Cyber Insurance: Why You Need It and How Beacon Helps You Save

person at computer

Bear with us here, because we’re going to take a moment to talk about a subject that isn’t particularly fun.

Insurance.

Ugggghhhh, right? Unless you are in the insurance business (in which case, sorry), there is nothing particularly enjoyable about insurance. It costs money, and if you ever use it, it means something bad has happened. Nope, no fun at all.

Insurance IS important though, and it can provide some peace of mind that if the worst does occur, you won’t be financially ruined. Chances are you already have a lot of insurance in your personal and professional life: auto, health, life, liability, the list goes on. But now it’s getting increasingly important to add cyber insurance to that list.

Here’s what you need to know about this new and evolving area of the insurance industry.

What is cyber insurance?

Sometimes also called cyber liability insurance, this type of insurance covers or mitigates the costs for a business that has been the victim of a cyber attack, whether it’s ransomware, a phishing scam, a virus, or some other form of hack.

Man with computer and phoneDo I need cyber insurance?

If you store important or sensitive data on your network, a hard drive, or in the cloud, then the short answer is, yes, you probably do. Or if a cyber attack on your business could lead to a significant loss in productivity and income, then the answer, again, is yes.

Though there might be some basic cyber coverage in your liability insurance, cyber insurance will offer you much more protection. It’s especially important if you store any personally identifiable information about your employees or customers, such as names, social security numbers, credit card or bank data, email addresses, or birthdays. Any of that data could be used by a hacker to target an individual, who could in turn sue you for the security breach. Many cyber insurance policies can help cover the costs of settling that litigation.

What does cyber insurance cover?

Even if you aren’t targeted by a lawsuit, you’ll still have extensive costs in the wake of a hack. Cyber insurance covers a variety of these, including:

  • The recovery of your system or data;
  • Notification of customers or clients of the security breach that may affect them;
  • The costs of business loss due to downtime or suspended operations;
  • A forensic investigation into your hack to prevent future attacks.

All of these costs, and others, are typically covered by a cyber insurance policy.

tiny cart of cash next to computerOkay, sounds like I need cyber insurance. What’s it gonna cost me?

Costs vary depending on the size of your business—and the size of your policy. Some policies may cost as little as a few hundred dollars a year, while others are in the tens of thousands.

Aside from your business’s size and coverage needs, your costs can be affected by some other factors. One is location. If, for example, you store your data on a European server, it may be subject to foreign laws regarding data security and insurance, such as the recently passed EU Cybersecurity Act. So, it’s important that you have a full understanding of your network and data storage setup before you begin exploring your cyber insurance options.

Another key factor in your insurance costs is your cyber security. Just as many health insurance policies go up in cost if you have too many risk factors, your cyber insurance costs will increase astronomically if you don’t have proper security measures in place. If, on the other hand, you have robust security—including precautions like multi-factor login credentials, antivirus software, firewalls, and VPN usage for remote access—your premiums will likely be much lower.

Furthermore, if you fail to take preventative measures to protect your network and data, your cyber insurance claim—no matter how much you pay for it—may well be denied. Some cyber insurance providers won’t even offer you a policy if you don’t have proper security in place.

Yikes! I guess I need to beef up my cyber security, too.

You sure do. Fortunately, that’s where Beacon IT Services (BITS) comes in.

We offer extensive cyber security and threat protection services to our clients in addition to cloud integrations, data backup, and other key managed services.

Contact us today to begin exploring how we can make your business more secure. Because after all, an insurance policy is the last line of defense for protecting your business, and with BITS providing security, you reduce the potential of having to put it to use.

By | 2021-07-23T07:31:05+00:00 July 23rd, 2021|Computer Related, Cyber Security, IT Services|

How To Protect Your Business From Costly Ransomware Attacks

It’s never good news when cybersecurity is in the news. Unfortunately, that’s certainly been the case this year, as story after story has emerged of cyber attacks and hacks crippling major corporations and utilities. The ransomware attack that halted Colonial Pipeline, hiking prices and causing gas shortages on the East Coast, was one of the most well-known recent incidents, but certainly not the only one: hackers also targeted food suppliers, insurance companies, communication companies, and many more. Indeed, one prediction from Cybersecurity Ventures predicts that businesses will be attacked by ransomware every 11 seconds by the end of 2021.

Though that particular estimate is on the higher (and more alarming) end, there’s no question that cybersecurity is an absolutely essential part of any responsible business’s IT agenda. If you run or work for a small business, you may not be a target of the multi-million dollar schemes affecting some of the major, international corporations, but you are still at risk. There’s no need for panic though. With a few precautions, you can make sure your business is protected.

Why Ransomware Attacks Are So Common Now

To begin understanding how you can protect your network, employees, and business, it’s important to understand what exactly is happening.

hacked laptopTo start, let’s look at exactly what a ransomware attack is. Essentially, ransomware is malicious software (or malware) that infects a computer or network, taking control and restricting access to files and programs. The only way for the system’s owner to regain control and keep their data from being destroyed or publicly leaked is to pay a ransom to the malware’s creators.

Lately, attacks like this gotten more frequent. Many exporters and observers agree that this is most likely a side effect of the COVID-19 pandemic.

