Cyber Insurance is as Necessary as Car, Fire, and Life Insurance Today
Cyber Insurance can help companies get back on their feet quickly and effectively following a breach. Cyber Insurance can cover notification requirements, credit monitoring of victims. Most cyber insurance will even fund expensive forensics to determine who got in, how they got in, what they took, and how to prevent a recurrence; all very important good things to do!
If you won’t drive without car insurance, live without life insurance, own a home without fire and flood insurance, then why would you run your business without cyber insurance?
In addition to purchasing a solid cyber insurance policy, you should also consider implementing CyberHoot’s best practices. Who knows, you might find most of these measures below are questions on your cyber insurance intake survey.
CyberHoot Best practices:
- Train your employees on the common attacks that are out there. From weak passwords and password managers, to the importance of multi-factor authentication and how to spot phishing attacks. Awareness is the key to defending your business.
- Govern you employees with cybersecurity policies including Acceptable Use, Password, Information Handling and a Written Information Security Policy.
- Establish cybersecurity best practice processes such as a Vulnerability Alert Management Process (VAMP) and a Cybersecurity Incident Management Process (CIMP) to guide and require action in the face of an emergency. Then move on onboarding and offboarding processes, SaaS management processes, and 3rd party risk management.
- Establish strong technical protections including: a Firewall, antivirus, anti-malware, anti-spam, multi-factor authentication on all critical accounts, Enable full disk encryption, manage the keys carefully, and most importantly, adopt, train on and require all employees to use a Password Manager.
- Test employees on how to spot and avoid phishing attacks. CyberHoot has released a disruptive method of Phish Testing the fills in gaps in your employees knowledge without punishing them for failure. Instead we reward them for success. More info is available here.
- Backup your data by following our 3-2-1 Backup methodology to ensure you can recover your business from a cybersecurity event.
- In the modern Work-from-Home era, make sure you’re managing personal devices connecting to your network by validating their security (patching, antivirus, DNS protections) or prohibiting their use entirely.
- If you haven’t had a risk assessment by a 3rd party in the last 2 years, you should have one now. Establishing a risk management framework in your organization is critical to addressing your most egregious risks with your finite time and money.
- Buy Cyber-Insurance to protect you in a catastrophic failure situation. Cyber-Insurance is no different than Car, Fire, Flood, or Life insurance. It’s there when you need it most.
CyberHoot believes that for many small to medium sized businesses and MSPs, you can greatly improve your defenses and chances of not becoming another victim of cyberattack if you follow the advice above.
Additional Reading and Password Training Video:
Global Cyber Insurance Market Report
CyberHoot Cybrary Term: Cyber Insurance