To protect against the risk of cybercrime, many businesses add cyber insurance to their business insurance policies. So, what exactly is cyber insurance and why is it important for your business? Cyber insurance covers your business? liability for a data breach that involves sensitive customer information. According to Nationwide, besides legal fees and expenses, cyber insurance typically helps cover the costs associated with notifying customers about a data breach, recovering compromised data, repairing damaged computer systems, and restoring personal identities of affected customers. Here?s a bit more about the state of cyber insurance in 2023: In 2020, the global cyber insurance market was worth $7.8 billion. (org) Forecasts suggest that by 2025, the cyber insurance industry will grow to $20 billion. (org) A 2022 survey indicated that only 19% of organizations claimed to have coverage for cyber events beyond $600,000. (Network Assured) The same study showed that only 55% of organizations claimed to have any cybersecurity insurance at all. (Network Assured) The benefits of cyber insurance are numerous, but these are some of the top ones: coverage for data breaches, reimbursement for business loss, defense against cyber extortion, forensic investigative support, and notification requirements. Coverage for Data Breaches: Cyber attacks can be both devastating and dangerous. Cyber insurance can offer coverage for data breaches, including the costs of litigation, recovery, and identity theft. Reimbursement for Business Loss: On top of compromising sensitive information, attacks can often interrupt business and cause lost revenue. Policies can insulate a company from these costs and provide reimbursement for any income that was lost due to a cyber-attack Defense Against Cyber Extortion: Malware infections have seen a sharp rise in popularity in recent years. Cyber insurance provides effective defense against these type of attacks by allowing businesses to recoup associated costs of cyber extortion. Forensic Investigative Support: After a cyber-attack, it?s imperative that a business rectify the problem and implement strategies so that it doesn?t happen again. Any policy should reimburse costs associated with a forensic investigation of the attack and/or additional investigative support. Notification Requirements: Mandated by law, the costs of notification can add up, averaging $1.72 million according to one survey. Access to a law firm to serve as counsel and an incident breach response vendor to handle notifications is crucial. Cybersecurity needs to be a priority. As Ginni Rometty, IBM?s CEO, notes, ?Cybercrime is the greatest threat to every company in the world.? With Info Advantage?s Managed IT services, you get full access to professional support, goal-oriented solutions, and downtime-preventing maintenance; allowing us to serve as a resource for businesses who need support for their information technology, as well as a consultant who can assist them in managing it. Learn more about how an IT partner like Info Advantage can help make sure you have the right security tools and strategies in place to be eligible for Cyber Insurance, contact us today!
Have you ever thought that your business could benefit from a solution that helps employees to recognize and neutralize social engineering attacks and human error? Then make sure you keep reading, because you?ll want to learn more about Arctic Wolf. Arctic Wolf?s Managed Security Awareness focuses on the three pillars of Engage, Measure, Transform. Through Engagement you can train and prepare employees to stop social engineering attacks like phishing. Through Measuring you can identify employees that fall behind and determine which threat topics require reinforcement. Through Transformation you can achieve a culture of security and strengthen cyber resilience. Offering a more effective Security Awareness Program, Arctic Wolf provides the tools and expertise to develop the behaviors organizations need from their employees for better protection and stronger resilience, which includes: Awareness Training: Employee-centric security microlearning with timely topics and threat vectors covered in each lesson. Phishing Simulation: Automated testing based on current phishing threats and built-in coaching when employee engages phishing simulation. Account Takeover Monitoring: Identification if employee credentials are compromised or expose your organization. The Arctic Wolf Difference enables employees to recognize and neutralize social engineering attacks and human error through microlearning content, automated phishing tests, and awareness coaching. Arctic Wolf is an industry leader in security operations! With a mission of ending cyber risk, Arctic Wolf believes every organization should be so effective at security operations that both the likelihood and impact of a cyber attack is minimized to the point where risk is essentially zero. An innovative platform and concierge delivery model enables Arctic Wolf to provide better protection in a way that is uniquely fast and cost effective; better value, stronger protection, faster outcomes! When you work with Info Advantage, there is no catch, no gimmick, just experiences and best practices that we?ve honed over the years to make our services work for your business needs. One of the ways we?re able to do that is through our partnerships with great companies, like Arctic Wolf. If you?re interested in learning more about how you can help to end cyber risk at your organization, contact us today! You can also join our upcomign event where we team up with Arctic Wolf for, “SMASH Security Threats: End Cyber Risk” after-hours networking at Recreo in Rochester on March 22nd from 4:00-7:00pm (EST). REGISTER HERE!
