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Overcoming Common Challenges for Cybersecurity Insurance Approval

Cybersecurity, Security, Technology, , , , ,

Challenges Cybersecurity Insurance

Many businesses that have yet to be hacked underestimate the value of cyber insurance. What if, one day a data breach or ransomware incident happens? Do you have the solutions to mitigate it? Are you sure you won’t go through any challenges when getting Cybersecurity Insurance?

Cyberattacks continue to surge and become more sophisticated. Last year, IBM reported all-time high costs of data breaches. Symantec also recorded a $3 billion loss in 2023 because of a business email compromise.

Nowadays, your business is more vulnerable than ever, making it ideal to partner with an insurer. However, are you confident you won’t encounter any cybersecurity insurance approval?

Challenges for Cybersecurity Insurance: why did you get denied?

If you have any insurance, you know that it’s not something you can shop for like clothing from a store. IT insurance hurdles are much like the struggles we face when getting life or health insurance. There are many factors to consider, along with requirements you must meet without fail.

Did you apply for cyber insurance and get rejected, but don’t know why? Here are some common challenges for cybersecurity insurance that you might encounter.

Poor security measures

Did the insurer call to tell you that your IT insurance application was denied? They likely found your security measures lacking. If you have no data protection protocols, you are more at risk for cyberattacks. It could mean astronomical financial losses that insurers would not want to shoulder.

Outdated security systems

When did you last check your network firewall for vulnerability? Is your antivirus software updated? Saying no to these basic security checks will leave the insurance company no choice but to drop your application. The best cybersecurity insurance tips include keeping your protocols up-to-date to prevent untimely attacks.

No employee training

Human error is a huge factor that makes cybersecurity defenses crumble. What use is expensive IT security software if your employees don’t know how to spot a threat? If your members are prone to phishing and malware attacks, you will have challenges getting cybersecurity insurance approval.

Inadequate risk or incident management

Another example of IT insurance hurdles is your business’ risk management strategies. Do you have regular vulnerability assessments and a robust backup, disaster, and recovery (BDR) plan? How you prepare and respond to cybersecurity issues holds weight on your insurance application.

Overcome these Challenges of Cybersecurity Insurance

How do you make an insurer give you the best policy package and premium? It starts with your cybersecurity measures. Firstly, make sure that you have the best protective protocols in place like access controls and multi-factor authentication.

You should also regularly assess your vulnerability risks and create an effective incident response plan in case of cyberattacks. Arrange regular cybersecurity employee training—your people should be part of the solution and not the problem!

Partnering with a Managed Service Provider

These challenges for cybersecurity insurance approval are a thing of the past when you get an expert on board. Try using co-managed services and find out how an MSP can help you overcome IT insurance hurdles.

Do you want to know more about cybersecurity insurance tips? Learn by watching our free on-demand webinar, ‘Common Pitfalls in Cybersecurity Insurance Applications’ now!

Why you Need Cybersecurity Insurance

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Cybersecurity Insurance

Imagine this scenario: You are walking to work one morning. Suddenly, the sky darkens, and it starts pouring rain, but you didn’t bring an umbrella. Won’t you regret not grabbing the umbrella before you needed it? Rain isn’t something we can predict 100%. Nor can security experts predict cyber threats. As the Boy Scouts say, we should be prepared! It would be best to consider getting cybersecurity insurance for the rainy days ahead. Therefore, you must also know about cybersecurity insurance requirements and whether your company can get coverage or not.

Cybersecurity insurance requirements—the details

Did you hear about the recent CDK Global cyberattack? The notorious hacking group BlackSuit owned up to the incident, demanding several million dollars from the software provider.

Did this event impact your business? This large-scale attack disrupted thousands of car dealers across the US, but a solid business insurance policy could’ve dampened the negative impact.

Cyber insurance is your safety net against malicious threats by cybercriminals. It works like your life or health insurance—providing coverage for unfortunate incidents that could happen to any business.

However, getting cyber insurance isn’t as simple as buying candy at the store. You must pass the cybersecurity insurance requirements to become eligible. Do you know what these prerequisites are? Check the following list to find out.

