Large breaches and cyber-attacks that expose gaps in pipelines, large banks, hospitals, government agencies, and fortune 500 companies make the news regularly. But every day small businesses in Rochester, St Cloud, Duluth and across Minnesota fall victim to bad actors looking to exploit security weaknesses and make a quick buck.
Data Breaches and external cyber threats are an ever-growing concern in today’s organizations. As the speed of technology and the internet of things (IoT) expands across our homes and places of work the ways we can be targeted is ever greater. In fact, 60% of small companies go out of business within six months of falling victim to a major data breach or cyber-attack. Industry trends point to smaller organizations being targeted now nearly as much as larger companies. Unfortunately, many of these companies may lack the security protocols that larger entities have, thus creating even more risk. In a recent poll 66% of organizations admitted being attacked by ransomware. Everyday Minnesota-based companies are targeted by threats. The good news is there are ways to prevent and protect your organization.
Just like your home, car, or life, it is important to insure against worst case scenarios and guarantee a viable plan moving forward. That’s where a good cyber insurance plan can be a vital business tool. Recovering from a ransomware attack in 2021 cost companies an average of $1.85 million. Just paying the ransom often isn’t enough. It is critical that you have a continuity plan to help your organization recover quickly, which includes reliable data backups. Typically, just over half of businesses are successful in recovering their data.
To qualify for cyber insurance, you may need to implement various programs or technology solutions to qualify or receive better premium rates. Some of these items are:
- Up to date antivirus software
- A firewall to protect your network
- Backups of your systems and a continuity plan
- Multi Factor Authentication (MFA)
- End user security training
What does Cyber Security Insurance Do?
There are several different offerings on the market and it’s best to meet with a company to find the best solution for you. There are two types of coverage, First-Party and Third-Party. A quality provider should offer both in their insurance package. Most products on the market today will cover the following:
First-Party Damages
These cover damages caused by loss or theft of data. A typical Minnesota plan covers any loss from attacks by hackers to inside threats or even accidents. Cost that are covered by your policy include:
- Investigations
- Data recovery service
- Repairs
- Lost revenue
- Notifying clients or appropriate partners and agencies
- Credit monitoring for affected clients
Third-Party Damages
Third-party damages cover claims made against your organization due to a security breach. If personal or private information was taken, you may need to answer to the public and government agencies. Third-party damages may include:
- Negligence or contract breach claims
- Privacy lawsuits
- Customer litigation
- Regulatory or compliance fines or fees
Where do I start?
Maybe you have a plan but want to see if there are better premiums available or know you need something but don’t know where to start. Our Minnesota based team of specialists can help get your company into the best possible security position and work with you to meet your insurance provider’s requirements. We can even walk your through the requirements and help you shop for the right cyber insurance plan that accomplishes your goal.
Our core offerings include:
- FortiMail Mulit-Layer Email Protection
- Fortinet NextGen Firewalls
- FortiClient VPN Protection
- PII End User Training
- Business Continuity Planning
- Extensive System Backups
- Multi-Factor Authentication
- Sandbox Tools
- Threat Monitoring
- 24/7 Help Desk Support
- And MUCH more
We have partnered with many Twin City businesses and other entities around Minnesota and Fargo, ND to identify risks to their environment. Our solution breaks the traditional mold of break-fix, as we take a proactive role in your technology environment. Our offering provides you the right solution that meet industry best practices. To learn more about protecting your business reach out to MSI Today!