Cyber Insurance – What Three Types of Protection Your Business Needs

As cyber-attacks continue to increase, so does the price of cyber insurance. Increased frequency of claims and severity of the attack is causing higher losses decreasing the profitability of cyber carriers. As a result, insurance companies are increasing certain requirements and asking questions to see how companies value computer security.

 

Cyber insurance is like car insurance

Cyber insurance is like car insurance. If you're a terrible driver, you'll pay more for insurance. If you continue to have accidents, you might find insurance coverage is limited. Cyber insurance is not designed to protect you from a cyber-attack, just like life insurance won't keep you from dying. The company's responsibility is to ensure they protect their network and client information.

 

Three Types of Protection Needed

Intrada has noticed that cyber insurance companies are reducing ransomware-related coverage or canceling companies with poor controls. While coverage remains available, there are three types of protection your business must have in place to protect your network and information.

 

1. MFA Multi-Factor Authentication (MFA) is a security enhancement that requires users to verify their identity using multiple credentials before gaining access to a system, application, or service. This layered approach to security helps ensure that the person requesting access is indeed who they claim to be, significantly reducing the risk of unauthorized access. MFA generally involves a combination of two or more of the following factors: Something you know: A password, PIN, or answer to a security question. Something you have: A physical token, smart card, or a mobile phone to receive a verification code. Something you are: Biometric identifiers, such as a fingerprint, facial recognition, or voice, that uniquely identify the user. By requiring multiple forms of verification, MFA adds an additional layer of defense against potential threats, even if one factor (such as a password) becomes compromised. For instance, even if an attacker obtains a user's password, they would still need the second form of authentication to gain access. In today's digital landscape, where cyber threats are increasingly sophisticated, implementing MFA is a critical step for organizations to protect sensitive data and systems. It enhances security for end-users and across the enterprise, making it a fundamental component of a robust cybersecurity strategy. (Multi-Factor- Authentication): You make sure your home locks work, right?. Sometimes you have multiple locks. MFA Multi-Factor Authentication (MFA) is a security enhancement that requires users to verify their identity using multiple credentials before gaining access to a system, application, or service. This layered approach to security helps ensure that the person requesting access is indeed who they claim to be, significantly reducing the risk of unauthorized access. MFA generally involves a combination of two or more of the following factors: Something you know: A password, PIN, or answer to a security question. Something you have: A physical token, smart card, or a mobile phone to receive a verification code. Something you are: Biometric identifiers, such as a fingerprint, facial recognition, or voice, that uniquely identify the user. By requiring multiple forms of verification, MFA adds an additional layer of defense against potential threats, even if one factor (such as a password) becomes compromised. For instance, even if an attacker obtains a user's password, they would still need the second form of authentication to gain access. In today's digital landscape, where cyber threats are increasingly sophisticated, implementing MFA is a critical step for organizations to protect sensitive data and systems. It enhances security for end-users and across the enterprise, making it a fundamental component of a robust cybersecurity strategy. is an added layer of protection.  It is on web-based email like Microsoft 365 or Outlook Web Access.  It is a requirement at Intrada and cyber insurance companies. It is also strongly encouraged to have all your external resources like VPN A Virtual Private Network (VPN) is a technology that creates a secure, encrypted connection over a less secure network, such as the internet. By using a VPN, users can send and receive data across shared or public networks as if their computing devices were directly connected to the private network, ensuring privacy and security. VPNs are commonly used to protect sensitive data, hide the user's IP address, and bypass geographic restrictions on websites and streaming content. VPNs work by routing the user's internet traffic through a server operated by the VPN provider, masking their true IP address and encrypting all transmitted data. This encryption makes it difficult for anyone, including hackers and government agencies, to intercept and read the data. VPNs are particularly useful for remote workers who need to securely access their company's internal network or for individuals who want to enhance their online privacy. There are different types of VPNs, including Remote Access VPNs, which allow individual users to connect to a remote network securely, and Site-to-Site VPNs, which connect entire networks to each other over the internet, often used by large organizations to link offices in different locations. By using a VPN, individuals and businesses can ensure that their online activities remain private and their sensitive information is protected in transit. (Virtual Private Networks), cloud applications, social sites, and Saas (Software as a Service) protected with MFA Multi-Factor Authentication (MFA) is a security enhancement that requires users to verify their identity using multiple credentials before gaining access to a system, application, or service. This layered