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cybersecurity insurance

Cybersecurity Insurance- 5 Reasons Why you need it

Cybersecurity insurance, also referred to as cyber insurance or cyber liability insurance, is insurance that your business can buy to reduce risks to data loss. A cybersecurity insurance policy will transfer some risk to the insurance company for a fee. 

While all types of insurance have been around for decades, cybersecurity insurance is relatively new. Businesses that chose to buy cybersecurity insurance were early adopters. Given how cyber risks fluctuate, cybersecurity policies must change and adapt frequently. Underwriters have access to data that helps them calculate risk and set policy rates, premiums, and coverage. For cybersecurity insurance, it’s not that simple. This hurdle is because cybersecurity insurance is new, and the data is limited. 

1. It is an Extra Layer of Protection. 

Losing data through theft or compromise has the potential to harm an organization. It can mean customers go elsewhere and cause your business a loss in revenue. What’s more, without cybersecurity insurance, your company could be liable for any damages that stem from third-party data being stolen or compromised. Losing client data without a backup plan in place could be a disaster. 

Cybersecurity insurance is essential if businesses want to protect themselves against cyber event risks, including threats linked to terrorism. In addition, coverage for cyber threats can help remediate cyber incidents quickly and could save your business. 

2. Anyone can be hacked! 

Back in 2011, the PlayStation Network suffered a breach by hackers. This breach exposed the personal data of 77 million users. It meant that PlayStation users were unable to access the service for over three weeks. In terms of cost to Sony, there were over 171 million dollars lost due to this breach. Sony could have saved themselves some of the $171 million had they secured a cybersecurity insurance policy – but they didn’t. A subsequent court case ruled that their insurance policy only covered physical damage, which meant that Sony had to pay the costs of the losses from the cyberattack. 

3. How It Works. 

Many insurance providers that provide coverage like commercial property insurance or business liability insurance will also provide cybersecurity insurance. Most cybersecurity policies cover the first party (losses that impact a company directly) and third-party losses (losses by other people caused by a cybersecurity incident, depending on their relationship to the organization). 

Cybersecurity insurance will help cover any losses resulting from cyber incidents and events. What’s more, it can also help with costs linked to remediation, such as paying for legal assistance, crisis communicators, investigators, customer refunds, and loss to customer accounts. 

4. Who should get Cybersecurity Insurance? 

Companies who manage, store or create electronic data like contacts, sales, or credit card info will benefit from cybersecurity insurance. E-commerce companies can also benefit from cyber coverage. Besides losing money, downtime from a cyber event can potentially lose customers and sales.  

In a similar vein, any company storing client information online will benefit from cybersecurity insurance and its liability coverage. But be forewarned that not every business will qualify for this type of insurance. You’ll need to prove that you are doing everything possible to secure your data. If you’re not sure if your cybersecurity is the best it can be, that’s something we can help you figure out. 

5. What doesn’t a Cybersecurity Insurance Policy cover? 

Whenever a business purchases a cybersecurity insurance policy, check the policy documents carefully. Depending on the policy type, you may lack some coverage you wanted, or you might have coverage for things you weren’t aware of. Examples include paying legal fees, costs of notifying customers, meeting ransomware demands, costs of recovering data, etc. Make sure you’re happy with your coverage before you sign on the dotted line. 

Since it hasn’t been around very long, policies and prices vary between providers. Therefore, businesses need to think carefully about what they would like covered in their cyber insurance policy. Depending on the industry, different organizations will need different types of coverage. If you need help figuring all of this out, you can book a complimentary Cybersecurity Business Review with us. The Review has a value of $2,500, so you’re already saving money.  

Having your Managed Service Provider help you through the application process is a good idea. After all, we can help define what coverage your business will need. The bottom line is, if you don’t have it, look into getting it. Without it, you may risk making the same mistake as Sony did. If you have any questions, contact us for a cybersecurity consultation.

Handle your IT

Who Should Handle Your IT?

In our evolving COVID-19 world, we’ve had to re-learn the way we act and think. What worked for our businesses in the past might no longer help us in the future. The pandemic caused a seismic shift for many small businesses. Those who learned to adapt to the changes thrived and survived. With COVID-19 not off the table yet, we’re now in a time where business owners need to be strong, flexible, and determined. That is why we will show you why you need a Managed Service Provider to handle your IT.

