Overcoming Common Challenges for Cybersecurity Insurance Approval
Many businesses that have yet to be hacked underestimate the value of cyber insurance. What if, one day a data breach or ransomware incident happens? Do you have the solutions to mitigate it? Are you sure you won’t go through any challenges when getting Cybersecurity Insurance?
Cyberattacks continue to surge and become more sophisticated. Last year, IBM reported all-time high costs of data breaches. Symantec also recorded a $3 billion loss in 2023 because of a business email compromise.
Nowadays, your business is more vulnerable than ever, making it ideal to partner with an insurer. However, are you confident you won’t encounter any cybersecurity insurance approval?
Challenges for Cybersecurity Insurance: why did you get denied?
If you have any insurance, you know that it’s not something you can shop for like clothing from a store. IT insurance hurdles are much like the struggles we face when getting life or health insurance. There are many factors to consider, along with requirements you must meet without fail.
Did you apply for cyber insurance and get rejected, but don’t know why? Here are some common challenges for cybersecurity insurance that you might encounter.
Poor security measures
Did the insurer call to tell you that your IT insurance application was denied? They likely found your security measures lacking. If you have no data protection protocols, you are more at risk for cyberattacks. It could mean astronomical financial losses that insurers would not want to shoulder.
Outdated security systems
When did you last check your network firewall for vulnerability? Is your antivirus software updated? Saying no to these basic security checks will leave the insurance company no choice but to drop your application. The best cybersecurity insurance tips include keeping your protocols up-to-date to prevent untimely attacks.
No employee training
Human error is a huge factor that makes cybersecurity defenses crumble. What use is expensive IT security software if your employees don’t know how to spot a threat? If your members are prone to phishing and malware attacks, you will have challenges getting cybersecurity insurance approval.
Inadequate risk or incident management
Another example of IT insurance hurdles is your business’ risk management strategies. Do you have regular vulnerability assessments and a robust backup, disaster, and recovery (BDR) plan? How you prepare and respond to cybersecurity issues holds weight on your insurance application.
Overcome these Challenges of Cybersecurity Insurance
How do you make an insurer give you the best policy package and premium? It starts with your cybersecurity measures. Firstly, make sure that you have the best protective protocols in place like access controls and multi-factor authentication.
You should also regularly assess your vulnerability risks and create an effective incident response plan in case of cyberattacks. Arrange regular cybersecurity employee training—your people should be part of the solution and not the problem!
Partnering with a Managed Service Provider
These challenges for cybersecurity insurance approval are a thing of the past when you get an expert on board. Try using co-managed services and find out how an MSP can help you overcome IT insurance hurdles.
Do you want to know more about cybersecurity insurance tips? Learn by watching our free on-demand webinar, ‘Common Pitfalls in Cybersecurity Insurance Applications’ now!
Preventing Domain Hacks: A Guide for Business Owners
One precious possession a person can own is their name. It identifies who you are—everything from private to financial to legal matters requires this information. As we all know, a business domain name is a vital representation of the company on the Internet. That is why we must do our best to prevent domain hacks.
Unfortunately, domain security is one vulnerability that businesses face in the current IT landscape. Your ‘simple’ online address does so much more than guiding prospects to your website. An impactful domain name enhances your visibility and brand reputation, boosting your company’s credibility.
The issue is that criminals can seize and desecrate your domain name. Are you vulnerable to domain hacks? Does your strategy include protective measures to guard your website? How capable is your cybersecurity team that you need to prevent domain hacks?
This guide gives you valuable information regarding IT domain protection and what you can do to secure your business.
Why Domain Hacks Happen on Business Domains
At first, you might think, it’s just a name – what can hackers do with it?
Well, a lot. Some hackers target business domains mainly for the fun of it. Absurd as it may sound, this type of cyber theft is a fun challenge for some malicious attackers. More serious hackers, however, practice domain hacks for money.
When a hacker gains control over your domain name, the negative effects can snowball into irreversible losses. They can get into your communication network, send fake emails to your customers, and even access confidential data. Some hackers do domain name transfers, where they redirect your traffic to a different website, usually one that has offensive content.
