Tag Archives: Cybersecurity risks

Why Cybersecurity Insurance Matters

Cybersecurity Insurance
Cybersecurity, Security, Technology, , , , ,

As businesses move forward into a digital environment, cybersecurity insurance becomes even more crucial as online threats grow more advanced. Before, hackers only targeted large, high-revenue corporations since they had the money and the valuable information. But statistics show that over 40% of recent cyberattacks target small businesses. But what’s even more alarming is that only 14% of these small businesses are prepared for such an attack.

Cybersecurity Insurance is a Wise and Necessary Investment

Organizations are already taking more stringent measures to protect their businesses against online threats. Despite these efforts, malware and ransomware can still make their way into your system, and data breaches can still happen. To protect your business from the many ramifications of these attacks, you must invest in a good cybersecurity insurance plan.

While cybersecurity insurance cannot prevent or undo cybercrime, there are many ways that it can help your business recover in case an online attack takes place.

Reduce Financial Setbacks

Dealing with the consequences of a cyberattack can be expensive. Depending on the severity of the attack, it can set your business back by millions of dollars! You will pay for legal services, IT support, damage control, and more. A comprehensive plan can cover all these expenses and much more.

Cover Downtime Losses

Getting your business back on its feet can take a long time, again depending on the gravity of the situation. During rebuilding or while operations are on hold, insurance can tide you over until your business is fully recovered.

Fill the Gap Liability Insurance

When purchasing a general liability insurance plan, many business owners assume that this covers cyberattacks, which is typically not the case. Standard policies might offer coverage to some extent, but it is rarely enough. A separate cybersecurity insurance policy will give you the widest possible coverage to protect your business.

Recovery Assistance

Many cybersecurity insurance plans today offer so much more than just financial help. Many providers offer a complete recovery package that includes legal services, PR damage control, and IT forensics. You can get all these services from separate providers, but why stress yourself when you can get them all in one place?

Competitive Rates for Robust Security

Insurance carriers usually offer very competitive rates to clients with a robust cybersecurity system in place. This is to encourage companies to prioritize cybersecurity and implement better strategies. If you wish to avail discounted rates, it would be a good idea to level up your protection as early as now.

Best Practices for Improving Cybersecurity Insurance

There are many ways to boost cybersecurity in the workplace, as many of us know by now. For starters, you must train your employees regularly, as lack of awareness still ranks at the top of how hackers break into systems. You must also secure your networks, constantly update your anti-malware tools, and implement multi-factor authentication.

Bring Your Own Device Policy

Another excellent way to improve your company’s cybersecurity is to implement a sound Bring Your Own Device or BYOD policy in the workplace. The policy should clearly define the responsibilities of the company and the employee when using their personally owned devices to access company data and other uses of the device within the workplace.

To guarantee that you include all the vital elements in your company’s BYOD policy, you can use our BYOD Policy template, which you can download by clicking right here. You can customize it any way you need to make it align with your organization’s operations and goals.

Final Thoughts on Cybersecurity Insurance

A business needs to do everything necessary to boost cybersecurity. But no matter how strong your defenses might be, one must never be complacent. Investing in a good cybersecurity insurance plan is one of the best things you can do to protect your business. Call us now so we can help you with any questions you may have about cybersecurity insurance.

What Is BDR and How Does It Impact Business?

what Is BDR
Cybersecurity, Data Backup, Technology, , , , , ,

Businesses these days conduct most of their processes digitally. On one hand, this is great because it speeds up transactions, improves data accuracy, and so on, allowing for faster and more efficient IT business development. But the heavy reliance on digital data brings new risks of data loss or damage. All businesses should have a good backup and disaster recovery plan to lessen these risks. We will explain to you what is BDR and how it impacts businesses.

An Introduction to What is BDR

BDR stands for “backup and disaster recovery.” It is a set of solutions that make sure data is safe and can be recovered after a disaster. A BDR plan aims to protect a business and maintain the continuity of operations despite any mishaps.

