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Cyber Insurance and Compliance: How it Can Help Your Business Meet Regulatory Requirements

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Cybersecurity Insurance: Part 2

As the threat of cyberattacks continues to grow, businesses must take proactive steps to protect their data and systems. Compliance with regulatory requirements is a key aspect of this, but navigating the complex landscape of regulations can be challenging. That’s where cyber insurance comes in. By providing an additional layer of protection against cyber threats and helping businesses meet compliance requirements, cyber insurance can be an important component of an overall cybersecurity strategy. In this article, we’ll explore how cyber insurance can help your business meet regulatory requirements and protect against cyber threats.

Understanding Compliance Requirements

To meet regulatory requirements, businesses must typically implement a range of security controls and measures, such as firewalls, access controls, and encryption. They must also have policies and procedures in place to help ensure that these measures are properly implemented and maintained.

Some of the key compliance frameworks and regulations that businesses may need to comply with include the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS), and the Federal Risk and Authorization Management Program (FedRAMP).

How Cyber Insurance Can Help

Cyber insurance provides an additional layer of protection against virtual threats. By having cyber insurance in place, businesses can demonstrate to regulators that they are taking cybersecurity seriously and take preventative steps to protect their data and systems.

Some policies may even provide coverage for regulatory fines and penalties, which can help businesses manage the financial impact of noncompliance. Others can provide access to risk management resources and services, such as security assessments and employee training, which can help businesses improve their cybersecurity posture and meet compliance requirements.

In conclusion, by having cyber insurance in place, businesses can both look good to regulators and feel good about their organization’s protection. Cyber insurance can be an important component of an overall cybersecurity strategy, helping businesses to meet regulatory requirements and manage risk.

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Cyber Insurance vs. General Liability Insurance: What’s the difference, and why does it matter?

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Cybersecurity Insurance: Part 1

As cyber threats become increasingly prevalent, businesses are looking for ways to protect themselves against potential data breaches and cyberattacks. Two common types of insurance that businesses may consider are cyber insurance and general liability insurance. While both types of insurance provide protection, they cover different types of risks. In this article, we’ll take a closer look at the difference between cyber insurance and general liability insurance, and why it’s important for businesses to understand the distinction between the two.

General Liability Insurance

General liability insurance covers businesses against claims of bodily injury, property damage, and advertising injury. This type of insurance is typically required by law and intended to protect businesses against legal liability for accidents that may occur on their property or as a result of their operations.

General liability insurance may cover a wide range of incidents, such as slip-and-fall accidents, property damage caused by your employees, and advertising injuries, such as libel or slander. However, it typically does not cover losses related to cyberattacks.

Cyber Insurance

Cyber insurance, on the other hand, is specifically designed to protect businesses against losses related to cyberattacks. Coverage can include a wide range of incidents, from data breaches to cyber extortion to business interruption caused by a cyber incident.

Cyber insurance policies may also cover a variety of expenses, such as forensic investigations, legal fees, notification costs, credit monitoring, and public relations expenses. Some policies also provide coverage for loss of income or extra expenses incurred as a result of a cyberattack.

The Difference Between Cyber Insurance and General Liability Insurance

As emphasized in the descriptions above, the main difference between cyber insurance and general liability insurance is the type of incidents that they cover.

Why Does it Matter?

As cyber threats continue to grow in frequency and sophistication, it is becoming increasingly important for businesses to protect themselves against cyberattacks. While general liability insurance is an important form of protection for businesses, it is not sufficient to cover losses related to cyberattacks. Cyber insurance can provide an added layer specifically-designed protection.

By understanding these distinctions, businesses can better protect themselves against a wide range of threats. With the right insurance coverage in place, businesses can focus on what they do best, knowing that they are protected against the unexpected.

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Where do I begin to Spring Clean?

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Spring Cleaning: Part 2

We know that keeping our accounts clean is important, but how should you go about spring-cleaning your technology passwords and accounts?