If we look back on the pre-pandemic world, we had it pretty good. Of course, life was never perfect, but we had it good compared to other times in the past – the world wars, the strife of the depression, and the hardship of the last housing crisis. At our fingertips, we had a smartphone containing answers to anything we wanted to know. Technology was our friend. 

Thriving and outsourcing 

The businesses that thrived in the pandemic, and came out of the other side, knew what they needed to do. They had a support system that made sure they knew what they needed to do to handle your IT needs. That support system? It’s your MSP. The Managed Services Provider who took care of things when they were on the shaky pandemic ground keeps businesses running.  

While every business owner would love to stand on their own two feet and be self-reliant, the truth is that the most successful enterprises do not. Instead, they outsource to experts so that they can work entirely on their business without having to worry about how to handle their or your IT. 

Relying on an MSP to handle your IT 

One of the main reasons why many companies outsource their IT support is for cost reduction. By outsourcing, you don’t need to worry about employing a person in-house. What’s more, unlike a single employee, an MSP is available all year round, 24 hours a day. They won’t take sick leave or go on vacation, for example. Imagine your sole IT employee is away in the Maldives when you have a cybersecurity issue! 

Another important reason why many companies prefer to rely on an MSP is due to the secure infrastructure. MSP data centers and IT infrastructure is more secure when compared to a standard IT system in a business. This extra layer of security means that network data is protected. Of course, business cybersecurity is something we can’t take lightly. 

Finally, using an MSP means your company can centralize all of its servers and applications within a managed data center. With centralized data, you can have storage, backup infrastructure, and virtual services as well. 

Do I need an MSP? 

Only you can answer that question. However, it’s probably a good idea if you’re a small business with many employees wearing more than one hat. One drawback is that small businesses often suffer from knowledge gaps concerning IT updates and developments. With an MSP, no employee will have to wear the “IT Wizz” hat – they can all concentrate on their roles. You’ll have complete peace of mind about your cybersecurity with IT experts on board. 

Small businesses often need more predictable budgets, too, and if this is the case, an MSP can help. Since the cost of IT changes frequently, it can be daunting for small businesses to even put a figure on their future IT expenses. In addition, budgeting for IT is not easy! One month you might not need anything at all, but the next, you might need to deal with a broken computer, a security issue, or need a crashed server. With an MSP, you can choose to pay a flat fee each month, which makes budgeting much more predictable. And because all of the systems are maintained, they last longer, which again reduces costs.  

Can you be self-reliant to handle your IT? 

Of course – and there’s nothing wrong with this if you know what you’re doing. If your company is in the IT industry itself, it might make sense to do everything in-house, for example. It’s up to every business owner to weigh the positive and negative aspects of overseeing your technology. As most owners soon discover, hiring an MSP to take care of the technology is often the most cost-worthy solution. If you’re interested in learning more about Managed Services, contact us today! 

Cybersecurity and Internet Safety

Are Cybersecurity and Internet Safety the same?

We use it, but we don’t think about it. Modern society is dependent on technology. Whether it’s your TV, the Internet, a laptop, or a phone, there’s no denying how much life has changed over the last two decades. This online access means that individuals and businesses need to be diligent about their Cybersecurity and Internet Safety.  

We hear the terms cybersecurity and Internet safety, but are cybersecurity and Internet safety the same? The short answer is no. However, cybersecurity and Internet safety can incorporate many similar elements, and both involve online safety solutions. Yet, there are differences, which we’ll explore in this blog post. Essentially, internet safety is about individual people and their safety, while cybersecurity is more about securing devices or information held on systems. 

Internet safety  

When we talk about Internet safety, we refer specifically to an Internet user’s awareness of their online safety. This awareness reflects their knowledge of the security risks to their private information. Many users are unknowingly open to threats to online safety. Their data and identities are juicy targets hackers are after.  

With the rapid growth of the Internet, many services became accessible to users from all over the globe. Unfortunately, as digital communication increased, so did the incidence of malicious use for personal gain. This risk is a huge concern for children and the elderly, but anyone can become compromised. Common safety threats include internet scams, malware, phishing, cyberbullying, cyberstalking, sextortion, and online predators. 