approach to security helps ensure that the person requesting access is indeed who they claim to be, significantly reducing the risk of unauthorized access. MFA generally involves a combination of two or more of the following factors: Something you know: A password, PIN, or answer to a security question. Something you have: A physical token, smart card, or a mobile phone to receive a verification code. Something you are: Biometric identifiers, such as a fingerprint, facial recognition, or voice, that uniquely identify the user. By requiring multiple forms of verification, MFA adds an additional layer of defense against potential threats, even if one factor (such as a password) becomes compromised. For instance, even if an attacker obtains a user's password, they would still need the second form of authentication to gain access. In today's digital landscape, where cyber threats are increasingly sophisticated, implementing MFA is a critical step for organizations to protect sensitive data and systems. It enhances security for end-users and across the enterprise, making it a fundamental component of a robust cybersecurity strategy. . If you have third party services that don't support MFA Multi-Factor Authentication (MFA) is a security enhancement that requires users to verify their identity using multiple credentials before gaining access to a system, application, or service. This layered approach to security helps ensure that the person requesting access is indeed who they claim to be, significantly reducing the risk of unauthorized access. MFA generally involves a combination of two or more of the following factors: Something you know: A password, PIN, or answer to a security question. Something you have: A physical token, smart card, or a mobile phone to receive a verification code. Something you are: Biometric identifiers, such as a fingerprint, facial recognition, or voice, that uniquely identify the user. By requiring multiple forms of verification, MFA adds an additional layer of defense against potential threats, even if one factor (such as a password) becomes compromised. For instance, even if an attacker obtains a user's password, they would still need the second form of authentication to gain access. In today's digital landscape, where cyber threats are increasingly sophisticated, implementing MFA is a critical step for organizations to protect sensitive data and systems. It enhances security for end-users and across the enterprise, making it a fundamental component of a robust cybersecurity strategy. , you could see higher premiums. To learn more about MFA Multi-Factor Authentication (MFA) is a security enhancement that requires users to verify their identity using multiple credentials before gaining access to a system, application, or service. This layered approach to security helps ensure that the person requesting access is indeed who they claim to be, significantly reducing the risk of unauthorized access. MFA generally involves a combination of two or more of the following factors: Something you know: A password, PIN, or answer to a security question. Something you have: A physical token, smart card, or a mobile phone to receive a verification code. Something you are: Biometric identifiers, such as a fingerprint, facial recognition, or voice, that uniquely identify the user. By requiring multiple forms of verification, MFA adds an additional layer of defense against potential threats, even if one factor (such as a password) becomes compromised. For instance, even if an attacker obtains a user's password, they would still need the second form of authentication to gain access. In today's digital landscape, where cyber threats are increasingly sophisticated, implementing MFA is a critical step for organizations to protect sensitive data and systems. It enhances security for end-users and across the enterprise, making it a fundamental component of a robust cybersecurity strategy. – click here.
2. EDR Endpoint Detection and Response (EDR) is a cybersecurity technology designed to monitor and respond to threats on network endpoints. These endpoints include devices such as laptops, desktops, servers, and mobile devices. EDR solutions provide continuous and comprehensive visibility into what?s happening on these endpoints, enabling organizations to detect malicious activities that could compromise their network security. Key features and benefits of EDR include: Continuous Monitoring: EDR tools continuously monitor endpoints for any signs of suspicious or malicious activities. This real-time surveillance ensures that potential threats are identified promptly. Threat Detection: By utilizing advanced analytics and machine learning, EDR solutions can detect both known and unknown threats. They analyze patterns and behaviors to identify anomalies that may indicate malicious activity. Incident Response: EDR solutions equip security teams with the tools needed to investigate and respond to incidents. They provide detailed activity logs and forensic data to help understand how an attack occurred and how it can be mitigated. Automated Remediation: Some EDR tools offer automated response capabilities, allowing for immediate containment and remediation of threats. This reduces the time it takes to neutralize threats and minimizes potential damage. Integration: EDR solutions often integrate with other security tools and systems, such as Security Information and Event Management (SIEM) systems, to provide a more comprehensive security posture. This integration can enhance overall threat detection and response capabilities. Endpoint Visibility: EDR provides detailed visibility into endpoint activities, helping organizations understand what is happening on their network. This visibility is crucial for identifying potential security gaps and improving overall security strategies. Implementing EDR is vital for modern cybersecurity