Start With a Security Audit

You should perform a security audit to identify potential vulnerabilities in your accounts and technology. This can include reviewing access logs, checking security settings, and updating software and firmware to the latest versions.

Review Your Existing Passwords

Use strong, unique passwords. It’s essential to use strong passwords that are difficult to guess. This means using a combination of upper and lowercase letters, numbers, and symbols. Additionally, each account should have a unique password to prevent a breach of one account leading to access to all accounts.

Add an Additional Layer of Security

Two-factor authentication provides an extra layer of security to accounts by requiring a second form of verification before allowing access. This can include a code sent to a mobile device or biometric authentication like fingerprint or facial recognition.

Schedule Ongoing Maintenance

Update passwords regularly. It’s a good practice to update passwords every few months to ensure their effectiveness. This can prevent unauthorized access by someone who may have gained access to an old password.

Password Managers

A password manager is a tool that can help to manage and secure passwords. These tools can create and store complex passwords, so users don’t have to remember them. Some password managers even offer features like alerts when a password has been breached, so you can update the password immediately.

You should spring cleaning your technology passwords and accounts to ensure the safety of your business’s sensitive information. If you’re a client already, let’s get this on the calendar today, and if you’d like to learn more, Applied Technology Group!

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Spring Clean Your Cyber House!

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Spring Cleaning: Part 1

Spring is the perfect time to clean out your business, get rid of clutter and start fresh. One important aspect of this is to make sure your technology passwords and accounts are secure. Business owners may overlook this step in their spring cleaning, but it’s essential to ensure the safety of their sensitive information.

Here are some key reasons why small business owners should prioritize spring cleaning their technology passwords and accounts:

  1. Security breaches are on the rise. As technology becomes more advanced, so do the methods used by hackers to breach security systems. Small businesses are at risk of cyber-attacks. Weak passwords and outdated security measures can make them vulnerable. Updating passwords and securing accounts can help protect against potential security breaches.
  2. Protect confidential information. Your business has a lot of confidential information, such as customer data and financial records. If this information falls into the wrong hands, it can be damaging to the business, and to its reputation. By ensuring that passwords and accounts are secure, small business owners can prevent unauthorized access to sensitive information.
  3. Improve productivity. Outdated and forgotten passwords can cause significant delays and reduce productivity if access is difficult to obtain. Employees may spend hours trying to reset passwords or access accounts. By ensuring that passwords are up-to-date and easily accessible, small business owners can improve their team’s productivity.

If you’re a client of Applied Technology Group, let’s make a plan today to address your cyber spring cleaning. And if you’re interested in becoming a client, let’s talk today! Contact us at 833-832-4033

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8 Biggest Threats to Small Businesses

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Breaches: Part 2

We still see the same scene in horror movies: the main character runs into the house, slams the door, locks the deadbolt and sighs in relief — but somehow the killer still sneaks up and attacks them from behind!

If you own a small business you just might find yourself in a similar situation. Sometimes small business owners spend large amounts of time and resources physically protecting their operations just to let the most dangerous threats sneak in through the figurative back door.

Today we’re going to talk about the 8 biggest security threats to small business in 2019, in no particular order. While a few of them are new, some past risks are still very much in play.

Phishing

Not only is this the number one threat to cybersecurity, it’s also still on it’s way up. Phishing attempts were reported by 48% of small businesses in 2017 — up from 42% just one year prior. All indications point to this trend rising as it requires the least amount of resources and knowhow to attempt.

Microsoft Document Scams

There’s nothing safer than opening up a Word document, right? Think again! For the past few years, scammers have been getting creative with coding that allows them to gain access to your computer, which is why Microsoft has been having to work overtime to create new patches. However, since many companies delay updating their software, this remains a prime option for criminals.

Ransomware

Currently, over 1,100 different variations of ransomware are being tracked around the world. The FBI has stated that there has been a sharp uptick in these attacks recently and they advise that the practice will continue to grow rapidly the coming years. So far this year, not just businesses, but entire cities have paid ransoms to get their data back.