The awareness of internet safety is an important step for individuals in their private lives. This also applies to businesses and their employees. The risks they face are not only personal but also impact their organizations.  

Cybersecurity  

When we talk of cybersecurity, we refer to how organizations and individuals reduce the risk of cyberattacks.  

The core function of cybersecurity is to protect the device rather than the individual. This protection also incorporates the services accessed at work and online from damage or theft. Finally, cybersecurity is about preventing any unauthorized access to personal information stored online and on devices. 

Three key differences between internet safety and cybersecurity 

1. Internet safety is about the protection of people, while cybersecurity is the protection of information. 

2. Poor internet safety means that individuals are vulnerable on a personal level. Poor cybersecurity means that a system is vulnerable to hackers. 

3. Internet safety relies on strong passwords, mindful downloading, and careful posting on social media. Likewise, cybersecurity relies on features like firewalls, up-to-date software, and multi-factor authentication.  

Protect your business with an MSP 

While both internet safety and cyber security are important, it is cybersecurity that businesses need to focus upon. One wrong move and the whole business could be devastated. However, business owners can be proactive in protecting their organization and their assets by hiring a Managed Service Provider to assist with their cybersecurity and cybersecurity insurance.  

Final thoughts 

When a security breach can ruin your customers’ trust and your reputation, businesses must consider cybersecurity seriously. Bringing aboard a Managed Service Provider is a proactive way for business owners to ensure they have protection and the most appropriate cybersecurity insurance for their organization. Every MSP must stay up-to-date with the latest cybersecurity threats. 

And for anyone who is ever online (most people!), it’s essential to know all about Internet safety too. View our Cybersecurity Resource to download our Internet Safety eBook.  This is a great resource for everyone: children, parents, older people, employers, and employees alike. If you have any questions, feel free to contact us.

Beefing up communication security

Beefing Up Your Communication Security

When it comes to personal or business data security, you must know how to spot bogus links. Recognizing fake email links that might lead to fraudulent pages is a challenge for many people. The fact that hackers are using more advanced methods makes it worse for all of us. That is why beefing up your communication security is very important for your business data.

Indeed, hackers are using advanced methods to make the links they’re sending out will look legitimate. Unfortunately, this leaves people unsure of whether the link they’re following is legitimate or fraudulent. Luckily, there are ways to check whether a link is legitimate. That’s why, today, we’ll be looking at how you can incorporate spotting fake email links into your in-house security training. 

After focusing on fake links and their dangers in our previous blogs, today’s blog will summarize everything we’ve shown you so far. By doing so, we’ll help ensure you’re getting the right approach to your communication security and keeping everyone safe! 

How Communications Technology Can Threaten Your Security 

Modern communications technologies put many people at risk, and as a result, it’s crucial to be aware of how these risks threaten your security. There are many ways by which communications technology is problematic, and some of the risk factors include the following: 

  • Text message scams which include fraudulent links 
  • Emails sent to your address that include fake links to sites that seem genuine 
  • Fraudulent links through social media and messaging apps leading to malware-infected sites 

These are just a few of the most common communications technology threats. You and your staff should be aware of these possibilities when opening emails, texts, or social media communications.  

If you have been considering your next staff security training, adding fake link prevention is critical. Your security training sessions give your team an ideal opportunity to learn more about the dangers posed by clicking on bogus email links. This extra step helps ensure that your team knows how to stay safe while completing their daily tasks. By doing so, you can protect your client data from the risk of security breaches while also preventing hackers from getting access to your business funds.  

Moreover, giving your staff information they need helps them avoid the risks of falling prey to fake links in their personal life. This knowledge increases the chance that they will stay safe in the workplace. Fewer data breaches will lead to better overall employee morale. After all – it’s a well-known fact that happy employees are more effective and efficient workers. This efficiency is not only good for your staff but also your business.  

As such, it’s pivotal for businesses to incorporate fake link prevention and protection strategies into their staff security training. This step can also protect your business data while ensuring that your customers have confidence that their data is secure. Meanwhile, it can also help boost your staff’s morale by teaching them to be safe and protected in their personal life. So, the benefits can be numerous! 

Beefing Up Your Communication Security by  Staying Safe from Security Challenges

To stay safe and protected against security challenges, you should consider the following tips. These will help you avoid falling into the trap of fake email links, which could have numerous consequences for your personal and business security. 