Access Controls

Insurance companies require strong access controls for would-be clients. Selectively authorizing access to systems and sensitive data can help mitigate cyberattacks. It’s best to set permissions based on specific factors, including role, attributes, or discretion.

Multi-factor Authentication (MFA)

Businesses that use cyberspace to store and pull data should require at least two verification steps for every user. Whether through a device, authenticator APP, or biometric, MFA keeps hackers out of your precious systems.

Encryption

Do you remember writing a letter using codes only you and the receiver understood? The concept of encrypting sensitive data follows the same principle. The insurer may require you to enforce encryption to prevent attackers from stealing or manipulating them.

Employee Training for Cybersecurity Insurance

Your business insurance preparation should include training employees on cybersecurity awareness. They help maintain the integrity of your systems and data. As such, they must undergo regular training to help them understand the severity of their role.

Backup and Disaster Recovery (BDR)

Comprehensive backups can help you retrieve lost or corrupted data. An effective BDR strategy demonstrates your readiness to restore your data after any cyber threat. Insurance firms may offer better premiums and plans for businesses with a strong BDR solution in place.

IT insurance application: the pitfalls

If a person asks for your help, what deal-breakers will discourage you from lending a hand? The most obvious answer is when they lie or provide incorrect information. Insurers will look for inaccuracies in your cybersecurity insurance requirements. In this instance, honesty is a legal obligation, not just a virtue.

In addition, an IT insurance company will probably reject a business with little or no security setup. Enlist a trustworthy team to manage your cybersecurity systems. Do you have professionals you can trust in this department?

Key Takeaways for Cybersecurity Insurance

How likely is your business to get the best policy based on the cybersecurity insurance requirements you meet? If you are unsure, now is a great time to see what you’re missing by checking out our on-demand webinar, ‘Common Pitfalls in Cybersecurity Insurance Application’.

What else can you do? Partner with a reputable co-managed service provider, of course! Let our experts ease the burden of IT insurance applications and more—talk to us to find out more!

Preventing Domain Hacks: A Guide for Business Owners

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Domain Hacks

One precious possession a person can own is their name. It identifies who you are—everything from private to financial to legal matters requires this information. As we all know, a business domain name is a vital representation of the company on the Internet. That is why we must do our best to prevent domain hacks.

Unfortunately, domain security is one vulnerability that businesses face in the current IT landscape. Your ‘simple’ online address does so much more than guiding prospects to your website. An impactful domain name enhances your visibility and brand reputation, boosting your company’s credibility.

The issue is that criminals can seize and desecrate your domain name. Are you vulnerable to domain hacks? Does your strategy include protective measures to guard your website? How capable is your cybersecurity team that you need to prevent domain hacks?

This guide gives you valuable information regarding IT domain protection and what you can do to secure your business.

Why Domain Hacks Happen on Business Domains

At first, you might think, it’s just a name – what can hackers do with it?

Well, a lot. Some hackers target business domains mainly for the fun of it. Absurd as it may sound, this type of cyber theft is a fun challenge for some malicious attackers. More serious hackers, however, practice domain hacks for money.

When a hacker gains control over your domain name, the negative effects can snowball into irreversible losses. They can get into your communication network, send fake emails to your customers, and even access confidential data. Some hackers do domain name transfers, where they redirect your traffic to a different website, usually one that has offensive content.

Domain hacks typically also engage in phishing. After gaining control over your communication channels, they send phishing emails to your customers. They can freely obtain passwords, credit card information, social security data, and other sensitive information. Isn’t it a nightmare to think that you could lose your business because of inadequate domain security?

Effective Ways to Protect Your Domain from Hacks

Seeing how damaging this issue is, you need robust IT domain protection right now. However, how do you identify which domain security measures to implement? Are you aware of any methods to prevent domain hacks? Protecting your DNS is not as difficult as you might think.

Choose a Secure Registrar

When registering a domain name, most business owners just look at cost and privacy. The more important element, though, is security. The registrar you choose should use multi-factor authentication and have a responsive support team you can reach 24/7.