In today?s digital environment, one question a lot of companies are facing is whether they should keep things internal by developing and maintaining their own technical solutions, or invite a third-party to help. If you?re feeling apprehensive about selecting a managed services partner, consider the fact that 60% of small businesses that suffer a cyberattack go out of business within six months! As you assess your IT environment, here are two questions you should consider: How do you reduce the risk of a cyberattack to your business? How do you know when your business needs to partner with a managed services provider? In addition, here are four criteria that may be helpful when searching for and selecting an IT partner: Expertise, Responsiveness, Organizational Effectiveness, and Customization. At Info Advantage, we are passionate about these categories. Our difference is that we?re in this business to help other businesses grow and move forward; it?s as simple as that! We?re driven by the philosophy that if we help businesses solve their IT issues so they can become more profitable and successful, then we will inherently grow along with them. Our Proven Process provides a clear roadmap we follow to create consistency and deliver an optimal customer experience. This is what we do best and how we do it! We make it our mission to not only understand your organizations technology, but also how your business operates. In order for us to succeed together, we are continually adapting to the changes with your organization and making sure that every step of the way, we clearly understand what drives your business. As a Tier-1, full-service, information technology and telecommunications firm, we specialize in cloud computing, managed services, virtualization, disaster recovery, data storage, wireless, voice-over-IP, telecommunications, and more. At Info Advantage, we are consultants. We design, procure, install, and support technologies that connect businesses to their customers; helping businesses to improve their operational efficiency, increase productivity, and strengthen network security using technology. Think you might be ready to find your IT ally? Contact us today to see how we can help you.
Did you know that both Google and Microsoft have gone on the record to discuss the benefits of Multi-Factor Authentication (MFA)? In fact, the tech giants have acknowledged that research indicates that MFA can block over 99% of attacks! MFA is an improvement upon the security of the traditional username-password combination and can have numerous benefits for your business! A 2020 study estimated that the average cost of a cyber breach is around $3.92 million, giving each business nearly 4 million reasons to take their security seriously. But, according to a 2020 penetration testing report from Rapid7, 67% of businesses tested didn?t use MFA for any of their login points! This security layer simply adds a quick, extra step that can be accomplished within seconds, allowing you to have immediate access to your accounts without worrying that someone on the outside does as well. If the reasons above aren?t enough for you to consider this solution, here 5 more ways you can use MFA in your business: Provide User-Friendly Authentication Management When implemented by a business, MFA becomes an intuitive process for employees and IT departments. Well developed MFA solutions should enable a smooth flow of business operations, not be difficult to use or disruptive to your workforce. Protection Against Credential and Device Theft MFA provides additional layers of security that can be a much-needed failsafe is a hacker successfully steals employee credentials. MFA solutions should offer multiple authentication options for end users, as well as the capability to secure any corporate applications. Safeguard Devices Outside of the Workplace With the tremendous rise in remote work through the pandemic, there are a new set of questions and concerns about the security of remote workforces. MFA requires end-users to provide two or more credentials to access company systems or accounts, ensure employees stay protected and productive during times of enhanced risk. Regulatory Compliance Implementing MFA if often a key requirement for achieving compliance with data protection laws and regulations. It?s a great way for organizations to increase their reputation and establish themselves as a trustworthy business partner. Scalability for Changing User Bases MFA easily adapts to your business needs and can be set up for all users, including employees, customers, and partners. Combining single sign-on with MFA eliminates the need for multiple passwords, streamlines the login process, and improves the user experience. It creates a protective shell that is impassable to bad actors that are attempting to access business-sensitive electronic data. At Info Advantage, we know that MFA cuts down on the chance of unwanted access to your business? solutions, any account protected by MFA is substantially more secure. Turn to the solution that can effectively block all automated attacks! Contact us today to learn more.
To help with this holiday season, we want to share a few Tech Tips for your holiday travels! Keep an eye on your electronics. No matter where you go, don?t leave your laptop, phone, or tablet unattended. While the majority of focus today is on cybersecurity, theft is still a real element of that. Keep your devices tucked away and off of chairs, counters, or tabletops when not using them. Use a VPN to protect your privacy. Public internet connections are not secure, even if the airport, hotel, or restaurant Wi-Fi requires a password to connect. If you aren?t using Virtual Private Network (VPN), your privacy and information are at high risk. A VPN helps encrypt your data so that hackers who are sharing public Wi-Fi networks can?t access it easily. Use a VPN and have antivirus software set up on all your devices. Back up your data before you leave. Backing up data can help to ensure that you don?t lose the irreplaceable moments from your life. Whether your mobile devices or computer is lost or stolen, safely backing up and storing your photos and videos will allow you to retain that data in the event of a catastrophe. Another way to help with this is to make sure that all you have updated the operating systems and software on all your devices, making them fully patched and up to date! Save your important documents. Physical documents can be damaged, lost, or stolen while traveling. Scanning and saving these documents in your phone, through a cloud data storage service such as Google Drive or iCloud, allows you to easily recall them if need be, while also keeping them safe and secure. You should also employ strong passwords on your laptop, phone, and tablet to protect these documents for your privacy. Protect your whereabouts and private information. While we all like to share photos of our travels with our friends, there?s no need to do it while you are traveling! Save the social media posts for once you?ve returned home. Besides preventing thieves from targeting your house, this will help to prevent cyber criminals from using your information to impersonate a hotel in an attempt to steal your credit card information. The Cybersecurity & Infrastructure Security Agency is also a great resource, with tips on everything from email and communication to mobile devices to network defense and enterprise security to privacy and so much more! Info Advantage can be your technology ally, from useful resources to proactive care to 24/7 maintenance, it?s our goal to help you improve efficiency, increase productivity, and secure your technology. We hope you and yours enjoy a wonderful holiday. Please reach out to us if you have any IT needs!