Is your business in compliance for cyber security insurance? If you’re not sure, please keep reading. Breaches, cyber attacks, and ransomware implementation are on the rise, and the trend doesn’t seem to be slowing down anytime in the near future. If your business suffers at the hands of a cyber criminal, it can do a plethora of damage, and cost you a significant amount of money. That’s why many organizations across the globe are now taking out cyber security insurance policies with their insurance companies.
Although cyber security insurance won’t stop the cyber thieves from messing with your business, it will protect your assets if and when they do decide to pick on you. However, the insurance companies will only work with you if your organization is actually in compliance for cyber security insurance. In essence, that means that the insurance companies want to remove some of the risk from the equation by ensuring that they only insure organizations that take the necessary measures to prevent breaches, cyber attacks, and the implementation of ransomware.
The bottom line is that the insurance companies don’t want to work with you if you’re not making a strong enough effort in your cyber security measures. They simply turn down companies that are low-lying fruit for the cyber criminals. For example, if you don’t have an endpoint detection and response (EDR) system in place, you may as well forget about being approved for a cyber security insurance policy. That means you should have an EDR administered at every entry point where hackers can get into your system including your servers, computers, tablets, and smartphones.
You should also have a hybrid data backup system in place. That basically means your data backups should be multi-tiered utilizing cloud based backups with internal storage. This is due to the fact that most data breaches either block you from accessing your data and demand a ransom, or outright steal your data. However, when you have your data stored in separate locations, you won’t lose access to the data. Most cybersecurity insurance companies will also require that your business has a multi-factor authentication system in place.
That means system users are required to verify their identity by using multiple factors before they can gain access to the system.
Please contact us today for more information about why you need to be in compliance for cyber security insurance.
CS2 Computers has been providing professional IT and Computer services since 2003. We are incredibly proud of the fact that we are an established business with clients in a wide variety of industries. We are experienced in supporting, integrating, and maintaining Hybrid IT environments. Our technicians are industry certified and possess many years of training and experience in large corporate environments coupled with over 15 years in the Small to Medium or “SMB” space.
This provides us with a unique approach to both IT Services and Consulting. Whether you are a one-person operation or a publicly-traded company with hundreds of employees, CS2 has the experience and expertise to make your technology an asset. CS2 Computers has been fortunate enough to work with and for some of the best organizations in New England.