Cryptojacking

As cryptocurrencies such as Bitcoin have exploded on the scene, their demand and value have gone up as well. Although you can’t physically mint a Bitcoin as you could a dollar bill, they are “created” in a process known as mining. This is a resource-intensive practice that requires computing power that thieves often lack. The solution? Hijack other computer systems to do the computing for them, taking a toll on bandwidth and slowing down networks.

Internet of Things (IoT) Attacks

Technology is rapidly increasing, not just in computing devices, but in everything that’s become a computing device. With IoT technology, you can connect your servers to your security system, HVAC system — even the microwave in your break room! While this allows everything to be connected and consolidated in one place, it also creates vulnerabilities. Most of these devices have very weak security protocols in place: who would want access to the toaster in the office next door? But as they are often connected to the main network, it creates a backdoor that can — and has repeatedly been — exploited.

Mobile Devices

Many small businesses feel safe doing business on their mobile devices only to have them be one of their weakest points. While most of us have been lectured about using unsecured Wifi ad nauseam, the most recent threat to mobile computing is our reliance on the Cloud. In the past few years, companies such as Apple, Google, and Microsoft have made cloud backups a standard part of their services. Since so much information is stored in one location, it creates a prime target for criminals to attack and gain access to your information. While that may not be a problem if you’re just backing up family photos or text messages from your sister, any important documentation or other data for your business may have also found its way onto these mega servers without you even realizing it.

Undertrained Employees

What has been mentioned to this point is just a sample of the ever-evolving external cyber threats to your business. While an easy fix might be to hire someone who just graduated from a reputable university, the truth is, that may not be enough. A recent study showed that 40% of companies surveyed said that having employees with an applicable degree has shown not to be good enough to keep their systems safe. That same survey showed that less than 25% of applicants for cybersecurity positions were deemed qualified. If that’s how things look in your company, you may feel safe today, but might be in danger for what’s coming over the horizon. It is estimated that training someone to do the job well takes over six months!

Understaffed Security

In line with the last point, an estimated 69% of companies will have an understaffed cyber threat team, with a large portion of this being companies with absolutely no one in this role at all. What does this mean for a small business? Either people with no experience will have to fill this position, or there is nothing in place to protect valuable data from hackers.

The killer hiding in the back seat, sneaking in through the back door, or — even worse — he’s already in the house, are all clichés. Do you know what else is cliché? Letting your small business fall victim to cyber-attacks. While not all attacks might be avoidable, you’re much safer from attacks if you’re prepared. Updated security software and regular data back-ups are invaluable in this process. Awareness of the latest threats is also key. Just like in the movies; when a killer is loose, no one should feel safe.

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Are you on a Hacker’s watchlist?

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Breaches: Part 1

Why a comprehensive cybersecurity strategy is important to your business?

Here’s an alarming statistic for Small Business owners: 65% of cyber-attacks are aimed at small to medium businesses.

If you’re a small business owner, you’re aware that your company might be vulnerable to attacks by hackers. Even if they haven’t found a way to break into your system yet, you can be sure someone is trying to find a way to steal your precious data. Hackers enjoy a challenge, to a point. If they can’t crack your system the first time, it’s more than likely that they’ll keep trying.

If they can’t get in they’ll eventually go away, but that doesn’t mean they won’t be back.

There is a good chance a hacker is watching your business right now. And a chance someone has already breached your security. According to one study, it takes an average of six months for businesses to realize that they have been, or are being, hacked. It then takes up to 55 days to confront and suppress the attack. By then it’s too late: the damage has been done.

But why do hackers target small businesses? Some of the reasons are obvious, and some may surprise you. Here is a list of 6 reasons why Small Businesses get hacked:

  1. Under the Radar

Not every hacker wants to be famous. Most don’t care about getting their conquests splashed all over the news. Many hackers attack small to medium businesses because those groups are less likely to report security breaches. The first reason for not reporting the breach is that the damage to their reputation can be much more expensive than the temporary loss of revenue, or the price of the ransom they’ll pay to retrieve their data. The second reason attacks go unreported is because law enforcement agencies are not cybersecurity experts.