Use Separate Accounts for Domain and Web Hosting

Do you use the same account for domain and web hosting? You may need to create these accounts separately to protect your business, much better if you get different hosts. Managing multiple accounts for your domain is a challenge, but not if you have co-managed IT solutions in place.

Always Renew on Time to Prevent Domain Hacks

When did you last check the expiry of your domain name? Hijackers are always looking out for expired domain names they can easily get with no need to steal them. If a hacker successfully registers your domain under their name, it’s difficult for you to reclaim it.

Co-Managed IT Services Can Help with Domain Hacks

Lucky for businesses, there is a host of other methods for IT domain protection. If you want to leverage them all for your security, the best way is to sign up for co-managed IT services. With this IT strategy, an MSP can work together with your internal IT team to ensure that your business domain name will never fall into the wrong hands.

We can tell you more about domain security if you call us. Also, you can download this free Cyber Risk Infographic. It contains a wealth of information about domain security and other ways of protecting your business from cyber threats. Remember, knowledge is power!

How Co-Managed IT and Cybersecurity Insurance Protect Your Business

Cybersecurity, Security, , , ,

Cybersecurity Insurance

Cyberattacks pose a real threat to businesses, potentially inflicting irreversible damage and leading to bleeding losses. Gaps in your IT protection can cause a loss of data, downtime, irate customers, and stain your reputation. Ultimately, it could make your finances crumble if you are unprepared. Based on your current setup, how would you rate your company’s cybersecurity insurance?

Following the loss of clients and decline in sales, the terrifying thought of applying for bankruptcy is more real than ever. Can you bounce back from these financial mishaps? More importantly, does your company have business security solutions to make sure these nightmares never happen?

Effects of a Cyberattack on Business Finances

If you experience a cyberattack, your company’s finances will suffer without cybersecurity insurance. How do you go from having it all to scrambling to protect your business? It’s not like the hacker will walk into your bank account and directly take your money.

Ransomware is one of the most common vehicles that cybercriminals use to extort money. By unleashing this horror, they can gain control over your data and hold on to it until you pay a ransom. They don’t ask for loose change, either. The biggest pay-out recorded so far is $40 million back in 2021.

Financial loss can also occur during the recovery period following an attack. You would have to pay for the investigation, legal services, damage control, customer refunds, and other expenses during this period. Do you have cyber liability (cybersecurity) insurance to cover this incident?

Benefits of Having Cybersecurity Insurance

Cybersecurity insurance serves as protection for your business in case it becomes the target of a cyberattack. Depending on your policy, the provider can shoulder the costs directly or indirectly resulting from the attack.

This coverage may include system repair, data recovery, data breaches, ransom demands, and legal fees. A cybersecurity insurance policy also typically includes the cost of contacting clients and recovering stolen personal identities.

Even with a modest attack, the financial impact could cost more than what a small business can afford. Imagine if you have no active cybersecurity insurance—can you still hope to get back on your feet?

How Co-Managed IT Solutions Can Help

When handling the IT infrastructure of a business, many owners now opt for a co-managed IT. This strategy combines the convenience and familiarity of an in-house team with the expertise and resources of an MSP.

Co-managed IT is strongly recommended because it provides cutting-edge business security solutions across different areas, including cybersecurity insurance. The vast pool of resources available to an MSP can dramatically enhance cybersecurity for your business.

Our Final Thoughts on Co-Managed IT and Cybersecurity Insurance

Partnering with an MSP reduces your risk of becoming the next cyberattack victim. Furthermore, these providers have valuable tie-ups with the best cybersecurity insurance providers so they can easily get you a policy that meets your needs and fits your budget.

This is just the tip of the iceberg. Do you want to learn a lot more about cybersecurity insurance and the entire cyber risk landscape? Start by downloading the Cyber Risk Infographic. This free resource will open your eyes to the risks you are facing. It also underscores the value of co-managed IT services for your business and why you should contact us about it today.

Give it a quick read and if you are ready to take the next step, please let us know. We can schedule you for a call so we can discuss your business cybersecurity needs in more detail.