Maybe you saw it on the news: a computer system used by St. Louis County to look up court cases, issue charges and process people in jail custody was shut down this month by a cyber attack. We see something similar in the news almost every day. Another company, government entity, utility or business is hit with a cyber attack, interrupting business and resulting in losses in credibility and dollars. 

As cyber criminals get more inventive and brazen, businesses can no longer rely solely on firewalls and savvy employees thwarting phishing attempts to prevent damage from cyber attacks and ransomware. During the upcoming National Cybersecurity Awareness Month in October, experts nationwide will share details on existing and emerging threats and how to defend against cyber attacks. 

But there’s one tool many businesses are finding invaluable for their cyber-defense arsenal: cyber liability insurance. For many, it’s no longer a nice-to-have service. It’s a must-have shield against costly losses and damages and a vital tool for recovery and resilience. 

What is it? Cyber liability insurance is a special type of insurance policy that protects businesses from the expenses incurred due to a cyber attack and supports them in response and recovery efforts. Depending on the policy, this type of insurance can cover data breaches (including theft of personal or client information or stolen or damaged intellectual property); attacks on data held by vendors and other third parties; breaches of your own network; cyber attacks that occur inside and outside the U.S.; and terrorist acts. Insurance policies are typically tailored to the needs of the business. 

“Most importantly, cyber liability coverage provides access to experts in various fields to stop incidents in their tracks, defend against liability issues, and minimize impact to a business,” said ATB partner Bob Degnan. Degnan is vice president and executive risk manager for the Executive Risk & Cyber Practice unit of the Marsh McLennan Agency. 

“Broadly, the liability portion indemnifies the organization and individuals for damages and claim expenses, as well as certain penalties and fines, if there is a suit, regulatory proceeding, or the organization is subject to PCI fines as a result of a data breach or security event,” Degnan said. 

Crisis response and recovery is a key part of a solid cyber liability insurance plan. When a cyber event happens, a portion of the policy known as breach response kicks in.

“This part of the policy provides for attorneys, security experts, forensic investigators, notification expenses, credit monitoring, call center expenses, and PR expenses,” Degnan explained. “Other first-party loss coverages will reimburse for the big items often heard about in the news (ransomware, data restoration, business interruption, etc.). While the coverage to offset loss from a first-party loss is impactful, one of the biggest merits of the cyber policy is the breach response providing immediate and insured access to subject experts and professionals to help make sure an already bad situation does not get worse.”

Securing a cyber liability insurance policy requires some due diligence on the part of the business seeking coverage. In addition to submitting application data sets for carrier consideration, companies must demonstrate they have put in place certain controls to defend against cyber attacks. 

“There are certain controls that are considered ‘core’ items for carriers to provide a quote,” Degnan said. “These would include multi-factor authentication, endpoint detection and response, backup practices (secured, encrypted, tested), email and web filtering, patch management, and employee testing and training.”

Other controls will likely be required. For example, some policies are now requesting additional security tools like zero trust and SIEM (security information and event management) be deployed within the environment as well. The targets will continue to change as insurance companies work to mitigate their own risk.

“Other items that will affect the success of a policy placement are the industry segment of the proposed insured and the state of the market determining how aggressive or conservative underwriters may be for writing new business,” Degnan added. 

Wading through what to look for in a solid cyber liability insurance plan and determining what works best for your business can be a daunting task. If the prospect sounds overwhelming, ATB Technologies can help you sort through your options and ensure you are well positioned to secure an insurance policy. In addition to cybersecurity consulting, ATB’s cybersecurity support includes tools like AI-based endpoint detection and response, multi-factor authentication, disaster recovery, employee cyber training, zero trust and SIEM solutions, among others. Our IT experts can help you develop a solid business plan for protecting your people, property and privacy. Find out more and reach out today at http://atb-tech.com.

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Fortunately, your business can take steps to help prevent cyberattacks. Here are six tips for shoring up your business’ cybersecurity.

1. Know the risks

In order to combat cyberattacks, you must be aware of what kind of attacks you’re trying to fight off.

In 2022, malware accounts for the most cyberattacks (22%), followed by phishing (20%).

Malware, short for malicious software, aims to wreak havoc with individual computers and entire computer systems. Types of malware include adware, ransomware, spyware, viruses, Trojan viruses and worms.

Meanwhile, phishing involves an apparently legitimate message sent by email, phone or another type of communication. For example, a phishing email might contain a link or attachment that, when clicked, unleashes malware on a device. The malware then grabs login information, personal data and other information that a cybercrook can use to commit fraud or engage in other acts of wrongdoing.

2. Install and update security software

One of your best lines of defense against cyberattacks is security software, such as antivirus software and encrypton software.

Make sure you buy and install security software from a legitimate provider. The same holds true for updates of security software; don’t download software updates unless you trust the source. Beware of pop-ups on third-party websites that ask you to download their software.

In many cases, a provider of security software enables automatic updates. Pay attention to alerts about these updates so that your security software is always the latest version available.

Aside from updating your security software, don’t forget to regularly update web browsers and operating systems.

3. Stay informed

The tactics of cybercrooks change constantly. Why? Because they’re trying to stay one step ahead of new anti-cybercrime weapons.