2. Complacency

Businesses go through cycles; some good, some bad, but hopefully at the end of the day those cycles will all lead to company growth. While planning budgets, new hires, and equipment purchases for growth, frequently the security updates and back-up (BDR) hardware needed to protect that growth will fall through the cracks. Your old security software probably won’t be good enough to take you safely into the future. Sure, it got you where you are, but don’t rely on it just because it’s been “good enough” up to now.

  1. Smaller budget for Security

It’s no secret that occasionally, especially during growth phases, budgets get shifted around, and what was allocated for security last year may not be in the budget this year. An alarming 90% of small businesses admit to operating occasionally with no security system in place at all. No virus protection, no firewalls, no spam filters, and no back-up systems. The scary part is that the remaining 10% probably just didn’t want to admit it.

  1. Lack of proper employee training

Here’s an alarming statistic for you: up to 95% of ALL cybersecurity breaches that hit small businesses are due to human error. You try to stay on top of cybersecurity training for your staff, but people come and go all the time and training is bound to get put on the back burner. Sometimes breaches happen because simple procedures aren’t followed correctly. Password hygiene is a basic skill everyone should know; things like how to create a password, and why you should never write down your password and leave it posted to your computer. Not opening attachments to emails is also important, since over 92% of all malware is delivered via email.

  1. Usually quicker to pay the ransom

One study has shown that 53% of small businesses will pay the ransom to hackers upon contact with them. This is related to our first topic, “Under the Radar,” since the reasoning behind paying quickly should mean you’ll experience a shorter downtime. Paying the ransom is still no guarantee that you’ll get your data back. After all, these are criminals you’re dealing with. Plus, when you pay a hacker, you only encourage them to continue attacking businesses like yours.

  1. You’ve been hacked before

Hackers are like sharks: they can smell blood in the water from miles away. Once the word gets out that you’ve been hacked, and that you’ve paid the ransom, you’ll have hackers lined up around the block. Like a lot of criminals, hackers are looking for the path of least resistance. Once they hear you’re an easy target you’d better prepare yourself for all kinds of cyberattacks.

It takes work to develop a comprehensive cybersecurity strategy, train your employees on what to look out for, and maintain regular data backups, but all these things and more are necessary in today’s cyber landscape. Almost every day there are news stories about companies getting hacked, corporations paying millions in ransom, and small businesses closing because of hacks. Companies like Apple, Amazon, Target, and Facebook can afford the best security available, yet they still get hacked. Make cybersecurity a priority for your business and you’ll increase your chances of staying off a hacker’s watchlist.

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Training your Team to be the Best!

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March Madness of Cybersecurity: Part 2

Cyber threats are always on the rise, and businesses are constantly looking for ways to protect themselves. One of the most effective ways to train your team is through gamification.

What’s That?

Gamification is the process of using game design elements and principles in non-game contexts to engage users and solve problems. It is a powerful tool that can help organizations improve employee training and development. Gamification can be used to create immersive and interactive learning experiences that are more engaging and effective than traditional training methods. It makes learning more fun and interactive by incorporating game elements such as points, badges, levels, and leaderboards. This helps employees stay engaged and motivated to learn!

How It Works

We include this approach in our own cybersecurity training program for your team. This includes phishing simulations and scenarios that replicate real-world cybersecurity threats. This allows employees to experience and learn how to deal with cyber-attacks in a safe and controlled environment.

This can provide immediate feedback to employees, allowing them to learn from their mistakes and improve their skills. This can help identify areas where employees need further training or support.

It can also reinforce learning by incorporating repetition and feedback. This can help employees retain information and apply it in real-life situations.

And finally, it’s fun. Gamification can create a sense of competition and motivation to learn among employees. This can lead to improved learning outcomes and a stronger cybersecurity culture within the organization.

This effective tool for training employees and improving cybersecurity is just one component of our solution. By making learning more engaging, interactive, and effective, it can lead to a better-trained workforce and a more secure organization.

