Cybersecurity Insurance – What You Need to Know
If you’re looking for a way to protect your business from cybersecurity risks, cyber insurance is an option worth considering. It can help cover costs associated with data breaches, such as ransom payments and regulatory fines.
However, it’s important to understand that this type of coverage is still a relatively new product, and coverage can vary widely between insurers.
AT-NET Helps My Company Become Compliant for Cyber Insurance Needs
Cybersecurity insurance is an important component of any business’s risk mitigation strategy. It protects companies against damages incurred due to a data breach, and covers expenses associated with legal action or data recovery. It also protects companies from reputational damage and loss of income caused by a disruption in business operations.
Many industries and government regulations require that companies take steps to protect their clients’ personal information. Non-compliance can lead to large fines, regulatory assessments, and other costly consequences.
These costs can quickly become overwhelming for any company, especially small and medium-sized businesses. They may not have the resources to handle these issues on their own, and are therefore susceptible to attacks by cybercriminals.
In addition, these policies also help redeem your image after a digital attack and get you back in business. They cover losses resulting from data breaches, extortion, and more.
When choosing a cybersecurity insurance policy, it’s important to understand the coverage limits and exclusions. It’s also helpful to consult with the decision-makers in your organization about the policy options available.
The insurer will consider your company’s security facilities and history to determine the premium that will be charged. Some of the factors they look at include your security infrastructure, your data management process, and your records of past data breaches.
For example, if a hacker has compromised your website and you store cardholder information on it, your policy will pay for the costs of the payment processing network’s investigations into the attack. It will also cover credit monitoring costs, forensics, and notification of affected customers.
In some cases, the insurer might also require additional security measures before they’ll write a policy. For instance, some providers might require you to install anti-malware programs on your computers and update them regularly.
As a result, it’s important to implement good cybersecurity hygiene before your insurance carrier approves a policy. This includes improving your firewalls, password managers, and other technology to make it harder for hackers to infiltrate your system.
The best way to achieve a robust security posture is to partner with a professional to manage your cyber protection needs. A seasoned, experienced IT professional can help you proactively assess your risk, develop a comprehensive security strategy, and implement a robust cybersecurity solution to prevent unauthorized access and protect sensitive data.
Get a Cybersecurity Assessment
Manage User Access Rights
User access rights are a crucial part of any cybersecurity strategy, and they play a significant role in determining your ability to secure your data and systems. Having a good user management tool will ensure your users can access the information they need to do their jobs while preventing them from accessing areas of the network or system that pose a risk.
The best user management solutions provide a high degree of visibility into who has what privileges and what they are doing with it, along with alerting you when someone tries to gain access to critical systems or files that aren’t theirs. This type of tool will also help you create documentation that can prove to your insurance company that you have taken a comprehensive approach to managing the risks in your network and data.
In addition to having an effective user management solution, you should also make sure your security policies are in line with your organization’s specific requirements. For example, the National Institute of Standards and Technology (NIST) recommends that organizations conduct a periodic review of their security policies to ensure they are current and consistent with compliance requirements.
You should also be sure to implement a proper user review process to monitor changes in employee credentials and revocations of old privileges as they happen. This is a critical step to ensure that your cyber insurance policy is fully complied with.
One of the best ways to do this is to automate the process with a user access management solution that takes care of the tedious aspects of the job and leaves you free to focus on your most important tasks. SolarWinds’s Access Rights Manager is an ideal choice for this purpose because it provides a variety of tools and features that can help you achieve a more secure enterprise network.
Besides being the most intelligent way to manage access rights, the above-mentioned software solution should be easy to use and have a good reporting system to help you keep track of your security policy. The tool is designed to run on Windows Server and gives you the ability to see a wide range of information about user accounts, including their permissions, their device, their location, and much more.
Develop a Comprehensive Security Strategy
A comprehensive security strategy should include a variety of measures to protect an organization from cyberattacks. It should be based on an understanding of the threat landscape, the company’s current security maturity and the threats the business is most concerned about.
It should also provide a framework for developing a cybersecurity architecture, addressing security gaps and implementing detective technologies to detect attacks that slip through the defenses. It should help organizations address the risks they face in an effective and cost-efficient manner.
Once a business has developed a cybersecurity strategy, it should document it thoroughly. This means creating a policy, a risk assessment, an action plan and other documents that define how the company will approach security. It’s important to ensure that people understand these documents, and that they know what their responsibilities are in order to achieve the goals of the cybersecurity strategy.
Next, a company should conduct an audit of the software it uses. It should identify where the software was sourced, how it was procured and who owns it. It should also document how it’s updated, who updates it and how often.
Lastly, the company should create a data protection policy that details how it will protect personal information. It should also outline how employees will use their access rights, how they will handle security incidents and what penalties are in place for violating the cybersecurity policy.
In addition to ensuring that the company’s IT and operations teams have a clear understanding of the security policy, it should also be created with leadership buy-in from senior management. Without this, the cybersecurity strategy may not be as effective and could end up being an expensive project that fails to deliver on the intended results.
A comprehensive security strategy should be a long-term process that includes periodic reviews and ongoing support from internal teams. It should also incorporate a multi-level project team to lead the project, create milestones and track closure.
Implement a Multi-Factor Authentication System
Multi-factor authentication (MFA) is a security mechanism that requires a user to provide more than one verification factor in order to access a system. It can be used to secure data in a variety of ways, including accessing a database or computer, connecting to a network, or logging into a physical space.
While it’s not an easy process to implement, it can be essential for organizations that want to ensure their users’ privacy and safety. It can also help to avoid phishing attacks, faulty credentials, and other types of threats that could compromise sensitive information.
MFA can be implemented in many ways, but there are several key factors to consider when choosing a solution. These factors include the organization’s line of business, the cost and accessibility of the solution, and the potential for user engagement.
Knowledge-based MFA involves using information that only the user knows, such as a password or PIN, a challenge question, or a pattern that’s established when an account is created. It’s commonly used for login recovery and other scenarios where a user may forget their password.
Another type of MFA involves using a one-time password (OTP) that is generated periodically whenever a user’s authentication request is made. This solution is less secure than hardware keys, but it’s often more accessible for users and can save time and money in the long run.
Lastly, location-based MFA can also be used to control access by looking at a user’s IP address and their geographic location. This type of MFA can be useful for preventing unauthorized users from accessing company information during off-hours, or by blocking users if their geolocation doesn’t match what’s on a whitelist.
Regardless of the method you choose, it’s important to make sure your users know what to expect and understand how MFA works before they use it. You should also educate them about the risks of using their personal devices to access your company’s systems.
Call SALES (844) 506-211 or Book a Meeting
Just so you know about AT-NET Services…
The Best MSSP Professionals and Cybersecurity Professionals
Flat Fee IT Service, HIPAA, PCI, SEC, FINRA Services, Business Risk Management Services. IT Project Management, Managed IT Services, Co-Managed IT Services, Cloud Solutions, VoIP Solutions ,IT Helpdesk, Workstation Support, Windows Server Support, Cybersecurity Solutions, Vulnerability Management ,Network Infrastructure, Email Security, Data Backup & Recovery, Phishing Simulation. Security Awareness Training, Security Risk Assessments, Microsoft 365, Security Cameras, Integrated Door Access, and Structured Cabling.
created by Jeff King (Linkedin – Jeff King)