Domain hacks typically also engage in phishing. After gaining control over your communication channels, they send phishing emails to your customers. They can freely obtain passwords, credit card information, social security data, and other sensitive information. Isn’t it a nightmare to think that you could lose your business because of inadequate domain security?
Effective Ways to Protect Your Domain from Hacks
Seeing how damaging this issue is, you need robust IT domain protection right now. However, how do you identify which domain security measures to implement? Are you aware of any methods to prevent domain hacks? Protecting your DNS is not as difficult as you might think.
Choose a Secure Registrar
When registering a domain name, most business owners just look at cost and privacy. The more important element, though, is security. The registrar you choose should use multi-factor authentication and have a responsive support team you can reach 24/7.
Use Separate Accounts for Domain and Web Hosting
Do you use the same account for domain and web hosting? You may need to create these accounts separately to protect your business, much better if you get different hosts. Managing multiple accounts for your domain is a challenge, but not if you have co-managed IT solutions in place.
Always Renew on Time to Prevent Domain Hacks
When did you last check the expiry of your domain name? Hijackers are always looking out for expired domain names they can easily get with no need to steal them. If a hacker successfully registers your domain under their name, it’s difficult for you to reclaim it.
Co-Managed IT Services Can Help with Domain Hacks
Lucky for businesses, there is a host of other methods for IT domain protection. If you want to leverage them all for your security, the best way is to sign up for co-managed IT services. With this IT strategy, an MSP can work together with your internal IT team to ensure that your business domain name will never fall into the wrong hands.
We can tell you more about domain security if you call us. Also, you can download this free Cyber Risk Infographic. It contains a wealth of information about domain security and other ways of protecting your business from cyber threats. Remember, knowledge is power!
Recognizing the IT Security Risks Facing Your Business Today
How many real or imminent cyber threats did your company encounter in the past month? These days, it’s not unusual for a business to face IT security risks daily since hackers are becoming increasingly creative. An unknowingly clicking on a link or download can cause bleeding losses before you know it.
Did you know that in 2023, over 75% of attacks on small businesses did not even use malware? Hackers mostly use phishing and other sophisticated social engineering scams nowadays, which prey on many unaware victims. Can you spot such threats before they materialize?
When it comes to business cybersecurity, awareness is a vital element for staying safe. You must have protective measures in place, like a firewall or an antivirus program. Moreover, having an expert to help you handle these vulnerabilities is the better option.
How will you mitigate the hazard when you are unaware of the cyber threats that can harm your business? With your staff’s level of awareness, how likely is it for your company to stop an attack? If these questions lead to more confusion, now is the time to learn about IT security risks.
Most Common Types of IT Security Risks Against Businesses in 2024
Online attacks come in all forms and from all directions, making it challenging to protect your business. Here are the most common cyber threats that could affect small businesses today.
IT Security Risks – Ransomware
Hackers use ransomware to control a company’s data, which ultimately freezes operations and does massive damage to the business. The culprit would then demand a ransom for the victim to retrieve the data. When faced with this dilemma, would you pay an exorbitant amount to get your valuable information back? Most companies would say a resounding yes.
Credential Stuffing
Cybercriminals can now break into your network by attempting various login credentials. Using automated tools, they can go through millions of username and password combinations in seconds. Isn’t it frustrating that the hacker can successfully pull your login information within a substantial number of chances? Would you like to see if your passwords are on the dark web? We thought so. Contact us here to pull your report. Mention this blog to waive the cost of the report.
IT Security Risks – Social Engineering
Social engineering is a very dangerous cyber threat based on human psychology. Hackers use manipulative tactics to trick people into divulging sensitive data, like phishing, pretexting, and quid pro quo. Anyone is a potential victim, more so if the person is misinformed regarding business cybersecurity.
Take Business Cybersecurity to the Next Level with Co-Managed IT
Implementing protective measures to combat cyber threats is the first step to mitigating risks. The right steps to take include tightening your grip on IT security.
