Tag Archives: Cybersecurity risks

Overcoming Common Challenges for Cybersecurity Insurance Approval

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Outdated security systems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!

Recognizing the IT Security Risks Facing Your Business Today

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!

Stay Protected with Managed Cybersecurity Services

Managed Cybersecurity

Cyberattacks are among the most serious threats that businesses today are facing. As technology evolves, so do these online threats that target businesses of all sizes. There are many ways to protect your data and your network, like using a reliable anti-malware program or regularly educating your staff on security measures. However, the best way to get maximum protection for your business is by subscribing to managed cybersecurity services.

What is Managed Cybersecurity?

Managed cybersecurity services are a range of security solutions offered by third-party IT providers. This service is designed to safeguard businesses and other organizations against even the most vicious online attacks. They include everything from the installation of firewalls to 24/7 monitoring of your networks for prompt detection of and action against threats.

There are tools available on the cloud that businesses can use to defend themselves against cyberattacks. However, if you want maximum protection against cyber threats and data breaches, partnering with a managed cybersecurity services provider is the way to go.

Benefits of Managed Cybersecurity for Businesses

MSPs that specialize in cybersecurity solutions can implement a range of comprehensive security measures and proactive solutions to keep your business protected. Here are some of the primary benefits that you can expect once you start working with a reputable provider:

Guaranteed Cybersecurity Expertise

It is not easy to find independent IT professionals who are well-versed in all the different areas of cybersecurity. Hence, there is no guarantee that an in-house tech guy can protect your system from all the threats online. Managed cybersecurity services can give you prime solutions for any security concern and ensure the safety of your systems.

Quick Response

Cyberattacks cannot always be avoided, but with rapid action, the damage can be minimized. On your own, even identifying the cause of a breach can take a long time. Meanwhile, the hacker would already be stealing data and wreaking havoc. Highly skilled cybersecurity experts, however, can identify and address the problem quickly, keeping the damage as minimal as possible.

Compliance Made Easy

As technology advances and threats evolve, data protection regulations are also becoming more complex. Complying with these regulations can significantly add to the burden of a business. A managed cybersecurity services provider can efficiently take care of all these compliance issues, giving you peace of mind and leaving you time to run your business.

Reduced Expenses with Managed Cybersecurity

Not many realize it but cybersecurity solutions can be very expensive. Licensed anti-malware programs alone can cost a pretty penny, plus you need to pay cybersecurity professionals to install and maintain these solutions for you. Naturally, you do not want to skimp on security solutions because you want the best protection for your company, but you wouldn’t want to spend more on it than is necessary either. With a good provider, you don’t have to. You can get the best managed cybersecurity solutions at a much lower cost.

Fortify Cybersecurity Expenses Using Our Excessive Spending Calculator

Many business owners spend more on cybersecurity than they should. In their desire to keep data and networks protected, they are very willing to purchase many solutions that will supposedly boost their defenses. The intention is good but if it is leading to unnecessary expenses, it’s time you take a closer look. You can do this with the help of our Excessive Spending Calculator.

The Excessive Spending Calculator is a handy program that can help you pinpoint areas in your business spending that you can curtail. It can help you prioritize investments so that you can fortify your cybersecurity defenses. You can download it for free right here.

Hackers show no signs of slowing down, and any business can be a target. Make sure you are prepared for any attack by keeping your defenses in top condition, with the help of a dependable managed cybersecurity services provider. We can also answer any questions you might have about cybersecurity and other MSP services. Just say the word, and we will be right over for a free consultation!

How Hackers Use Social Engineering Tactics in Phishing Scams

social engineering tactics

Social engineering is quite a buzzword these days in the world of cybersecurity. But what is it, and why are businesses so afraid of it? It is a form of hacking that uses deception and manipulation to get victims to divulge information. Companies have reason to be fearful because social engineering tactics have led to a lot of destruction and millions of dollars in losses for businesses worldwide.

Phishing is one of the most rampant types of attacks these days. It has been highly successful because it uses tried-and-tested social engineering techniques to hoodwink potential victims.

What are these Social Engineering Tactics, and how do hackers use them?

  • Riding on human emotion.

    When people get scared, nervous, pressured, or curious, they are more likely to make impulsive decisions or actions. Hackers bank on this natural reflex to get victims to reveal personal information before they can think about it. By the time they have calmed down and realized the danger, it will already be too late.

  • Establishing credibility.

    People are quick to trust entities that have an established reputation. This includes institutions like banks or vendors, as well as personal contacts. By imitating these entities, hackers can create a credible image as one of the social engineering tactics that potential victims will almost certainly trust.

  • Personalizing content.

    There is plenty of information in the public domain hackers can use to spin a web of deceit to capture their victims. It goes further than simply calling a target by name. They might refer to a concert you have recently attended or a restaurant you love. By creating familiarity, they cause a potential victim to let their guard down and be more vulnerable to an attack.

  • Using lookalike websites.

    Many hackers send out links that lead to fake login pages identical to real ones as one of their social engineering tactics. A typical tactic is telling you to change your password because it is about to expire. The link they send you to is a lookalike site where you can enter your data. It all looks legit, but if you look at the URL, you see it is a fake link.

  • Creating panic-inducing situations.

    When people get into a panic, they rarely think logically. They will act on the impulse to free themselves from the threatening situation as quickly as possible. If the hackers tell them their account will be closed if they don’t click on the link, you can expect them to click the link in a second.

  • Social engineering tactics – Intentionally misspelling words.

    The typo errors and poor grammar commonly associated with phishing emails are intentional. It is their way of dodging detection by spam filters. Since people are not as vigilant as malware detectors, hackers easily fooled many people despite these glaring errors.

  • Attacking during holidays and special events.

    There is a general air of excitement and engagement around these periods, and hackers capitalize on that to boost the success rate of their phishing attacks. Also, timing the attacks with these events gives an illusion of legitimacy, which makes the targets more likely to become victims. This is one of the common social engineering tactics that hackers use.

  • Spreading malware through attachments.

    Ordinarily, most systems can detect and block malware, but if these malicious files get installed into the system through phishing, your network defenses cannot do anything about it. Once installed, malicious attachments can do a range of damage, from destroying your files to stealing sensitive data.

  • Posing as top executives is a social engineering tactic.

    When your boss requests confidential data, you don’t ask questions and give them what they want with minimal delay. After all, that is what a good employee does, right? Exactly! Therefore, hackers have taken this new approach of pretending to be top executives to get easy access to company information.

  • Creating a pretext.

    This social engineering tactic takes a lot of work and patience because the hackers need to build trust. Gradually, they gain the confidence of the victim, who will eventually disclose information more freely.

Final Thoughts about Social Engineering Tactics

Now that you know how hackers use social engineering tactics for phishing, you have the knowledge to avoid an attack. However, despite all the awareness and safety precautions, it is still possible to become a victim. For this, we have created an infographic called “The Top 10 Steps to Take If You Think You Have Been Hacked.” If you think you have been hacked, this tool would be very handy. You can download it right here. 

If you need more information on social engineering and other cybersecurity issues, call us. We will provide everything you need to improve your protection against online threats!