Cybersecurity insurance is still a pretty new concept for many SMBs. It was initially introduced in the 1990s to provide coverage for large enterprises. It covered things like data processing errors and online media.

Since that time, the policies for this type of liability coverage have changed. Today’s cyber insurance policies cover the typical costs of a data breach. Including remediating a malware infection or compromised account.

Cybersecurity insurance policies will cover the costs for things like:

• Recovering compromised data
• Repairing computer systems
• Notifying customers about a data breach
• Providing personal identity monitoring
• IT forensics to investigate the breach
• Legal expenses
• Ransomware payments

Data breach volume and costs continue to rise. 2021 set a record for the most recorded data breaches on record. And in the first quarter of 2022, breaches were up 14% over the prior year.

No one is safe. Even small businesses find they are targets. They often have more to lose than larger enterprises as well. About 60% of small businesses close down within 6 months of a cyber incident.

The increase in online danger and rising costs of a breach have led to changes in this type of insurance. The cybersecurity insurance industry is ever evolving. Businesses need to keep up with these trends to ensure they can stay protected.

Here are some of the cyber liability insurance trends you need to know about.

Demand is Going Up

The average cost of a data breach is currently $4.35 million (global average). In the U.S., it’s more than double that, at $9.44 million. As these costs continue to balloon, so does the demand for cybersecurity insurance.

Companies of all types are realizing that cyber insurance is critical. It’s as important as their business liability insurance. Without that protection, they can easily go under in the case of a single data breach.

With demand increasing, look for more availability of cybersecurity insurance. This also means more policy options, which is good for those seeking coverage.

Premiums are Increasing

With the increase in cyberattacks has come an increase in insurance payouts. Insurance companies are increasing premiums to keep up. In 2021, cyber insurance premiums rose by a staggering 74%.

The costs from lawsuits, ransomware payouts, and other remediation have driven this increase. Insurance carriers aren’t willing to lose money on cybersecurity policies. Thus, those policies are getting more expensive. This is at the same time as they are more necessary.

Certain Coverages are Being Dropped

Certain types of coverage are getting more difficult to find. For example, some insurance carriers are dropping coverage for “nation-state” attacks. These are attacks that come from a government.

Many governments have ties to known hacking groups. So, a ransomware attack that hits consumers and businesses can very well be in this category.

In 2021, 21% of nation-state attacks targeted consumers, and 79% targeted enterprises. So, if you see that an insurance policy excludes these types of attacks, be very wary.

Another type of attack payout that is being dropped from some policies is ransomware. Between Q1 and Q2 of 2022, ransomware attacks increased by 24%.

Insurance carriers are tired of unsecured clients relying on them to pay the ransom. So many are excluding ransomware payouts from policies. This puts a bigger burden on organizations. They need to ensure their backup and recovery strategy is well planned.

It’s Harder to Qualify

Just because you want cybersecurity insurance, doesn’t mean you’ll qualify for it. Qualifications are becoming stiffer. Insurance carriers aren’t willing to take chances. Especially on companies with poor cyber hygiene.

Some of the factors that insurance carriers look at include:

• Network security
• Use of things like multi-factor authentication
• BYOD and device security policies
• Advanced threat protection
• Automated security processes
• Backup and recovery strategy
• Administrative access to systems
• Anti-phishing tactics
• Employee security training

You’ll often need to fill out a lengthy questionnaire when applying for insurance. This includes several questions about your cybersecurity situation. It’s a good idea to have your IT provider help you with this.

This can seem like a lot of work that you have to do to qualify for cyber insurance. As you review the questions, your IT partner can identify security enhancements. Just like other forms of insurance, if you take steps to reduce risk, it can often reduce your premiums.

So, it pays to do a cybersecurity review before applying for cyber insurance. You can save yourself time and money. It can also fortify your defenses against cyberattacks.

Need Help Making Sense of Cybersecurity Policies?

Cybersecurity coverage and insurance applications can be complex. If you answer wrong on a question, it can mean paying hundreds more in premiums than you should.

If you’re considering cybersecurity insurance, don’t go it alone. Give us a call and schedule a consultation. We can explain the policy details and provide guidance.

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This Article has been Republished with Permission from The Technology Press.

The new year has just begun and it’s a time of renewal as we plan for the possibilities to come in 2023. It’s also a time when you need to plan for resiliency in the face of ever-present cyberattacks.

Sixty-eight percent of surveyed business leaders feel that cybersecurity risks are getting worse. They have a good reason. Attacks continue to get more sophisticated. They are also often perpetrated by large criminal organizations. These criminal groups treat these attacks like a business.

In 2021, the average number of global cyberattacks increased by 15.1%.

To protect your business in the coming year, it’s important to watch the attack trends. What new methods are hackers using? What types of attacks are increasing in volume? Knowing these things is important. It helps you better update your IT security to mitigate the risk of a data breach or malware infection.

We’ve pulled out the security crystal ball for the upcoming year. And we’ve researched what cybersecurity experts are expecting. Here are the attack trends that you need to watch out for.