Given the always shifting landscape, it’s vital to pay attention to the latest developments in cybercrime and cybersecurity. For instance, your employees should be kept in the loop on software updates and other cybersecurity measures being carried out at your business. And to keep on top of the latest tips and tools, you might want your employees to undergo on-site, off-site or online cybersecurity awareness training.

4. Fight ‘password fatigue’

These days, the typical person logs into dozens of online accounts. And that translates into perhaps dozens of online passwords to remember. All of this may lead to “password fatigue,” which can leave your computers vulnerable to cyberattacks.

Passwords can be one of the most effective ways to stop cybercrooks from tapping into your computers and computer networks. But those passwords will do little good if they’re not strong. If every password is 1234password, for instance, a cybercriminal could easily access your digital data.

To fortify your passwords, consider using a password generator. Don’t want to generate passwords automatically? Then be sure all your passwords are at least 12 characters long. Each one should be a hard-to-guess mix of letters, numbers and symbols.

To safely store (and keep track of) your passwords, look into using a password manager. Keep in mind that passwords should be changed at least every three months.

5. Set up multi-factor authentication

Multi-factor authentication can help keep cybercriminals from poking around in your digital information.

Data and devices can be made more secure by requiring multi-factor authentication. This requires a combination of at least two different credentials (such as a password and a unique code) to verify a user’s identity and allow them to log in.

6. Backup your data

In case a cybercrook does gain entry into your computer system, you should schedule data backups on all of your computers. Data you should protect includes documents, spreadsheets, financial files and HR files.

It’s best to plan automatic data backups. Otherwise, arrange weekly backups and store the data in the cloud or somewhere away from your business.

Ensure your data doesn’t end up in the wrong hands, get a free dark web report from ATB Technologies.

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This mix of work arrangements sets up challenges when it comes to cybersecurity. In many cases, an at-the-office network will offer more security than an at-home network can. So, how can you protect your organization’s sensitive data if some of your employees are working from home?

Here are five suggestions for shoring up your organization’s cybersecurity at the office and in employees’ homes.

1. Fortify endpoint security

Endpoint security protects endpoints like laptops, desktops and mobile devices from harmful events such as malware or ransomware attacks, software viruses and denial-of-service activity. According to one estimate, businesses with fewer than 500 employees lose an average of $2.5 million per cyberattack. 

The at-home work wave set off by the pandemic has only made it more crucial than ever for an organization to ensure that every endpoint, whether it’s in the office or at an employee’s home, is as secure as possible.

An endpoint protection strategy allows network administrators to monitor all network activity from a management console, and then prevent or react to cybersecurity threats. The strategy can be carried out through on-site, cloud or hybrid systems.

2. Embrace mobile device management

Cloud-based and on-premises tools for mobile device management (MDM) enable network administrators to closely track devices being used at the office or at home.

For instance, an MDM approach gives you the chance to make sure that every mobile device connected to your network is running the most up-to-date software and operating systems. Other benefits include making important data inaccessible to employees on their personal devices and detecting whether they’re being used for unauthorized activity.

3. Adopt multi-factor authentication

Multi-factor authentication provides another layer of cybersecurity. It requires someone to verify their identity in at least two ways, such as a username-and-password combo coupled with a thumbprint, to access online accounts, virtual private networks (VPNs), apps and other resources. 

Mandating the use of multi-factor authentication reduces the chance that your organization’s network will be struck by a cyberattack. This is because multi-factor authentication goes beyond the traditional single-factor method of simply typing in a username and password.

Multi-factor authentication is especially important if anyone in your organization uses personal devices for work tasks, such as checking email. A small-scale study released in 2021 showed that nearly half of users whose devices supported multi-factor authentication failed to take advantage of it.

4. Institute web filtering and content filtering

Web filtering and content filtering are complementary, but not identical.

Web filtering blocks access to websites selected by an organization, such as those that have been connected to malware or phishing attempts. On the other hand, content filtering restricts access to email or webpages that an organization has labeled as objectionable. This might include webpages that have been associated with malware attacks, for example.

Together, web filtering and content filtering technology can help shield a network against cyberattacks. This technology can easily cover in-the-office and at-home workers.

5. Train workers about phishing scams

It’s estimated that nearly three-fourths of companies in the U.S. experienced a successful phishing attack in 2020, with retail, manufacturing, food and beverage, research and development, and tech companies being especially susceptible. Given the breadth of the problem (costing the average large organization $14.8 million a year), it’s vital for both remote and in-the-office workers to be trained on how to avoid and detect phishing attacks.

In a phishing attack, someone pretending to be from a reputable entity or person sends a malicious email or text that’s aimed at tricking the recipient into revealing sensitive information. Examples of information sought in a phishing scam include login credentials, credit card numbers and financial data.

One of the best ways to prevent being victimized by a phishing scam is to think twice before clicking on a link in email or text. If you’re not familiar with the sender or the message looks odd, it’s best to avoid clicking on the link and then to delete the email or text.

Keep your business safe with top-of-the-line cybersecurity from a team that will never let you down. Contact ATB Technologies for a free consultation to review your needs for technology and IT support.

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