As businesses continue to navigate the dynamic landscape of cybersecurity threats, it becomes imperative to establish a robust defense against potential cyber-attacks. To help you fortify your organization’s digital security, we’ve compiled a comprehensive checklist addressing key questions related to cybersecurity and insurance.
What is Cybersecurity?
Cybersecurity is a broad term that can mean different things for different businesses and industries. In it’s essence, it includes a comprehensive evaluation of your technology and processes in an effort to protect your business operations, networks, programs, all electronic devices (laptops, phones, tablets, etc.), and most importantly, your data, from cyber-attacks.
What is a Cyber-Attack?
A cyber-attack is when an entity infiltrates your network to disrupt operations, steal data, capture sensitive information, or tap into your intellectual property. Every business, regardless of their size, is vulnerable to cyber-attacks. Many small to medium sized businesses are the most viable targets because they do not tend to invest in the same infrastructure or prevention tools as a large enterprise. However, Conscious Networks advocates for the implementation of enterprise level solutions for small-medium sized solutions to prevent and discourage cyber-attacks.
What does cyber insurance cover?
Every business should consider cyber insurance coverage to protect your daily operations, intellectual property, and data. Conscious Networks does not sell cyber insurance, but we work with trusted partners who can provide options to consider. Cyber insurance can help cover and negate the costs associated with a cyber-attack, litigation costs, fines, and penalties. It is also a requirement for any business who must maintain compliance for certain industries and government entities.
Are there cyber insurance discounts available?
Many cyber insurance companies provide a questionnaire to evaluate cyber risk, current prevention strategies in-place, and level of ongoing support and oversight that your company employs to prevent attacks. Even a basic cybersecurity plan can reduce your overall risk and potentially lower your premiums.
Are employee-induced cyber threats covered by cyber insurance?
A large portion of cyber threats are unintentionally caused by employees. Employees may inadvertently launch malware, respond to phishing incidents, or expose your network to attacks via their tablets and cell phones. Endpoint security, employee training, and malware prevention can be effective tools to curb these threats. Cyber insurance can also help you if one of these types of attacks occurs.
A significant percentage of small businesses (64%) experience cyber-attacks annually. These cyber-attacks collectively cost businesses an estimated $400 billion yearly, with small businesses alone facing an average cost of $38,000 per year. This is why it’s important for businesses of all sizes to have a cyber security plan and cyber insurance.
Companies without a formal cybersecurity plan and infrastructure can take an average of 200 days to detect a cyber-attack. Routine check-ups and a cybersecurity plan help to ensure network safety through frequent updates, patches, and network monitoring.
What does a basic cybersecurity plan include?
While there is no ‘one size fits all’ cybersecurity plan, there are some key elements that will be implemented in virtually every strategy. These can include:
- Managed Detection and Response (MDR) systems,
- Endpoint security,
- Backup and recovery strategies,
- Managed services including antivirus, patch, and updates,
- Networking monitoring,
- Infrastructure analysis,
By incorporating these key considerations into your cybersecurity strategy, your business can enhance its preparedness against the evolving landscape of cyber threats, mitigating potential risks and ensuring the resilience of your digital infrastructure. This approach can also qualify you for discounts on your cyber insurance policy.
Conscious Networks provides the guidance and technology to help you create a cybersecurity strategy for your business. Contact us today to start the evaluation process for your business.
Download this comprehensive guide and get answers to common questions about Cyber Security and Cyber Insurance.
This guide reviews some of the basic cyber strategies that any business can incorporate. Most of all, this guide will help you understand how to get a free IT assessment for your business, implement best practices, and balance budget vs. risk. The guide will also help you understand the 7 key purposes of cyber insurance and how to determine your coverages and obtain potential discounts.