Top 5 Things Insurance Companies Want You to Have in Your IT Security

As of 2021, cybercrime has increased exponentially, with about 50% more cyber-attacks attempted weekly. This problem isn’t localized to one specific area either; it is a worldwide issue, threatening businesses everywhere and of all sizes and industries.

Due to the increase in ransom attacks, critical data breaches, and identity theft, companies rely on information technology insurance to keep them covered should anything happen causing thousands or even millions of dollars in damage and recovery.

However, your company must be in compliance with the insurance agency’s requirements to get IT coverage. Do you know what these five requisites are? Keep reading to find out.

Insurance companies are very aware of the hike in cyber attacks. Even though it is their job to cover the cost if your business suffers an attack, they don’t want to hand out money or lose revenue because their clients have not been proactive or safe with their personal information.

Cybercriminals are always looking for the next easy target; they can hack into computer systems quicker than you might think, 30 seconds in some cases, exploiting vulnerabilities you didn't even know were there. And a few simple steps anyone should take to protect themselves include:

• Choosing unique long passwords
• Using two-factor authenticity
• Change passwords and needed
• Monitor your accounts diligently
• Remember, you can’t rely on backups

Unfortunately, even these tricks aren’t always going to cut it, especially for businesses. Chances are good that if a professional hacker wants to get into your system, they will. And that is where IT insurance comes in.

If you are doing everything right, you shouldn’t have to lose revenue from phishing scams, malware, ransomware, or DDoS attacks. IT insurance is available, offering coverage in areas like:

• Data breaches (personal information and tech information)
• Cyberattacks
• Ransomware
• And more

If you are a business owner, don’t wait until it is too late to look for information technology insurance coverage. Ensure you have the proper protection in place for your business, employees, and clients.

Insurance companies are very serious about MFA. They want to see businesses protecting their passwords for as many online accounts and access to critical data as possible. Although it is tough to use MFA on everything, you must have this protection on all emails and remote access to your network (VPNs).

Double-check the contract between you and your insurance company before signing. Some companies may add in the clause that you won’t be covered if a breach occurs and you do not have MFA, even on accounts other than email and VPNs.

Did you know that cybercriminals usually won’t expose themselves for around 80 days after hacking your systems? It’s true, and that means they have almost three months to gather information and delete your backups.

Deleting your backups puts the criminal in control, giving you no option other than ransom.

An external hard drive or cloud service can protect your backup files and make insurance companies confident you are as protected against a security incident as much as possible.

Your entire staff must know what phishing tactics are and how crucial it is to watch for anything unusual.

Insurance companies want to know that you provide plenty of information, training courses, and videos to your employees, keeping them updated on phishing scams. (If it looks weird, sounds off, or gives you a bad feeling, avoid it at all costs.)

Once you conduct the training, the insurance company will ask for proof.

Vulnerability scanning reports scan your computers, networks, and other critical systems and provide feedback on where your security is lacking, areas where there are security gaps, and other findings that can make you more vulnerable to an attack.

Talk to your insurance company to see if they offer this service. Many out there today will provide you with a portal to log in and see the data for yourself, as well as send you alerts if a potential threat is detected.

Managed detection and response security utilizes the 24/7 electronic monitoring and pattern detection available through AI with the accuracy and skills of human analysis.

Managed detection and response software watches over your systems and sends tech data to security services, who will determine if you are safe or if there is something to investigate further.

IT Insurance Checklist:

• Multifactor authentication for emails and VPNs
• Distinct abstract backup that criminals can’t delete
• Anti-phishing training frequently (with proof)
• Vulnerability scanning reports
• Managed detection and response services
  

Before looking into IT insurance coverage, be proactive in the five areas listed above. Not only will these items get you affordable and reliable insurance, but they will also give you peace of mind knowing your information is as safe as possible.