defense, as it enhances the ability to detect, investigate, and respond to advanced threats. By providing a deeper understanding of endpoint activities, EDR solutions help organizations maintain a robust security posture and protect sensitive data from cyber threats. (Endpoint Detection & Response): Virus protection is not enough anymore. It would be best if you had EDR Endpoint Detection and Response (EDR) is a cybersecurity technology designed to monitor and respond to threats on network endpoints. These endpoints include devices such as laptops, desktops, servers, and mobile devices. EDR solutions provide continuous and comprehensive visibility into what?s happening on these endpoints, enabling organizations to detect malicious activities that could compromise their network security. Key features and benefits of EDR include: Continuous Monitoring: EDR tools continuously monitor endpoints for any signs of suspicious or malicious activities. This real-time surveillance ensures that potential threats are identified promptly. Threat Detection: By utilizing advanced analytics and machine learning, EDR solutions can detect both known and unknown threats. They analyze patterns and behaviors to identify anomalies that may indicate malicious activity. Incident Response: EDR solutions equip security teams with the tools needed to investigate and respond to incidents. They provide detailed activity logs and forensic data to help understand how an attack occurred and how it can be mitigated. Automated Remediation: Some EDR tools offer automated response capabilities, allowing for immediate containment and remediation of threats. This reduces the time it takes to neutralize threats and minimizes potential damage. Integration: EDR solutions often integrate with other security tools and systems, such as Security Information and Event Management (SIEM) systems, to provide a more comprehensive security posture. This integration can enhance overall threat detection and response capabilities. Endpoint Visibility: EDR provides detailed visibility into endpoint activities, helping organizations understand what is happening on their network. This visibility is crucial for identifying potential security gaps and improving overall security strategies. Implementing EDR is vital for modern cybersecurity defense, as it enhances the ability to detect, investigate, and respond to advanced threats. By providing a deeper understanding of endpoint activities, EDR solutions help organizations maintain a robust security posture and protect sensitive data from cyber threats. software on all user machines. This type of software looks for activity on the computer that is not normal or is associated with a known exploit or attack. It uses AI Artificial Intelligence (AI) is revolutionizing the fields of IT, hosting, cloud computing, web development, and digital marketing by enabling systems to perform tasks that traditionally required human intelligence. In IT, AI enhances cybersecurity measures through advanced threat detection and response mechanisms, automates routine maintenance tasks, and optimizes network management. Hosting platforms leverage AI to improve server performance, anticipate hardware failures, and provide automated customer support via chatbots. In the realm of cloud computing, AI plays a critical role in data analytics, offering predictive insights and real-time processing capabilities that drive business intelligence. AI-powered tools facilitate efficient resource management, enabling dynamic scaling and cost optimization. Web development benefits from AI through the creation of intelligent design assistants, automated testing, and enhanced user experience personalization. Digital marketing is perhaps one of the most impacted fields, with AI driving sophisticated consumer insights, targeted advertising, and customer behavior analysis. AI algorithms analyze vast amounts of data to identify trends, optimize ad placements, and personalize content, ensuring that marketing efforts are both efficient and effective. By integrating AI into these domains, organizations can harness smarter technologies to innovate, streamline operations, and deliver superior user experiences. (Artificial Intelligence) to monitor user activity and notify users or IT Administrators of possible threats or unauthorized activity. EDR Endpoint Detection and Response (EDR) is a cybersecurity technology designed to monitor and respond to threats on network endpoints. These endpoints include devices such as laptops, desktops, servers, and mobile devices. EDR solutions provide continuous and comprehensive visibility into what?s happening on these endpoints, enabling organizations to detect malicious activities that could compromise their network security. Key features and benefits of EDR include: Continuous Monitoring: EDR tools continuously monitor endpoints for any signs of suspicious or malicious activities. This real-time surveillance ensures that potential threats are identified promptly. Threat Detection: By utilizing advanced analytics and machine learning, EDR solutions can detect both known and unknown threats. They analyze patterns and behaviors to identify anomalies that may indicate malicious activity. Incident Response: EDR solutions equip security teams with the tools needed to investigate and respond to incidents. They provide detailed activity logs and forensic data to help understand how an attack occurred and how it can be mitigated. Automated Remediation: Some EDR tools offer automated response capabilities, allowing for immediate containment and remediation of threats. This reduces the time it takes to neutralize threats and minimizes potential damage. Integration: EDR solutions often integrate with other security tools and systems, such as Security Information and Event Management (SIEM) systems, to provide a more comprehensive security posture. This integration