Category Archives: Technology

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Outdated security systems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!

Recognizing the IT Security Risks Facing Your Business Today

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IT security risks

How many real or imminent cyber threats did your company encounter in the past month? These days, it’s not unusual for a business to face IT security risks daily since hackers are becoming increasingly creative. An unknowingly clicking on a link or download can cause bleeding losses before you know it.

Did you know that in 2023, over 75% of attacks on small businesses did not even use malware? Hackers mostly use phishing and other sophisticated social engineering scams nowadays, which prey on many unaware victims. Can you spot such threats before they materialize?

When it comes to business cybersecurity, awareness is a vital element for staying safe. You must have protective measures in place, like a firewall or an antivirus program. Moreover, having an expert to help you handle these vulnerabilities is the better option.

How will you mitigate the hazard when you are unaware of the cyber threats that can harm your business? With your staff’s level of awareness, how likely is it for your company to stop an attack? If these questions lead to more confusion, now is the time to learn about IT security risks.

Most Common Types of IT Security Risks Against Businesses in 2024

Online attacks come in all forms and from all directions, making it challenging to protect your business. Here are the most common cyber threats that could affect small businesses today.

IT Security Risks – Ransomware

Hackers use ransomware to control a company’s data, which ultimately freezes operations and does massive damage to the business. The culprit would then demand a ransom for the victim to retrieve the data. When faced with this dilemma, would you pay an exorbitant amount to get your valuable information back? Most companies would say a resounding yes.

Credential Stuffing

Cybercriminals can now break into your network by attempting various login credentials. Using automated tools, they can go through millions of username and password combinations in seconds. Isn’t it frustrating that the hacker can successfully pull your login information within a substantial number of chances? Would you like to see if your passwords are on the dark web? We thought so. Contact us here to pull your report. Mention this blog to waive the cost of the report.

IT Security Risks – Social Engineering

Social engineering is a very dangerous cyber threat based on human psychology. Hackers use manipulative tactics to trick people into divulging sensitive data, like phishing, pretexting, and quid pro quo. Anyone is a potential victim, more so if the person is misinformed regarding business cybersecurity.

Take Business Cybersecurity to the Next Level with Co-Managed IT

Implementing protective measures to combat cyber threats is the first step to mitigating risks. The right steps to take include tightening your grip on IT security.

Is your team regulating access controls stringently? Do you train your employees on cybersecurity regularly? Does your company have an efficient backup and recovery plan? These factors come together to form the defenses of your business.

Cyber security is a rapidly evolving area and new threats arise practically every day. Your internal IT team, regardless of how skilled they are, is still vulnerable. In this case, co-managed IT presents a viable solution.

By taking a look at this free Cyber Risk infographic, you can have a more accurate picture of the cyber threats your business is facing. It also illustrates how a co-managed IT partner can help your in-house team in enhancing your company’s cybersecurity strategy.

Going over this information and stats will only take a couple of minutes, but it can make a vast difference in the security of your business! Call us today for more information!

Can Your Business Benefit from Copilot for Microsoft 365?

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Copilot for Microsoft

Do you need an AI assistant for your business? Many developers continue introducing AI-powered tools to the market, promising to make work much easier. However, can they deliver to consumer expectations, which are infinitely higher these days? We introduce to you Copilot for Microsoft 365.

While it’s tricky to speak for other AI applications, one is gaining a lot of buzz currently. Copilot for Microsoft 365 is a power-packed productivity tool boasting robust machine learning and natural language processing in one.

The result? A highly beneficial AI assistant that’s perfect for your business. Learn more about Copilot in this guide!

Copilot for Microsoft 365: an overview

Think of Microsoft Copilot as your go-to assistant for everyday tasks. Do you need to create presentations? Need to brainstorm new ideas for your next marketing campaign? This AI tool can practically do it all:

  • Word. Create, comprehend, translate, summarize, and analyze documents. Transform text into visualizations and incorporate data from a wide variety of sources.
  • PowerPoint. Analyze data and organize it into slides. Add media and content, animations, and guide rehearsals for better presentations.
  • Excel. Analyze data sets and suggest formulas, including task automation. Generate charts and tables, format templates, and program macros.
  • Outlook. Create, summarize, and edit emails, and organize inboxes and calendars. Improve email drafts and manage contacts.
  • Teams. Summarize discussions in real-time and analyze conversations. Task coordination and development of custom bots.

These super functionalities enhance the way you approach work tasks. Combined with an efficient managed IT service, you can rest assured that your business runs seamlessly every day. With Copilot for Microsoft 365 doesn’t that sound like an appealing dealmaker for you?

Benefits of Copilot for Microsoft 365

Rather than a one-track AI tool, Copilot is a multi-faceted suite of assistants to match different aspects of your company. There’s virtually a Copilot AI assistant to streamline your business.

Quick and comprehensive research

Microsoft Copilot revolutionizes the way you find information online and offline. It’s an excellent tool that pulls data from a vast array of sources, saving effort and time in the process.

Productivity boost with Copilot for Microsoft 365

This AI tool is intelligent and can automate tasks on your behalf. Doing so improves your workflow, especially when dealing with Microsoft apps that you use in the office. It allows your team members to invest their energy in achieving vital long-term and short-term goals.

Creative support with Copilot for Microsoft 365

The speed and accuracy with which this AI-powered assistant performs visualization and organization is extraordinary. You can create and edit presentations and content in minutes and receive effective suggestions to improve your creative processes.

The takeaway

Copilot for Microsoft 365 is the ticket to improving a great chunk of your work. With the right managed service provider and this AI tool in action, you can focus on more important business matters. Should you get it for your company? Yes, definitely!