Think carefully before purchasing cyber-attack insurance to protect your business

Cybersecurity is a booming industry, with companies spending billions of dollars on security solutions. With the increasing number of attacks and incidents, it's important to make sure that you have the right insurance for cyber-attacks. However, not all policies are fit for a cyber-attack. Here are some basic cybersecurity practices you should follow before buying insurance for a cyberattack:

Multi-factor authentication (MFA) is a security process that requires a user to provide two or more pieces of evidence to verify their identity. It can be used for two purposes:

●????To protect access to sensitive information, such as banking and other financial data.

●????To prevent unauthorized access to your accounts, such as when you use an Internet browser or app on your phone or tablet.

●????Understand the baseline configuration of all your devices.

●????Ensure that you have a policy that covers any device, and not just your own.

●????Monitor your systems for anomalies, and create/update incident response plan.

●????An incident response plan is a document that describes how an organization will respond to a security breach or other type of data breach. It should include steps such as:

●????What you'll do when an intrusion occurs (e.g., notify all employees) and who will be involved in those actions (e.g., IT staff).

●????Example of an Incident Response Plan:

●????Create awareness among the employees to be aware of phishing emails, suspicious sites etc.

●????Inform them about the types of emails you receive and how to spot a fraudster by reading the email headers. It is important to teach employees that if they receive an email from someone other than their bank or financial institution, it might be fraudulent in nature and they should refer back to their employee handbook for information on what such messages look like so as not to fall victim.

●????Use different passwords for each account.

●????Use a password manager to store and generate passwords. A good one is 1Password or Last Pass, but there are many others out there as well (including Google’s own Dashboard).

●????Make sure you have an easy way to reset your passwords in case they get compromised or forgotten

●????Ensure anti-virus and security patches are applied in a timely manner.

●????Make sure the patches are applied to all systems, devices and software.

●????Make sure the patches are applied to every operating system that you use on your network.

It is important to note that cybersecurity is a serious issue. If you are not compliant with the latest regulations, you risk having your insurance policy cancelled and losing the protection it offers. The result could be devastating if a cyberattack occurs at any point during its duration.

The following are some basic practices to follow before buying insurance for a cyberattack:

●????Make sure your company has adequate security measures in place to prevent attacks from happening or recovering from them effectively when they do occur;

●????Ensure that all employees have regular training on how to identify suspicious activity on their devices;

●????Have written policies covering how employees should react if their device becomes infected by malware or ransomware

We hope this article has helped you understand the basics of cybersecurity and when to buy it. You can contact us for more information on how we can help you with your cybersecurity requirements.