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- Cyber Insurance – What Three Types of Protection Your Business Needs
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Cyber Insurance – What Three Types of Protection Your Business Needs
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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.
- MFA (Multi-Factor- Authentication): You make sure your home locks work, right?. Sometimes you have multiple locks. MFA 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 (Virtual Private Networks), cloud applications, social sites, and Saas (Software as a Service) protected with MFA. If you have third party services that don't support MFA, you could see higher premiums. To learn more about MFA – click here.
- EDR (Endpoint Detection & Response): Virus protection is not enough anymore. It would be best if you had EDR 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) to monitor user activity and notify users or IT Administrators of possible threats or unauthorized activity. EDR also provides extra protection to prevent unauthorized activity without additional approval protecting users from sometimes unknown threats. To learn more about EDR – click here.
- 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 (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.
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Intrada Technologies is a full-service web development and network management company with a focus on creating ongoing, trusted partnerships with each of our clients.
We make sure our clients have what they require to run their businesses with maximum efficiency and reliability, as many of their needs are mission-critical.
Our unique, collaborative partnerships allow us to provide our clients with the assurance that we will be there when they need us.