As cyber threats continue to evolve, organizations must invest in employee training and development to stay ahead of the curve, and we can help your business to achieve this.

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The MVP of Your Business’s Cybersecurity is YOU!

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March Madness of Cybersecurity: Part 1

As a small or medium-sized business owner, you may not have the same level of resources as large corporations. However, that doesn’t mean you should overlook the importance of protecting your business from cyber threats.

Identifying the most critical aspects of your business that need protection and focusing your resources on those areas is a start, but there’s one component that can protect the business as a whole: your team.

The “MVP” or Most Valuable Player mindset puts your employees at the forefront of defense.

We can help you to make your entire team a roster of MVPs. We’ll perform a security risk assessment to identify gaps or any risks. This will review your business’s digital assets, including customer data, financial information, and intellectual property. We will identify which of these assets are critical to your business’s success and could cause the most damage if they were compromised.

Next, we’ll implement measures to protect those critical assets. This will include using strong passwords, multi-factor authentication, and encryption to secure your data. We will also implement our ongoing cybersecurity training program. This will help your employees recognize and avoid potential threats like phishing emails or malware.

Then we’ll create a plan in place for responding to a cyber-attack. This will include clear protocols for reporting and responding to security incidents, and make sure all employees are aware of the steps they should take in the event of an attack.

We’ll regularly review and update your cybersecurity measures as new threats emerge. By taking a proactive approach to cybersecurity and focusing your resources on protecting your most valuable assets, you can help reduce the risk of a damaging cyber-attack on your SMB.

Social Media Phishing

Quiz Time: Can You Handle Social Media Phishing Attacks at work?

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Our last three blogs have discussed cybersecurity threats and how they affect a business. We have talked about the dangers that stem from various types of malware. We have warned you about the newest cybersecurity risks expected to wreak havoc on businesses soon. And in the face of the ongoing growing acceptance of remote work setups, we have delved into the threats related to working from home. Now, we will now talk about social media phishing.

The common thing in all these topics is that they are all linked to phishing. A strong phishing attack can make a network open to the online threats that we have talked about. Thus, you and your employees must know how to handle social media phishing attacks at work. To find out just how prepared your staff is to circumvent phishing attacks on social media, you can have them take the following quiz.

A Brief Quiz on Social Media Phishing

Here are ten statements that have to do with phishing in social media. Read each one carefully and decide whether it is TRUE or FALSE.

  1. It’s safe to click on social media links and messages at work.
  2. A lot of phishing attacks use publicly available information.
  3. Social media phishing attacks target only individuals, not organizations.
  4. A cybersecurity risk assessment reveals the weak areas in your company’s security strategy.
  5. A ransomware attack occurs once every 40 seconds.
  6. Hackers have a lower chance of attacking smaller businesses.
  7. Malware and virus protection is more important than employee cybersecurity training.
  8. Cybersecurity insurance can save your business.
  9. Two-factor authentication is better for account logins.
  10. Working from home and working from the office are equally safe.

Quiz Answers

  1. False – Even if your company has a reliable cybersecurity system in place, it’s never 100% certain and could be a social media phishing scam. Always be conscious and vigilant if you want your data and network to stay secure.
  2. True – Most of the time, hackers use information already available to the public. We should be careful in revealing information, even if it seems harmless. Hackers might use anything that is made public as a tool for attacking your important files.
  3. False – Social media phishing attacks used to target individuals, but the hackers that use this method have now levelled up and are also targeting organizations, even big companies.
  4. True – You don’t have to wait for an actual phishing attack to gauge the strength or weakness of your defenses. An MSP can give you a thorough risk assessment to identify the weak spots you need to work on.
  5. True – Ransomware attacks are much more frequent than people realize. Most businesses are on a hacker’s hit list, but they have not launched an attack yet.
  6. False – Smaller businesses are at a greater risk because they often have weaker defenses against online threats,
  7. False – Both are very important and go hand-in-hand with an effective cybersecurity strategy.
  8. True – Some business owners forego getting cybersecurity insurance, thinking it is unnecessary and expensive. But if you fall victim to a security breach, it can cost you upwards of $50,000, and cyber insurance can help cover such amounts.
  9. True – Two-factor authentication is much harder for hackers to penetrate than single-step login, making it more secure.
  10. False – While there are plenty of things we can do to make working from home safer, it is still not nearly as secure as working from the office, where software updates and router upgrades are easily done.