First, it’s vital to check where the link in question will take you. This step is easy to do. To start with, if the anchor text is a visible hyperlink, check that this is legitimate by looking for any signs of fraudulent links. You should also check where the hyperlink is taking you by right-clicking on the link before following it. For example, if a legitimate website ends with .com, check that this hasn’t been tampered with in the link. An obvious sign of a false link would be if the address ends with .co.uk, .xyz, .club, or other uncommon domains. 

Second, check the sender’s details. You can search for email addresses and phone numbers online. If a quick search doesn’t yield much useful information, you could also directly contact the company. In this case, you should ask them whether this is their genuine contact number or address. Most companies will be more than happy to help! 

Finally, make sure you have your antivirus protection in place. Antivirus is surprisingly affordable nowadays. Your local IT service provider can help you choose the antivirus software that’s best for you. If you need help in beefing up your communication security contact us now!

modern-day communication

Modern-Day Communication, The Dangers Behind It

When it comes to IT security solutions, there are a large number of threats facing us. Modern-day communication technology has opened up a massive amount of potential for people; however, it also poses a significant threat in terms of security. Threats are increasingly advanced as time passes by, and this is endangering the safety and security of our data and private information. That’s why we have come up with this blog. We want to bring light to the dangers of modern security and how you can get professional support to avoid these risks. 

How Advanced Modern-Day Communication Systems Endanger Our Data 

Modern-day communication systems have transformed how we live our lives. However, these modern technologies have opened us up to a great deal of risk with our security. Many employees are at significant risk by using modern communication technology because they don’t understand the danger. 

Fortunately, though, our team is on hand to help you learn more about these threats. We’ll also discuss what makes internet communication risky and how you can protect yourself against these threats. 

Employees are Spending More Time on Technology 

A critical risk for people is that we are all spending more time on our electronic devices. Technology is a constant part of our lives. People spend more time on technology and the internet than ever before. That means the risk posed for their security is also growing. 

Internet security has never been more important, simply because we are all spending more time on devices. By spending more time on communications software, we are putting ourselves at a greater risk of losing our data to hackers and security breaches. Unfortunately, criminal methods used to get access to our data are becoming more sophisticated. It’s not easy knowing a genuine link from a dangerous or malicious link intended to harm us. 

How Hackers Trick us into Exposing Our Devices 

Hackers are becoming increasingly aware that their old tactics aren’t working as well as they once did. Yet, with the rise of advanced security systems, many hackers face new challenges to continue their devious ways. Now they are turning to communications systems for opportunities. 

This tactic is something that has taken the world by surprise, particularly during the Covid-19 pandemic. Indeed, with the arrival of the pandemic, the world switched to online shopping almost overnight. As such, hackers quickly took advantage of this new opportunity for gaining access to personal data. This shift represents a severe security risk that is putting people at risk today. 

Fake Delivery Messages: The Most Common Security Challenge 

The most notable of these scams at present are the fake delivery messages. These scams have become incredibly common, and because so many of us have been ordering products online, it can be easy to fall into this trap. Indeed, most fake delivery messages require users to follow a link to “reschedule” an order that failed to arrive. But, of course, these ungenuine links are taking us directly to websites that are malicious in some manner. 

In some cases, they merely request us to pay a small sum of money and nothing more. But this is the lesser of many evils. Other scams include collecting personal data and even compiling card details, leading you to a substantial loss of money. As such, the risk posed by these fake delivery messages is staggering. 

Email Attachment and Social Media Communication Security Scams 

Another common scam that people should be aware of when it comes to communication security is email risk. Indeed, hackers are becoming increasingly crafty with the phishing and malware emails they are sending. These emails, designed to fool people into thinking that they’re sent from a legitimate sender, encourage the reader to visit the linked site. In turn, this can lead to malware or phishing software downloaded onto the device. Naturally, this can cause you a great deal of distress. 

Another common form of this scam is from hacked social media accounts. If you get a strange message from a friend or contact on social media, especially if it links to an external video or website, you might find that it takes you somewhere that infects your device. 

Final Thoughts About Modern-day Communication 

In any of these scenarios, the risks posed by communication security challenges are very much real. When using any communication technologies, be aware of the potential risks you could be facing. If you need any help in regards to internet security feel free to contact us.

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