Why? Due to the pandemic, many workers transitioned from working in offices every day to working from home. Unfortunately, many also began using unsecured remote networks to do their work, opening themselves up to attack.

At the same time, hackers took advantage of the fear and uncertainty bred by the pandemic to start sending out targeted phishing emails. Using subject lines with topics related to coronavirus prevention and safety measures, these emails, often falsely attributed to reputable sources like the World Health Organization or the Center for Disease Control, tried to dupe worried readers into surrendering important data and credentials. Sometimes it worked.

How You Can Keep Your Network Safe

Even as we better learn to battle COVID-19 and life returns to something closer to normal, the threat of ransomware attacks persists. Fortunately, protecting against them is not as difficult or complicated as it may seem.

Here are three steps to take:

icon of virus-free smartphone

1. Enlist the aid of managed services pros

To start, one of the key things to remember is that you don’t have to fight this by yourself. Partnering with a trustworthy and proven network management team like the experts at Beacon IT Services (BITS) can go a long way towards securing your network and your data. (Not to mention all of the other benefits of our services, including cloud migration, data recovery, and general systems maintenance.)

2. Set up a VPN

Next, your BITS team will work on securing your remote network. In most cases, that will mean setting up a virtual private network (VPN) for you and your team to work on. VPNs offer the security and function of a traditional, hardwired private network while still allowing users to access it remotely. BITS partners with SonicWall to offer a variety of secure and reliable VPNs that will secure your network.

3. Prepare your team to spot scams

You also must train your employees to recognize the signs of potential phishing emails. From keeping an eye out for suspicious and overly complex email addresses to unusual requests for social security numbers, credit card info, and other sensitive data, there are some simple things employees should always watch out for. Your IT expert can provide info on essential best practices and can offer recommendations on valuable services like KnowBe4 if more in-depth anti-phishing measures are required.

BITS will also install powerful firewalls and anti-virus software on your network to keep it safe from other threats. Our 24/7 network monitoring also allows us to identify any issues as they arise—before they become a problem for you and your business.

Don’t Fall Victim to Ransomware: Contact BITS Today

Don’t waste time: contact us now to get to work on securing your network.

If you already partner with us, don’t hesitate to reach out if you have concerns about your security. We’ll work with you to make sure everything is secure and that you have the best protection possible.

By | 2021-07-23T07:32:09+00:00 June 24th, 2021|System Administration, Cyber Security, IT Services|

Do I Need an Email Spam Filtering Service?

You may be asking this very question as cyber criminals find more and more ways to access databases for valid email addresses to exploit. Spam emails, malware and phishing messages aren’t going away any time soon.  But you can take solace in the fact that your Outlook office suite has a spam filter feature enabled automatically. Or can you?  The more you know, the more likely you are to consider using third party spam filtering solution in addition to the out-of-the-box protection you already have.

Yes, the major office suites have an anti-virus solution built in. However, they are designed with the most minimal of requirements in mind. Additionally, it is important to note that once configured, it takes time for the out-of-the-box spam email solution to learn what is and isn’t spam. Hosted email protection services can work around the clock (and right away) to sense more complex attacks and defeat them.

A third party anti-spam solution can save you and your company time and money because….

You use less bandwidth. A third party solution vets incoming emails before they reach you. Only the ones deemed acceptable will travel to your email server.

If your server is down, you can still get your email. If your mail server is down for any reason, many third party email solutions enable you to access your email from their server. This is a tremendous benefit should you have an unexpected or lengthy server interruption.

You won’t be victimized by ransomware. Due to recent events, we’re all aware of the damage ransomware can do. There are third party anti-spam solutions created to defeat the latest internet scourges such as Petya and WannaCry. Out-of-the-box spam coverage is static.

No worries about a DoS attack, either. A DoS or denial of service attack attempts to overwhelm your server by sending an extreme volume of traffic from multiple sources. The objective is to bring your operation down and make you lose money. Since a third party service vets your email before it ever arrives at your server, the attack is detected and thwarted.

What works best for email security and protection?

Our IT services team has almost 20 years’ experience fighting spam related, nefarious activity. We do exhaustive research into the latest technologies that we might leverage to keep our clients’ proprietary information safe.

Beacon chooses to partner with ESET, offering their security suite to our clients. ESET has advanced security features that perform a cut above most anything else we’ve worked with. Their small business antivirus software is reliable and features an easy to use management console.

The software includes a firewall and you can enhance your email protection through this interface. Testing has indicated that it rarely if ever produces a false positive. In other words, not only does it perform well in eliminating malicious email, it does not confuse safe transmissions with questionable ones.

Additionally, the software’s anti-theft feature not only protects your mobile devices but should you lose your cell phone, you can lock your device remotely or even wipe it completely.

Could you benefit from a third party anti-virus solution?

Take the first step by getting a FREE network assessment from the IT professionals at Beacon. We’ll review your current to setup and let you know of any vulnerabilities we find and who you may be able to address them. Call Beacon IT Services at 336-447-3473 or email me at klackey@beacontec.com with any questions you may have on email management and anti-virus protection for your business.

By | 2017-07-20T06:55:20+00:00 July 12th, 2017|Hosting Services|