Evaluating the Results

Did you get a 10? If so, you have the knowledge and skills to deal with any online attack! Warding off phishing attacks on social media will be a cinch!

A lower score means you need more training, which is something the company can do. As a comprehensive managed services provider, we have a highly competent cybersecurity team that can train your entire staff and prepare your company to face cybersecurity risks. Contact us today to learn more!

If you want to be more thorough with testing your Phishing knowledge, we have another quiz for you to take! After taking your quizzes, if you need to learn more about cybersecurity please watch our cybersecurity webinar, so you can better protect yourself and your business!

Risks of Working from Home

Addressing the Cybersecurity Risks of Working from Home

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A remote workforce has become the norm since the pandemic. Even now that we consider it safe to return to office work, many businesses have maintained the remote work setup because of the advantages. However, the risks of working from home also bring issues that need attention so as not to risk the company’s network and data.

What Are the Cybersecurity Risks That Come with Working from Home?

There are risks when working from home. Workers lack the usual protective measures used in an office network. Many workers use their home networks and may also use the same device for both work and personal things. Because of this, there are a lot of security issues that can arise and possibly cause damage to the company.

The Risks of Vulnerable Personal Networks When Working From Home

You can keep your home network protected by regularly updating your antivirus software. However, most people do not realize there is also a need to update their router software. Without doing this, you will make your home network, and sadly your work data, open to the prying eyes of online criminals. Which can risk your company data when working from home.

Greater Reliance on Technology

Now more than ever, we rely heavily on online tools for doing all kinds of business. Besides the basic emailing and sending of files, Almost everything else gets done using digital technology, from video calling to banking to fulfilling orders. This widespread use of online tools gives higher risk when working from home. As a result, hackers have more opportunities to hack company records.

Lack of Cybersecurity Awareness

In the office setting, IT people take care of any cyber security issues. Thus, employees do not take such matters too seriously as it is not their primary work, although they are still liable. You must train them in cybersecurity and be sure they are aware of potential issues when working at home. But, this is not the case since most employees still lack adequate skills and knowledge to avoid these cybersecurity threats.

Fatigue and Lack of Focus

Human error is still the most common cause of data breaches, and this is especially true in a remote work setting. Studies have shown that almost 40% of work-from-home employees feel really tired in the remote work setup. In addition, they also need to juggle home chores, which reduces their focus on applying cybersecurity protocols and makes them lax in their judgment. All these things combined can greatly increase the chance of remote employees exposing the company’s confidential files to hackers by accident.

Risks of Weak Passwords When Working From Home

In trying to bypass company networks through remote workers, hackers will try to crack the user’s passwords. It is the easiest method, and it just so happens that many people still use weak passwords, even for sensitive accounts.

The Risks of Using Personal Devices When Working From Home

In the typical office environment, employees will use computers sent by the company with current malware protection. When working at home, however, people use their laptops or smartphones. These are likely to have less than adequate IT security measures installed, like data encryption.

Making Remote Work Safer From Cybersecurity Risks

There are many benefits to working from home. If you feel this is the best strategy for your company, go for it. However, make sure that all remote processes are completely secure. This step is where we can help!

Since we are focusing on cybersecurity this quarter, we have developed a little Quiz for you and your employees to take. Not only is the Quiz fun, but it counts toward your Employee Cybersecurity Training! Access the Quiz Here!

Our cybersecurity experts can equip your company and your remote workers with the skills and technology to stay protected from malware attacks and other online threats. Contact us to learn more about our comprehensive and fully customizable cybersecurity services today!

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