can enhance overall threat detection and response capabilities. Endpoint Visibility: EDR provides detailed visibility into endpoint activities, helping organizations understand what is happening on their network. This visibility is crucial for identifying potential security gaps and improving overall security strategies. Implementing EDR is vital for modern cybersecurity defense, as it enhances the ability to detect, investigate, and respond to advanced threats. By providing a deeper understanding of endpoint activities, EDR solutions help organizations maintain a robust security posture and protect sensitive data from cyber threats. also provides extra protection to prevent unauthorized activity without additional approval protecting users from sometimes unknown threats. To learn more about EDR Endpoint Detection and Response (EDR) is a cybersecurity technology designed to monitor and respond to threats on network endpoints. These endpoints include devices such as laptops, desktops, servers, and mobile devices. EDR solutions provide continuous and comprehensive visibility into what?s happening on these endpoints, enabling organizations to detect malicious activities that could compromise their network security. Key features and benefits of EDR include: Continuous Monitoring: EDR tools continuously monitor endpoints for any signs of suspicious or malicious activities. This real-time surveillance ensures that potential threats are identified promptly. Threat Detection: By utilizing advanced analytics and machine learning, EDR solutions can detect both known and unknown threats. They analyze patterns and behaviors to identify anomalies that may indicate malicious activity. Incident Response: EDR solutions equip security teams with the tools needed to investigate and respond to incidents. They provide detailed activity logs and forensic data to help understand how an attack occurred and how it can be mitigated. Automated Remediation: Some EDR tools offer automated response capabilities, allowing for immediate containment and remediation of threats. This reduces the time it takes to neutralize threats and minimizes potential damage. Integration: EDR solutions often integrate with other security tools and systems, such as Security Information and Event Management (SIEM) systems, to provide a more comprehensive security posture. This integration can enhance overall threat detection and response capabilities. Endpoint Visibility: EDR provides detailed visibility into endpoint activities, helping organizations understand what is happening on their network. This visibility is crucial for identifying potential security gaps and improving overall security strategies. Implementing EDR is vital for modern cybersecurity defense, as it enhances the ability to detect, investigate, and respond to advanced threats. By providing a deeper understanding of endpoint activities, EDR solutions help organizations maintain a robust security posture and protect sensitive data from cyber threats.  – click here.
3. Office Backups: It would help if you got your backups offsite.   Another term is COLD Backups. To protect your data from hackers, you need to protect your backups so they cannot be accessed and deleted. Placing your data offsite supports traditional DR A Disaster Recovery (DR) plan in the field of Information Technology (IT) is a comprehensive, documented approach that outlines how an organization can quickly resume mission-critical functions following a disruption. This disruption could be caused by a variety of incidents, ranging from natural disasters like floods and earthquakes to cyber attacks, hardware failures, and human errors. The primary goal of a DR plan is to minimize downtime and data loss, ensuring business continuity even under adverse conditions. Key components of a Disaster Recovery plan include: Risk Assessment: Identifying potential threats and vulnerabilities that could impact the organization?s IT infrastructure. Business Impact Analysis (BIA): Determining the critical business functions and the potential impact of disruptions on these functions. Recovery Strategies: Developing specific procedures to recover data, applications, and hardware. This may involve data backup solutions, alternative communication channels, and fallback locations. Implementation Plan: Detailing the step-by-step process for activating the DR plan, including roles, responsibilities, and the sequence of actions to be taken. Communication Plan: Establishing how to communicate with employees, customers, vendors, and stakeholders during and after a disaster. Testing and Maintenance: Regularly testing the DR plan through simulations and drills to ensure its effectiveness and updating it as necessary based on the results and any changes in the organization?s infrastructure or business processes. By having a well-defined Disaster Recovery plan, organizations can quickly recover from unexpected disruptions, thereby safeguarding their data integrity, maintaining customer trust, and protecting their overall business operations. (Disaster Recovery) plans protecting organizations from an onsite or localized disaster. Offsite backups can also make it harder for hackers to access your data, providing a safe place to store files or network imaging.

These are just three of the main types of protection that cyber insurance carriers look for when companies request cybersecurity coverage. Therefore, Intrada recommends that these three types of protection are in place with all companies we support.   

Intrada also understands that security can be very confusing and intimidating. Many companies use security as a sales scare tactic to offer services that are almost as bad as the hackers building a false sense of protection.  If your company is interested in having a confidential security discussion or review, contact Intrada to learn more and set up a call or visit.