When it comes to cyber security, here at IBC Insurance we want to make sure that you and your business are protected. That is why we have given you cyber security tips on how to be more proactive and how to best prepare for these dynamic threats. And, how when you partner with us you receive cutting-edge resources and knowledge to ensure you’re covered!
Due to cyber insurance being such a critical topic for both small and large companies in today’s ever-changing business environment, lets remember the most important items we’ve gone over thus far.
The Evolving Cyber Environment and Threats Businesses Face
The most recent cyber cases have exposed two unnerving trends. First, the cyber environment has shifted from data threats to operational threats. It’s become more profitable for cyber criminals to hold your operating systems hostage rather than threatening to take all of your data. These threats have now been proven to be relevant to all industries.
Second, the attacks on third party service providers is rising. Outsourcing some of your IT processes or data does not eliminate your cyber threats for your organization. You should still be aware of how this will not only affect you, but also the third party provider that you are utilizing.
The Importance of Having A Response Plan
One of the best ways to be proactive with cyber threats is by having a plan ready for if this were to take place. On average, according to the 2020 Data Breach Investigations Report by Verizon, about 25 percent of all data breaches took a month or longer to be discovered. Being prepared before an event happens is key to mitigate the losses and ensure the survival of your company.
Simply put, its crucial for your business to have a cyber breach response plan in place. It outlines the steps to take about a cyber breach and who should be responsible for what tasks. It can also go over what outside parties should be involved and when they need to be notified. Contact one of our professionals at IBC to receive a step-by-step checklist that gives you guidance when you are developing or updating a response plan for your business.
Increasing Ransomware Attacks
A ransomware attack is nearly impossible to prevent no matter the IT security you have in place. While cyber incidents are on the rise, a significant part of these incidents is ransomware. It comes down to your employees. Reminding them the importance to think before they click is crucial to ransomware prevention.
There are multiple consequences of a ransomware attack. These can all be devastating to your organization including financial implications, business income lost due to total disruption of business operations, financial cost to repair data or systems, permanent or temporary loss of IP or other sensitive data.
Over the past two years ransomware attacks have been a top concern amongst most businesses. To address ransomware, at IBC we have resources available to ensure you are prepared and how you can prevent this issue to the best of your ability.
Employees are your biggest assets with your organization. However, when it comes to cyber security employees can also be your biggest liability. Prioritizing a security-centric environment at every level of your business has been a leading indicator as a way to lessen cyber threats. We even recommend having a security awareness training program so all employees within your organization are aware of the threats that exist.
In most cases phishing is when an email is sent in the hopes that the receiver clicks on the link within the email. You’ve probably seen them and hopefully are aware that these are out there. Cyber criminals are getting smarter with what they send and their methods on how to get you to open the email.
Cyber Liability Policy Limits
An important aspect to all comprehensive cyber security risk prevention programs include making sure that you have a robust and detailed cyber liability insurance policy. This will protect you in an event that you may come face first with a cyber incident. The variance and ever-changing environment in the cyber insurance industry can make this very challenging as there is a lack of standardization across insurance coverages. The variety of language can land you with insurance coverage gaps that may be detrimental. On the other hand, this allows your coverage to be customizable to your unique needs.
IBC Insurance is here to tackle this obstacle with you by customizing insurance policies to fit your individual needs. We will also provide you with data and other information so you can make the correct and necessary decisions.
Check Your Security
At IBC we know that threats exist, but how do you make sure that you are truly secure? We can offer resources that measure your businesses implementation and security practices in place. We can also access your business and see where we can add value and where you can improve and protect yourself from security threats. This will allow you and your employees to make informative decisions relating to your cyber security controls.
Contact Our Cyber Professionals
The cyber environment can be difficult to understand with all of the moving and changing parts. But, whether it’s reviewing your current policy limits in place or your response plan, IBC Insurance is here to equip you with the knowledge and resources needed to keep your business resilient from all cyber threats.
For more information on how we can further assist you in this process, feel free to reach out by calling 712-277-2424 or by filling out this form. We have cyber professionals on hand to help you and walk you through all of the resources available to ensure you have the coverage and protection you need!