by admin | Jun 20, 2022 | Uncategorized
What to consider when investing in cyber insurance As a business, you are probably aware of the term, cyber insurance. With the cybercrime rates rising consistently, cyber insurance is increasingly becoming a necessity for survival. Here are a few things to consider before you sign up with a cyber insurance service provider. Risk analysis First, perform an internal risk analysis. Research to understand what kind of cybercrimes are most rampant in your industry and ensure your insurance policy covers those for sure. Like we discussed before, the most basic of cyber insurance covers data breach and associated costs, but you definitely want more than just that. What is the scope of your policy Be clear about the scope of your policy before you sign the dotted line. Remember that cyber insurance functions on the same principles and policies as like any other insurance, which means there will be deductibles, waiting periods and exclusions. Be sure to ask your insurance service provider about them. You don’t want to find out you weren’t covered by insurance until after the attack, at the time of claim. Here are a few things to ask your insurance company in this regard. Does the policy cover you if a breach happens via your sub-contractor or vendor and makes you liable to your clients? If your cyber insurance doesn’t cover those, then make sure your vendors and sub-contractors have cyber insurance to cover you or sign some kind of an indemnity contract with them so you are covered in the event of such incidents. In case of an action byyour employee causing the breach, such as...
by admin | Jun 13, 2022 | Uncategorized
Cyber insurance: What’s the cost and what does it cover 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....
by admin | Jun 6, 2022 | Uncategorized
Cyber insurance 101 What is cyber insurance With cybercrime becoming a major threat to businesses across the world, irrespective of their size, cyber insurance is fast becoming a necessity more of a necessity than a choice. However, the concept of cyber insurance is still fairly new and not many SMBs are aware of its benefits. Cyber insurance is an insurance that covers your liability in the event of your business becoming a victim of cybercrime. For example, a data breach puts you at risk of lawsuits, makes you liable to your customers/other parties whose data has been compromised because of/via your organization. Cyber insurance covers the financial aspect of such liabilities, making it easier for you to deal with them. Why do you need cyber insurance Many organizations think of cyber insurance as an added cost. They believe they don’t need it for various reasons. Bigger organizations think their IT security measures are watertight and they won’t fall victim to cybercrime, and they also tend to believe that even if they are affected in a one-off case of cybercrime, they are solid enough to discharge their liabilities and come out of the incident with their brand value intact. SMBs, on the other hand, think cybercriminals are most likely to target the bigger players and they don’t need cyber insurance. But, in reality, it is the smaller businesses that are at a greater threat–primarily, because They lack the resources to strengthen their IT infrastructure and their staff is less likely to be trained in identifying cyber threats, making them more vulnerable They are less likely to recover from the damage...
by admin | Apr 25, 2022 | Uncategorized
You’ve been hijacked! Has it ever happened to you that you opened the web browser on your PC and it looked a bit off? Then you perhaps did a Google search for something or tried to access your email only to have a dozen ads popping up or to be redirected to some other URL. Well, it means your web browser was hijacked. Browser hijacking is one of the most common cyber crimes out there today. What is browser hijacking? Browser hijacking is when a malware enters your system and takes control of your browser. It then makes changes to your browser settings and while it seems innocuous, the consequences can be serious. Your browser is the gateway to the internet. By hijacking your browser, the malware will be able to steal your data including private information, log-in credentials and more. How does a browser hijacker gain access to your system? Browser hijacking malwares can enter your system in various ways. Generally, they gain an entry when you click on a malicious link or accidentally download the malware onto your computer. How to determine if your browser has been hijacked? When your browser is hijacked, you will notice that most probably, your homepage setting would’ve changed. Your default search engine may have been changed too, and when you click on links, multiple, unrelated pages will open up. You will also notice that you are bombarded with pop-up ads and are barely able to navigate the web. You may also find new add-ons or toolbars installed on your browser automatically. Safeguarding against Browser Hijacking Installing a good anti-malware software program...
by admin | Apr 18, 2022 | Uncategorized
Your employee quit your organization. Make sure your data hasn’t When someone new joins your organization, how do you manage their onboarding? Chances are, you already have processes in place for everything. The employee paperwork is taken care of by the HR, the on-floor assistance and other training is probably provided by a senior team member or the training and development team, and your IT team or MSP handles their IT/computer setup. But, what happens when they are leaving the organization. Is your off-boarding process just as meticulous? Businesses pay a lot of attention to data safety and security when employees are handling their data, but often overlook the same when it comes to outgoing employees. But, outgoing employees can be a threat to your organization’s data security.You never know when a disgruntled employee may actually go out of their way to intentionally harm your business by stealing (and later misusing or selling) or destroying your data. Even if an employee is parting ways with your company on good terms, and you trust them, there’s still a need to ensure your data security is not compromised at the time of their off-boarding. Some ways to do this are Revoke access to any company accounts that the outgoing employee may have. This includes email addresses, applications and software used for work purposes, server, shared drives/folders etc. You can revoke access, restrict access to their user ID or delete their account. Change any shared passwords Inform vendors and other organizations that they have been dealing with on your company’s behalf, that they will no longer be working with you, so they...