Is your team regulating access controls stringently? Do you train your employees on cybersecurity regularly? Does your company have an efficient backup and recovery plan? These factors come together to form the defenses of your business.
Cyber security is a rapidly evolving area and new threats arise practically every day. Your internal IT team, regardless of how skilled they are, is still vulnerable. In this case, co-managed IT presents a viable solution.
By taking a look at this free Cyber Risk infographic, you can have a more accurate picture of the cyber threats your business is facing. It also illustrates how a co-managed IT partner can help your in-house team in enhancing your company’s cybersecurity strategy.
Going over this information and stats will only take a couple of minutes, but it can make a vast difference in the security of your business! Call us today for more information!
Stay Protected with Managed Cybersecurity Services
Cyberattacks are among the most serious threats that businesses today are facing. As technology evolves, so do these online threats that target businesses of all sizes. There are many ways to protect your data and your network, like using a reliable anti-malware program or regularly educating your staff on security measures. However, the best way to get maximum protection for your business is by subscribing to managed cybersecurity services.
What is Managed Cybersecurity?
Managed cybersecurity services are a range of security solutions offered by third-party IT providers. This service is designed to safeguard businesses and other organizations against even the most vicious online attacks. They include everything from the installation of firewalls to 24/7 monitoring of your networks for prompt detection of and action against threats.
There are tools available on the cloud that businesses can use to defend themselves against cyberattacks. However, if you want maximum protection against cyber threats and data breaches, partnering with a managed cybersecurity services provider is the way to go.
Benefits of Managed Cybersecurity for Businesses
MSPs that specialize in cybersecurity solutions can implement a range of comprehensive security measures and proactive solutions to keep your business protected. Here are some of the primary benefits that you can expect once you start working with a reputable provider:
Guaranteed Cybersecurity Expertise
It is not easy to find independent IT professionals who are well-versed in all the different areas of cybersecurity. Hence, there is no guarantee that an in-house tech guy can protect your system from all the threats online. Managed cybersecurity services can give you prime solutions for any security concern and ensure the safety of your systems.
Quick Response
Cyberattacks cannot always be avoided, but with rapid action, the damage can be minimized. On your own, even identifying the cause of a breach can take a long time. Meanwhile, the hacker would already be stealing data and wreaking havoc. Highly skilled cybersecurity experts, however, can identify and address the problem quickly, keeping the damage as minimal as possible.
Compliance Made Easy
As technology advances and threats evolve, data protection regulations are also becoming more complex. Complying with these regulations can significantly add to the burden of a business. A managed cybersecurity services provider can efficiently take care of all these compliance issues, giving you peace of mind and leaving you time to run your business.
Reduced Expenses with Managed Cybersecurity
Not many realize it but cybersecurity solutions can be very expensive. Licensed anti-malware programs alone can cost a pretty penny, plus you need to pay cybersecurity professionals to install and maintain these solutions for you. Naturally, you do not want to skimp on security solutions because you want the best protection for your company, but you wouldn’t want to spend more on it than is necessary either. With a good provider, you don’t have to. You can get the best managed cybersecurity solutions at a much lower cost.
Fortify Cybersecurity Expenses Using Our Excessive Spending Calculator
Many business owners spend more on cybersecurity than they should. In their desire to keep data and networks protected, they are very willing to purchase many solutions that will supposedly boost their defenses. The intention is good but if it is leading to unnecessary expenses, it’s time you take a closer look. You can do this with the help of our Excessive Spending Calculator.
The Excessive Spending Calculator is a handy program that can help you pinpoint areas in your business spending that you can curtail. It can help you prioritize investments so that you can fortify your cybersecurity defenses. You can download it for free right here.
Hackers show no signs of slowing down, and any business can be a target. Make sure you are prepared for any attack by keeping your defenses in top condition, with the help of a dependable managed cybersecurity services provider. We can also answer any questions you might have about cybersecurity and other MSP services. Just say the word, and we will be right over for a free consultation!
