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Best Practices

Cyber Protection: Time for New Best Practices

Best PracticesAccording to a recent survey* of IT service providers, ransomware attack downtime costs 23 times more than requested ransom. The average ransom for small and midsize businesses (SMBs) victims jumped 37% to $5,900 from 2018 to 2019.  The average cost of ransomware downtime jumped from $46,800 to $141,000, and increase of more than 200%.

To add to your concerns, SMBs fall victim to cyber crime and ransomware attacks even when they have traditional antivirus, email/spam, ad/pop-up blockers, and endpoint protection in place.  67% of IT service providers report their SMB customers fall victim to phishing emails; 30% report that most customers still rely on weak passwords and access management.

Traditional cyber security solutions are no match for many cyber attackers. We need a new approach to ransomware, with business continuity at the core.

Using business continuity as a guiding principle drives new best practices for preventing and responding to cyber security attacks. With a business continuity mindset, you focus on what is needed to keep the business running, and how quickly you can “return to operations”.  When we discuss business continuity, we understand that we need to take steps to prevent disruption, mitigate the scope of potential disruptions, respond effectively when disruptions happen, and have the systems and processes in place to recover quickly.

For over a year, we have promoted and refined our CPR model:

Communicate and Educate: Involve everybody in the solution by educating your team on the risks, how to spot and report fraudulent content, and how their behavior can prevent or help an attack.

Protect and Prevent: Implement multi-layer, multi-vector protections that focuses on your people (identities), data, applications, and systems. Our data, our businesses, no longer sit comfortably hidden in a computer room behind a firewall.

Respond and Recover: No defense is perfect. Have services in solutions in place that let you recover and return to operations within a time frame that protects the health of your business. More than getting data and systems back on line, put in place the forensics, legal, public relations, and customer service resources you will likely need in a cyber attack emergency.

Time for Action

Here are 10 Actions you can initiate today to improve your cyber protection:

  1. Ensure your computing environment is protected across multiple attack vectors: Identity, Endpoints, User Data, Cloud Apps, and Infrastructure.
  2. Deploy multi-factor authentication, advanced threat protection, next-gen endpoint protection, and DNS/web protection across your ecosystem for a comprehensive baseline or protection.
  3. Encrypt your data at rest and in transit.
  4. Educate your team on the risk and how their actions can impact the business.
  5. Actively manage your cloud and “as-a-Service” subscriptions, standardize on-boarding and off-boarding of staff and contractors based on role, application needs, and appropriate access to data.
  6. Understand how your team uses your business and unauthorized (“shadow IT”) applications and services.  Reign in shadow IT by ensuring your business systems provide staff with the necessary capabilities.
  7. Test your staff’s behavior related to cyber attacks and follow up with additional coaching and guidance. Discipline and, if needed, terminate those who are unwilling or unable to adapt to the current realities of behavior and risk.
  8. Upgrade from data backup/recovery to a business continuity solution that will get you up and running in minutes or hours, instead of days, should an attack get past your defenses.
  9. Arrange in advance for the legal, forensic, PR, communications, and customer service resources you need to respond to an attack with a potential or actual data breach.  Prepaid breach response services give you nearly instant access, reducing your risks and liability while bundling in baseline cyber insurance coverage.
  10. Get cyber insurance, either a baseline policy bundled with Breach Response services and/or a fully underwritten policy from your business insurance provider.

Please contact us for more information about your cyber protection, available assessments, and solutions. We are happy to schedule a free, no obligation Cloud Advisor Session.

* Global State of the Channel Ransomware Report. Datto, Inc. Oct. 2019.


 

Cyber Attack

Cyber Insurance or Breach Response?

Cyber AttackThere is a large discussion, and no small amount of pressure, for businesses to obtain cyber insurance policies.  Articles appear in a range business and technology publications, from the Memphis Business Journal to the Wall Street Journal, and from Inc. Magazine to Forbes. But getting the right cyber insurance policy is not easy, and can be costly. And while cyber insurance helps cover damages, many policies do not provide immediate assistance with managing your response to an attack or data breach.

For SMBs, three key cyber insurance considerations are the barriers to entry, coverage exclusions, and coverage delays.

  • Barriers to Entry
    • Most cyber insurance policies go through underwriting to determine coverage limits and premiums. This means the insurer will want to review and audit your security related policies, procedures, and technologies. Insurance carriers may also demand that you invest in new or additional measures in order to qualify for a policy or to ensure the premiums will be affordable.  For many small and midsize businesses (SMBs), this process requires specialized skills, time, and money. Many SMBs will need to spend over $5,000, with some spending up to $20,000, in order to pass the underwriting process.
  • Coverage Exclusions
    • Cyber insurance claims are routinely reduced or declined due to non-compliance with policy requirements.  Even after the underwriting process, most cyber insurance policies include dozens of security requirements that must be in place and properly maintained.  Any gap or misstep can be costly.
  • Coverage Delays
    • If your business is the victim of a cyber attack, your response has legal requirements and requires specific technical expertise. Claims processing can delay your ability to secure the resources you need for hours or days.

Clearly, cyber insurance one piece of the solution, along with appropriate security measures.

Having a Breach Response plan and resources in place will save you time and money.

In any cyber attack, start by assuming the attackers have stolen information.  If an attack can encrypt your files, it can steal under-protected files and data from your systems.  With a data breach, federal and state laws dictate a range of reporting and communication requirements that, if missed, can trigger fines and legal action. With a data breach, you need a range of expert resources and you need them quickly.

  • Legal Expertise fluent in cyber security laws and regulations helps ensure you comply with reporting and communication requirements to minimize your legal and financial exposure.
  • Forensics Expertise can identify the cause, timing, and scope of the attack and any breach, and can help validate that the issues allowing the breach have been resolved.
  • Public Relations Services will help you communicate with employees, vendors, customers, and as is often the case — the press. Providing accurate and appropriate information can protect your business relationships and your public reputation.
  • Contact Center Services provide a place for customers, vendors, and associates to call for timely and accurate information.  You are further protecting your business relationships and reputation.
  • Credit Monitoring for individuals whose personal or business information may have been compromised can reduce litigation risk and may be required by law.

While cyber insurance policies generally cover these services, most do so as part of the claims approval process. As such, you may be out of pocket for thousands of dollars and fighting for reimbursement once your claim is processed.

By subscribing to a Breach Response service, the resources and expertise you need are available instantly,  7×24, without any additional cost over the monthly or annual fee.  These services often include basic cyber insurance policies that do not require any underwriting.  For many SMBs, the annual cost of this type of Breach Response service, with basic cyber insurance coverage, is significantly less than the cost of the underwriting process for a traditional cyber insurance policy.  Additionally, you can use this policy for coverage until they completing a policy with underwriting, or to cover initial loss coverage under a higher deductible (lower premium) traditional cyber insurance policy.


For more information about Breach Response Services and affordable Cyber Insurance, please contact us for a no obligation Cloud Advisor call.