybersecurity insurance policy will transfer some risk to the insurance company for a fee.
While all types of insurance have been around for decades, cybersecurity insurance is relatively new. Businesses that chose to buy cybersecurity insurance were early adopters. Given how cyber risks fluctuate, cybersecurity policies must change and adapt frequently. Underwriters have access to data that helps them calculate risk and set policy rates, premiums, and coverage. For cybersecurity insurance, it’s not that simple. This hurdle is because cybersecurity insurance is new, and the data is limited.
1. It is an Extra Layer of Protection.
Losing data through theft or compromise has the potential to harm an organization. It can mean customers go elsewhere and cause your business a loss in revenue. What’s more, without cybersecurity insurance, your company could be liable for any damages that stem from third-party data being stolen or compromised. Losing client data without a backup plan in place could be a disaster.
Cybersecurity insurance is essential if businesses want to protect themselves against cyber event risks, including threats linked to terrorism. In addition, coverage for cyber threats can help remediate cyber incidents quickly and could save your business.
2. Anyone can be hacked!
Back in 2011, the PlayStation Network suffered a breach by hackers. This breach exposed the personal data of 77 million users. It meant that PlayStation users were unable to access the service for over three weeks. In terms of cost to Sony, there were over 171 million dollars lost due to this breach. Sony could have saved themselves some of the $171 million had they secured a cybersecurity insurance policy – but they didn’t. A subsequent court case ruled that their insurance policy only covered physical damage, which meant that Sony had to pay the costs of the losses from the cyberattack.
3. How It Works.
Many insurance providers that provide coverage like commercial property insurance or business liability insurance will also provide cybersecurity insurance. Most cybersecurity policies cover the first party (losses that impact a company directly) and third-party losses (losses by other people caused by a cybersecurity incident, depending on their relationship to the organization).
Cybersecurity insurance will help cover any losses resulting from cyber incidents and events. What’s more, it can also help with costs linked to remediation, such as paying for legal assistance, crisis communicators, investigators, customer refunds, and loss to customer accounts.
4. Who should get Cybersecurity Insurance?
Companies who manage, store or create electronic data like contacts, sales, or credit card info will benefit from cybersecurity insurance. E-commerce companies can also benefit from cyber coverage. Besides losing money, downtime from a cyber event can potentially lose customers and sales.
In a similar vein, any company storing client information online will benefit from cybersecurity insurance and its liability coverage. But be forewarned that not every business will qualify for this type of insurance. You’ll need to prove that you are doing everything possible to secure your data. If you’re not sure if your cybersecurity is the best it can be, that’s something we can help you figure out.
5. What doesn’t a Cybersecurity Insurance Policy cover?
Whenever a business purchases a cybersecurity insurance policy, check the policy documents carefully. Depending on the policy type, you may lack some coverage you wanted, or you might have coverage for things you weren’t aware of. Examples include paying legal fees, costs of notifying customers, meeting ransomware demands, costs of recovering data, etc. Make sure you’re happy with your coverage before you sign on the dotted line.
Since it hasn’t been around very long, policies and prices vary between providers. Therefore, businesses need to think carefully about what they would like covered in their cyber insurance policy. Depending on the industry, different organizations will need different types of coverage. If you need help figuring all of this out, you can book a complimentary Cybersecurity Business Review with us. The Review has a value of $2,500, so you’re already saving money.
Having your Managed Service Provider help you through the application process is a good idea. After all, we can help define what coverage your business will need. The bottom line is, if you don’t have it, look into getting it. Without it, you may risk making the same mistake as Sony did. If you have any questions, contact us for a cybersecurity consultation.
Who Should Handle Your IT?
/in Blog, Business Continuity /by Chris HigginsIn our evolving COVID-19 world, we’ve had to re-learn the way we act and think. What worked for our businesses in the past might no longer help us in the future. The pandemic caused a seismic shift for many small businesses. Those who learned to adapt to the changes survived and thrived. With COVID-19 not off the table yet, we’re now in a time where business owners need to be strong, flexible, and determined. That is why we will show you why you need a Managed Service Provider to handle your IT.
If we look back on the pre-pandemic world, we had it pretty good. Of course, life was never perfect, but we had it good compared to other times in the past – the world wars, the strife of the depression, and the hardship of the last housing crisis. At our fingertips, we had a smartphone containing answers to anything we wanted to know. Technology was our friend.
Thriving and outsourcing
The businesses that thrived in the pandemic, and came out of the other side, knew what they needed to do. They had a support system that made sure they knew what they needed to do to handle your IT needs. That support system? It’s your MSP. The Managed Services Provider who took care of things when they were on the shaky pandemic ground keeps businesses running.
While every business owner would love to stand on their own two feet and be self-reliant, the truth is that the most successful enterprises do not. Instead, they outsource to experts so that they can work entirely on their business without having to worry about how to handle their or your IT.
Relying on an MSP to handle your IT
One of the main reasons why many companies outsource their IT support is for cost reduction. By outsourcing, you don’t need to worry about employing a person in-house. What’s more, unlike a single employee, an MSP is available all year round, 24 hours a day. They won’t take sick leave or go on vacation, for example. Imagine your sole IT employee is away in the Maldives when you have a cybersecurity issue!
Another important reason why many companies prefer to rely on an MSP is due to the secure infrastructure. MSP data centers and IT infrastructure is more secure when compared to a standard IT system in a business. This extra layer of security means that network data is protected. Of course, business cybersecurity is something we can’t take lightly.
Finally, using an MSP means your company can centralize all of its servers and applications within a managed data center. With centralized data, you can have storage, backup infrastructure, and virtual services as well.
Do I need an MSP?
Only you can answer that question. However, it’s probably a good idea if you’re a small business with many employees wearing more than one hat. One drawback is that small businesses often suffer from knowledge gaps concerning IT updates and developments. With an MSP, no employee will have to wear the “IT Wizz” hat – they can all concentrate on their roles. You’ll have complete peace of mind about your cybersecurity with IT experts on board.
Small businesses often need more predictable budgets, too, and if this is the case, an MSP can help. Since the cost of IT changes frequently, it can be daunting for small businesses to even put a figure on their future IT expenses. In addition, budgeting for IT is not easy! One month you might not need anything at all, but the next, you might need to deal with a broken computer, a security issue, or need a crashed server. With an MSP, you can choose to pay a flat fee each month, which makes budgeting much more predictable. And because all of the systems are maintained, they last longer, which again reduces costs.
Can you be self-reliant to handle your IT?
Of course – and there’s nothing wrong with this if you know what you’re doing. If your company is in the IT industry itself, it might make sense to do everything in-house, for example. It’s up to every business owner to weigh the positive and negative aspects of overseeing your technology. As most owners soon discover, hiring an MSP to take care of the technology is often the most cost-worthy solution. If you’re interested in learning more about Managed Services, contact us today!