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Cyber Extortion Coverage – How to reduce the overall cost of Cyber Insurance.

Cyber Extortion Coverage – How to reduce the overall cost of Cyber Insurance.

Cyber Insurance is becoming a big cost for businesses

In a world that everything is becoming digitized and available online – the increase of cyber extortion is on the rise as well.

Ransomware being the largest growing threat. It’s important for businesses of all sizes to protect themselves from extortion with cyber insurance.

However; insurance companies have woken up to this to the point where cyber extortion coverage is now a multi-billion dollar industry.

Most insurance companies will reward businesses for meeting high security and protection standards. Below are some of the ways in which you can keep money in your pockets by reducing the overall premiums for cyber insurance for your business.

Defend your business

With more and more devices becoming connected to a network these days (TV’s, fridges, robo-vacuums) – all pose to be a potential weakness to get into your business. It was recently revealed that LG robo-vacuums could be hacked and used as spying devices.

The bottom line is that to defend your business; make sure all electronic devices that are connected to your network are running the latest security patches available. Even better, set up a schedule that regularly checks and applies patches and updates.

Train your users on the risks of cyber threats

Common causes of cyber-attack are by users introducing the threat into the network. A malicious file stored on a personal USB stick or opening an attachment on a suspicious e-mail is all it takes.

Therefore training and educating your users on the possible threats and ways to prevent an outbreak is important. This includes showing them how to apply updates and patches to their workstation or laptop and other electrical devices they use on a daily basis.

Control Network Access

Thorough network security is a major tick to any insurance company when it comes to reducing cyber insurance costs. Limiting access to only the files users require; and a detailed access plan outlined are excellent ways to do this.

Also; remember to disable/remove access when an employee leaves the company. Disgruntled employees can cause intentional damage.

Excellent backup strategy for your data

Even if datas hosted on premise or in the cloud – the ability to take regular backups and perform recoveries is of great benefit. As a consequence, the overall Recovery Time Objective (RTO) in the event of a cyber-attack is a great benefit to lowering your cyber insurance.

One large mistake business tend to make it when they move to the cloud that it’s always available with little to no data loss. Cloud service providers usually protect data due to service issues.

Users deleting files accidentally (or intentionally), ransomware outbreaks, hacking, virus and malware can all cause data loss.

We can help reduce your cyber insurance with backup strategy implementation and recovery testing

Still have some questions around your backup strategy and how it can impact your cyber insurance premiums? Consequently feel free to contact us with an obligation free enquiry. Ready to have your first backup recovery tested? You can place an order and we will get started right away.

#cyberextortion #cyberinsurance #ransomware

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