We often consider BDR solutions a defense against cyberattacks, which are becoming more frequent in recent years. But they are also beneficial in other circumstances, like keeping a business safe after a natural disaster or in any situation where the company’s data is at risk.

What a Sound BDR Strategy Can Do for Your Business

The lack of a proper BDR solution can have a negative impact on your business. At the very least, it can cause disruptions to your operation as your staff scrambles to recover all your data. In worst-case scenarios, you might not only find yourself with a destroyed business, but you may also face lawsuits as a repercussion of the disaster.

But if you have a tried-and-true BDR solution protecting your data, more than likely, you won’t have to face these dreadful scenarios. In addition, there are multiple other benefits that you can enjoy, such as the following.

Protection against Data Loss and Damage

There are so many ways for digital data to get lost, stolen, or damaged. It can happen through a data breach, a cyberattack, a system failure, human error, or a natural disaster. But if your business has a trusty BDR plan, it will protect your data despite any of these unfortunate incidents.

Better Data Security

Data security is integral to IT business development. A good BDR system makes sure of this by keeping a copy of all your business data, like contracts, transactions, client profiles, and so on, in a safe and remote location. Through high-tech encryption tools and physical security measures, we should protect data backups both physically and digitally.

Customer Retention

If you are not prepared for a disaster, you could lose hours or even days of downtime as you try to get everything back in order. Your clients will not be very forgiving of such situations and will probably leave and take their business to your competitors. With a sound BDR plan, you can have a quick and complete recovery, and your customers can have peace of mind and will not have a reason to leave.

Evaluating Your BDR Strategy

If your IT provider has already set up a BDR solution for your business, that’s great. But do you know how dependable it is? If disaster strikes, are you sure your defenses will hold up and keep your system and data protected?

Discover the impact that a BDR plan has on your business. Learn how the BDR plan affects your employees and the growth of your enterprise. For ideas and tips on creating your BDR strategy, download our FREE infographic or watch the video HERE.

We can also assess your existing BDR plan and make the necessary adjustments to make it perfectly suitable for your business needs. Call us today for a consultation!

The Role of Technology in Businesses in 2023

Technology in Businesses in 2023
Cybersecurity, Manage Service, Security, Technology, , , , , , ,

Technology has always played a key role in businesses across different industries in 2023. But recently, this role has grown even more because IT is used more and more in businesses around the world. To draw more customers and stay ahead of the competition, you should understand all the changes and use them to your advantage.

Technology Trends in Businesses to Look Out for in 2023

grow your business in 2023

Many trends in technology are useful in growing businesses in 2023, as discussed in our first blog this month, 8 Ways Technology Will Grow Your Business in 2023. You don’t need to use all of them – just take your pick depending on your industry and the nature of your business. There are some kinds of technology, however, that can add value to just about every industry, like the following:

Artificial Intelligence

Commonly used today for online shopping, digital assistants, and fraud prevention, AI can make your operations faster and more efficient while freeing up a lot of time and other resources for your business.

Cloud Computing

Cloud-based solutions virtually take away the boundaries to how you operate your business. It gives you access to software, infrastructure, and other resources you could only dream of before.

Automation

So many processes that used to be done manually are now automated through technology in businesses, especially in 2023. This transition speeds up operations, reduces the risk of human error, and makes for a much better customer experience.

Internet of Things

Now that software, sensors, and other things can connect almost everything, we are living in the age of connectivity. The IoT provides many ways for businesses to save time and increase efficiency, but it also opens up new security risks, so we must exercise due caution.

Vendor Management Technology in Businesses in 2023

Working with vendors is a more complicated task than many assume. To reduce risks, you need to keep costs low and get the most out of your vendors. With the aid of a good VMS, all this is possible without breaking a sweat.

