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Cyber insurance What’s the cost and what does it cover

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Cyber insurance covers a range of elements, the most basic being the legal expenses incurred as a result of falling victim to cybercrime. This includes legal fees, expenses, and even any fines that you may have to pay or financial settlements that have to make with your customers or third parties who have been affected as a result of the incident. Apart from this, depending on the coverage you opt for, your cyber insurance may cover the following.

Notification costs

In the event of a data breach, the business is required to inform all affected parties of the breach. This involves reaching out to them individually and also through the press. Cyber insurance may cover the costs related to this process.

Restoration costs

After a cybercriminal attacks your IT infrastructure, you will have to spend money restoring it. There will be considerable expense in terms of recovering the lost data and repairing or replacing affected IT systems.

Analysis costs

In the event of a data breach, you will have to conduct a forensic analysis to identify the root cause of the breach and figure out how to prevent further occurrences. Cyber insurance may cover the costs of such an investigation.

Downtime costs

When your business operations shut down, even temporarily, due to IT issues, you lose revenue. You could get a cyber insurance policy to cover such downtime costs.

Extortion money

In some cases of data theft like a ransomware attack, cybercriminals usually demand a certain amount of money as ransom or extortion to let you access it again. Considering how rampant ransomware attacks are these days, it may make sense to opt for a policy that covers this angle as well.

How much does cyber insurance typically cost

Depending on the coverage and risk, annual cyber insurance costs range anywhere from $1000 a month to about a million dollars. But, what you need to ask yourself is, how much can it cost you if you ignored cyber insurance? The answer is, it could cost you your business, your customers and your brand reputation. With cybercrimes rising at alarming rates, cyber insurance is not a luxury that only the big players should invest in. It is the need of the hour for any business, irrespective of its industry or size.

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Four easy ways to thwart cyber criminals

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With all the talk about cybercrime and the recent spate of headlines about ransomware, concerns for your data security and the safety of your business keep growing. Avoiding a data breach is critical to your business, so it is vital that you focus resources and time on cybersecurity. Your MSP can be your best support for handling the variety of solutions to the problem of cybercrime. However, don’t forget what you can do on your own. Amidst all the sophisticated tools to protect your data, don’t forget the role of the lowly password. Passwords are there all the time, so we tend to take them for granted.

Here are four easy best practices for good password hygiene which don’t require hand sanitizer or staying six feet apart.

Strong Passwords

Many advisors suggest that a strong password includes letters, numbers and symbols. Basic vocabulary words, from any language, can often be hacked through brute force–just bombarding with a stream of words until you hit the correct one. Numbers and symbols can make that less successful.

Update Passwords

The longer a password is hanging around, the more likely it may be compromised. Frequently changing passwords, just like changing the batteries in your smoke detector, should be done on a regular basis. Try the first day of every third month.

Cancel Passwords when access is no longer needed

In a workplace setting, access should be eliminated immediately upon the termination or transfer of an employee. Not tomorrow, not later today–Immediately. This is particularly true in the case of an involuntary termination, when a now former employee may have a motivation to act nefariously. Also, when an employee’s job duties change, some access from their previous position may not be relevant with their new role.

Multi-factor Authentication

Multi-factor authentication (MFA) is the access process that requires a second step to access data. You probably come across it frequently. Many retail sites now use MFA for returning customers who want access to their account or order history. MFA asks for your password and then authenticates you by sending a one-time code to another platform. Most frequently, this means sending you a text. The intent is to diminish the possibility that the password is being used by someone not authorized to have it. Anytime you use an ATM machine, you are using a version of MFA (The debit card is step one, the PIN is step two)

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Password Hygiene Best Practices

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According to a report by Verizon, 80% of data breaches are caused by weak or stolen passwords. In addition, the report found that 60% of users reuse the same password across multiple accounts, making it easier for hackers to access multiple accounts with a single stolen password.

Maintaining good password hygiene is essential to protect against these threats and keep your accounts secure.

Weak or compromised passwords can be easily cracked, allowing cybercriminals to gain access to our data and steal our information. Here are a few password hygiene best practices to consider,

Use Strong Passwords

Using strong passwords is one of the most crucial steps in maintaining good password hygiene. A strong password is one that is long and complex, using a combination of letters, numbers, and symbols. Avoid using easily guessable passwords, such as “password” or “123456,” and avoid using personal information, such as birth dates or names.

Update passwords or revoke access when employees leave the organization

Changing passwords regularly is another essential step in maintaining good password hygiene. It is recommended to change passwords every 90 days or sooner, depending on the level of security required. Passwords need to be updated regularly and access to data has to be revoked when employees are no longer authorized to access it. However, this important step is often overlooked. This is especially an issue in SMBs where the staff is pretty busy and turnover is high. They are too busy to remember to change the passwords once a staff member quits, leaving their data vulnerable. So, next time the new intern finishes their stint with you, make sure you change the password and revoke their access.

Enable Two-Factor Authentication

Two-factor authentication adds an extra layer of security to your accounts. It requires you to provide a second form of identification, such as a code sent to your phone, in addition to your password. Two-factor authentication makes it harder for hackers to gain access to your accounts, even if they have your password.

Don’t Reuse Passwords

Sometimes people find it difficult to remember multiple passwords for various files and applications, so they use a single good, strong password everywhere. Using the same password for multiple accounts is a common mistake that can compromise the security of all your accounts. If one account is compromised, all accounts using the same password are also at risk. Using a unique password for each account decreases the amount of damage that can be inflicted in the event that one password is compromised.

Avoid Writing Down Passwords

Writing down passwords is a risky practice. It is easy to misplace or lose the paper where you wrote down your passwords. Avoid writing down passwords, and if you must write them down, keep them in a secure place, such as a locked cabinet. This applies primarily to an office environment, where desks, files and notepads are in open view and available to all.

Don’t share your passwords

Never share your password. If you need to give data access to multiple people, make sure each one of them has their own access credentials. This creates an audit trail and helps trace the data breach back to its origin if it occurs.

Be Wary of Phishing Scams

Phishing scams are a common way for hackers to gain access to passwords. Phishing scams involve sending an email or text message that appears to be from a legitimate source, such as a bank or social media site. The message typically asks you to click on a link and enter your password, giving the hacker access to your account. Before you click on any link, it is essential to verify if the links are genuine

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