My Business Insurance Provider is Asking About My Cybersecurity. What Should I Do?

Security, Compliance, Small Business

As a business owner, you know the importance of protecting your company from potential risks and liabilities. That’s why you have business insurance to safeguard your assets and mitigate potential losses. But what happens when your insurance provider starts asking about your cybersecurity measures? In today’s digital age, cyberthreats are a growing concern for businesses of all sizes. According to a report by the Ponemon Institute, the average cost of a data breach for a company is $3.86 million. This is why insurance companies are now taking a closer look at a business’ cybersecurity measures before providing coverage. In this article, we’ll explore why your insurance provider is asking about your cybersecurity and what you can do to ensure you have the necessary measures in place.

How Do Hackers Get Around Multi-Factor Authentication?

Data security is one of those things that you have to stay out in front of. Hackers and scammers are changing tactics and getting a little more sophisticated as time goes on and it creates a pretty difficult situation for most IT administrators. Utilizing multi-factor authentication (MFA), two-factor authentication, or whatever it is called by the application you are using has become a great way to add an extra layer of security to organizational data protection efforts. Today, we will discuss the benefits of this strategy and why it isn’t a be-all, end-all to your overall security.

AI is a Security Threat You Cannot Ignore

2023 was a banner year for AI (Artificial Intelligence), as it truly entered the zeitgeist in a way that it previously had failed to. Many companies and industries have considered ways to implement AI and make it part of their operations, while others might be fearful of it for its role in job scarcity. However, 2024 might show businesses that they should be worried about AI for a reason you might not have anticipated: AI-generated cyberthreats.

What You Need to Do to Qualify for Cyber Insurance

Data loss has a severely damaging impact on the businesses that suffer from it, so why not help protect your business the same way you would with other damages? Cyber insurance helps do just that, and is therefore a super helpful investment for today’s businesses to embrace. That said, just like other forms of insurance, there are certain requirements that must be met for a business to qualify. Let’s touch on some common requirements insurance providers have.

Your Data Security Hinges on Five Key Safeguards

It’s no secret that data security is of paramount importance, with phishing and ransomware making weekly appearances in the news cycle at this point. You need to prioritize your business data’s privacy. Otherwise, you’re apt to suffer from your data being accessed without authorization and all the consequences that come with this outcome. Today’s criminals are very capable, which makes it challenging to protect yourself. Here, we’ve put together some essential strategies to make it easier.