Like mutating bacteria, cyberattacks have been mutating into ever more pernicious threats, largely thanks to the rapidly evolving AI infrastructures littering the internet (and every solution know to man, it seems). This isn't news to the public, so likely you've invested in some cybersecurity heavy hitters like an IRP, Employee Awareness, or most likely, cyber insurance. But there is a cost (and sometimes a risk), including insurance premiums, compliance, and the expertise, tacked onto your proactive initiative. Let's dig into how to avoid those premiums and risks.
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Since it's October, let us begins with a spooky cyber-tale: Somewhere, right now, out there on the Internet, someone is poring over a collection of hundreds of affordable exploit kits, systematically deciding which one to purchase to attack your network. They know your email addresses, they know where you work from LinkedIn, Twitter, Facebook or other social media, they know who your peers are at work, and in some cases they also know your password because you use a common one for all of your accounts because it's convenient...and with a little effort they can figure out which of your friends deal with the financial transactions in your company. All they need is for you to click on an innocent or very convincing link in an email sent to you from someone you believe is a peer...and they got you.
Ransomware attacks continue to evolve in sophistication, often leveraging trusted communication channels and stealthy command structures to infiltrate and persist within enterprise networks. Understanding how these threats propagate and operate is essential for building effective defenses.
Certainly, there are ways to offset the potential loss. Companies operating in highly regulated markets – or with contractual or legal requirements – should consider purchasing cyber insurance. In fact, any organization that deals with Personally Identifiable Information (PII) or Protected Health Information (PHI) should limit their cyber exposure. Most cyber insurance policies cover costs related to first-party breach expenses, such as:
Noncompliance is one of the major reasons insurance providers do not pay out on the claims provided by affected companies. When this occurs, you're out the money and face possible foreclosure among other issues. Make sure you're also reviewing their AI policies as this technology continues to expand and evolve into businesses and third-party solutions.
Here's a healthcare example: Cottage Health vs. Columbia Casualty (with other examples listed).
The best way to look for the right insurance with the right compliance standards are as follows:
But, before you go out and interview potential insurance carriers, invest some time to learn more about cyber insurance by viewing the excellent collection of free videos found at the Travelers Cyber Academy.
As part of Centre Technologies’ security specialists have been studying the changing world of cybersecurity and cyberattacks extensively. Our security assessments provide you with a detailed view of the security posture of your organization and identifies potential vulnerabilities across your environment, including recurring advisory-level consultation that manages threat detection and response. This ensures your organization’s technology is in compliance with required regulations and mandates.
With security assessments, companies can easily determine their recommended baseline security level, accessing sound advice on business recovery and resilience or supplemental insurance coverage as needed. Consultation and assessments include a Business Impact Analysis and Risk Assessment on your entire infrastructure and development of a response plan to reduce potential threats and mitigate risk.
Partnering with Centre provides businesses constant access to seasoned IT security experts, who are knowledgeable of current and potential threats and provide a variety of services, including:
Don’t make the mistake of not having the proper tools or services to detect and stop an infection before it evolves into a Ransomware Recovery Incident. The longer you wait, the greater the potential impact. Contact us to get started.