The Importance of Cybersecurity Technology in Businesses in 2023

importance of cybersecurity in 2023
Technology Trends for CybersecurityAs technology in businesses advances in 2023, so does the risk of online threats. For this reason, it is more important than ever to protect your business with a dependable cybersecurity solution.

As we talked about in our blog post on week 2, Top 8 Technology Trends and How They Impact Cybersecurity, each current technology trend has its own impact on cybersecurity. Some are good, and some are not so good. You can read more about it by checking out our blog here.

Perks of Working with a Managed Service Provider

Changing your IT provider

Staying updated on all the changes in technology in businesses can be tiresome in 2023. Typically, business owners would not have the time to do it themselves. But there is a way to enjoy the benefits of technology for your business—by partnering with a managed services provider.

If you currently already have an IT provider but are not always happy about the service you are getting, it might be time to make a change. Changing your MSP is a bold move that must not be taken lightly. In our week 3 blog entitled When Is It Time to Change Your IT Provider? we list some signs that tell you to find a new provider.

A reliable MSP can give you all that IT offers and make it work for your business, just like we do at Our Company. We can provide everything from simple IT consultation to business automation, vendor management, cybersecurity, and anything technology-related that can help grow your business.

One of our areas of expertise is vendor management. This is quite an underrated aspect of business that needs more attention as it deals with crucial business expenses that impact growth. Click here for more about our vendor management services and how they can benefit your business.

What Is IT Compliance?

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The term IT compliance is frequently heard these days in relation to running an organization and making sure that they keep within the regulations of a third party or a specific client. It is essentially a process that companies go through in order to keep within these predetermined guidelines or boundaries. The main goal of IT compliance is to satisfy the minimum requirements when it comes to security implementation and risk reduction.

IT Compliance versus IT Security

There is a blurry line between IT compliance and IT security, with many people confusing one for the other. While both aim to ensure the security of a company or organization in the digital environment, the level of commitment involved can be very different.

With IT security, the implementing body will go to great lengths to keep the assets of the organization as protected as can be. They will utilize the most cutting edge technology solutions to safeguard against any and all possible online threats known to man. In other words, IT security aims to follow best practices for the protection of the system or network.

IT compliance, on the other hand, simply aims to satisfy the minimum requirements of a third party, like the government or a contracting agent. Such third parties might have their own set of regulations that a company will have to fulfill in order to continue with operations. Such fulfillment of these regulations is what IT compliance is all about.

The Importance of IT Compliance in Cybersecurity

Although it does not necessarily guarantee that your company will be completely safe from online mishaps, IT compliance is a must. For starters, you won’t be able to continue operating if you fail to comply with even one small regulation.

Much more importantly, complying with IT rules and guidelines greatly reduces the risk that you face online. Of course, it is the third party that determines the standards of risk reduction. If you feel that the security procedures that they require are not enough to completely protect you online, you are free to implement even more advanced security measures that meet your needs.

In many cases, though, the simple act of IT compliance will already put you in a much safer place. In your own company, you can create your own compliance program that will effectively manage online risks and avert online attacks that could potentially lead to a dangerous data breach.

How a Managed Services Provider Can Help

Many companies, particularly those that are not directly operating in the IT industry, are not well-versed when it comes to IT compliance and such matters. In this case, the best move would be to partner with a reliable managed services provider that can take care of all the hard work and technical stuff for you.

We will guarantee that you comply with all the IT requirements that apply to your industry, region, or whatnot. We can also design and implement your own IT compliance program to further protect you from online dangers. Furthermore, we will train your employees on the best practices for ensuring IT compliance and protecting your network and data.

If, however, you feel that you have already been hacked, we have provided a free 10-step guide on what you should do to quickly remediate and be on the fastest road to recovery.

Many companies tend to be lax when it comes to IT compliance, only to learn their lesson after becoming victim to a data breach, by which it would be too late. Don’t wait for this to happen to your organization. Give us a call, let us take care of your IT compliance requirements today and give you the best cybersecurity solutions so you can continue running your business in peace without having to worry about online threats.