Category Archives: Security

Overcoming Common Challenges for Cybersecurity Insurance Approval

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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Outdated security systems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!

How Co-Managed IT and Cybersecurity Insurance Protect Your Business

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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.

Introducing Microsoft Copilot: Robust AI Assistant for Work

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Microsoft Copilot

What happens when AI-powered technology weighs into how companies do business? Now, you can stop imagining and start discovering with Microsoft Copilot, the premier smart assistant. It steadily emerges as a vital tool for firms and organizations across a broad range of industries.

Microsoft Copilot is a multi-faceted product with a boatload of features that fit every type of need or requirement. Do you want to learn how this versatile tool can help your day-to-day work? Here’s a quick guide for you.

What is Microsoft Copilot?

Since time immemorial, humans have sought to innovate processes and systems to make work easier. There’s the invention of the wheel, for example. Back in the day, transporting heavy stuff was next to impossible until wheeled carts came into use.

Could you live in a world where you had to lift and carry your luggage when traveling? Thankfully, wheeled equipment and transportation quite literally ease this huge burden off people’s shoulders.

In the same manner, Microsoft Copilot is the latest innovation from the powerhouse that provides revolutionary digital platforms. This latest AI assistant is the convergence of large language models or LLMs and the power of 365 apps.

It’s simply magic—your everyday work is made even more manageable with its existence. Here is an overview of how you can make the most of this AI tool for various Microsoft applications.

Copilot in Word

Microsoft Copilot for Word can take your breath away with how many tasks it can handle for you. It can create, comprehend, analyze, and summarize your documents within seconds. Does formatting tables take too much of your time? Copilot can visualize and transform text to create tables in Word for you.

Copilot in Outlook

Is email marketing a large chunk of your management and marketing strategy? Now, Copilot can organize your inbox and create professionally made emails for your business. It can take information from messages to suggest action items, meetings, and replies that consequently make your job easier.

Copilot in Teams

Here’s another incredible quality that will make you want to get Copilot—smart integration to Microsoft Teams! The AI tool can give you updates on ongoing meetings in real time. You can type, “What are the key points of the meeting so far,” and it will reiterate your information. It can also recap discussions you may have missed. Now, isn’t that impressive?

Should you get Microsoft Copilot for your business?

Copilot is the robust AI assistant that you would want on your lineup. It can reinforce your teams from virtually every level, from data entry to marketing to sales and more.

With powerful machine learning and natural language capabilities, this tool is everything you need to boost your team’s productivity! Call us today for more information!