Attacks on 5G Devices

The world has been buzzing about 5G for a few years. It is finally beginning to fulfill the promise of lightning-fast internet. As providers build out the infrastructure, you can expect this to be a high-attack area.

Hackers are looking to take advantage of the 5G hardware used for routers, mobile devices, and PCs. Anytime you have a new technology like this, it’s bound to have some code vulnerabilities. This is exactly what hackers are looking to exploit.

You can prepare by being aware of the firmware security in the devices you buy. This is especially true for those enabled for 5G. Some manufacturers will build better firmware security into their designs than others. Make sure to ask about this when purchasing new devices.

One-time Password (OTP) Bypass

This alarming new trend is designed to get past one of the best forms of account security. Multi-factor authentication (MFA) is well-known as very effective at preventing fraudulent sign-in attempts. It can stop account takeovers even in cases where the criminal has the user’s password.

There are a few different ways that hackers try to bypass MFA. These include:

• Reusing a token: Gaining access to a recent user OTP and trying to reuse it
• Sharing unused tokens: The hacker uses their own account to get an OTP. Then attempts to use that OTP on a different account.
• Leaked token: Using an OTP token leaked through a web application.
• Password reset function: A hacker uses phishing to fool the user into resetting a password. They then trick them into handing over their OTP via text or email.

Attacks Surrounding World Events

During the pandemic, the cyberattack volume increased by approximately 600%. Large criminal hacking groups have realized that world events and disasters are lucrative.

They launch phishing campaigns for world events. Attacks come for everything from the latest hurricane or typhoon to the war in Ukraine. Unsuspecting people often fall for these scams. This is because they are often distracted by the crisis.

People need to be especially mindful of scams surrounding events like these. They will often use social engineering tactics, such as sad photos, to play on the emotions.

Smishing & Mobile Device Attacks

Mobile devices go with us just about everywhere these days. This direct connection to a potential victim is not lost on cybercriminals. Look for more mobile device-based attacks, including SMS-based phishing (“smishing”).

Many people aren’t expecting to receive fake messages to their personal numbers. But cell numbers are no longer as private as they once were. Hackers can buy lists of them online. They then craft convincing fake texts that look like shipping notices or receipts. One wrong click is all it takes for an account or data breach.

Mobile malware is also on the rise. During the first few months of 2022, malware targeted to mobile devices rose by 500%. It’s important to ensure that you have good mobile anti-malware. As well as other protections on your devices, such as a DNS filter.

Elevated Phishing Using AI & Machine Learning

These days, phishing emails are not so easy to spot. It used to be that they nearly always had spelling errors or grainy images. While some still do, most don’t.

Criminal groups elevate today’s phishing using AI and machine learning. Not only will it look identical to a real brand’s emails, but it will also come personalized. Hackers use these tactics to capture more victims. They also allow hackers to send out more targeted phishing messages in less time than in years past.

Schedule a Cybersecurity Check-Up Today

Is your business prepared for the cyber threats coming in 2022? Don’t wait to find out the hard way! Give us a call and schedule a cybersecurity check-up to stay one step ahead of the digital criminals.

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The global home security market has been growing by leaps and bounds. By 2026, experts expect the market to expand at a rate of 20.1%. This is on top of an expected increase of 21.6% from 2021 to 2022.

From Ring doorbell cams to entire home security systems, consumers want these solutions. Watching your front door from afar has never been so easy. With cloud-based video streams, homeowners can view any part of their home.

Sharing doorbell camera shots on neighborhood social media groups is now common. These home security systems also provide peace of mind at a wallet-friendly cost.

But don’t let the ease of setup fool you. Home security cameras can open your family up to risks if you don’t take precautions. Often, people are so excited to see what they can do, they don’t stop to think about device security.

There are horror stories online about hacked video cameras. This includes strangers saying disturbing things through those cameras to children.

Additionally, in 2019, Ring suffered a data breach. That breach exposed the personal data of over 3,000 Ring users. This included usernames and passwords.

It’s enough to make you reconsider your decision to add extra security. But don’t let those incidents scare you off. You can properly secure a home video camera system to ensure it’s not breached.

Here are some of the things you should do for a safe home security setup.

Make Sure Your Router is Secure

You access an IP security camera via the internet. Any commands going to the system or footage coming from it go through your router. So, you need to make sure that your router is properly secured.

Hackers breach routers so they can get to the devices connected to that network. Ensure your router security protocol is no lower than WPA2. The next generation, WPA3, is even better. These protocols govern the protection of data transmitted through the wireless network.

Give the router a strong password that is at least 12 characters long. Software can crack a password of only 8 standard characters instantly. But a 12-character password with at least one upper case letter, number, and symbol takes 34,000 years.

Change the Default Username & Password

You also need a strong password for your security system’s admin account. You should also change the default device and username. Hackers have lists of all these device defaults and use them to break into these systems.

Changing the default username and password for the device should be one of the first things you do. Otherwise, it could be mere minutes after you connect to the internet that you’re hacked.

Ensure the System Uses SSL/TLS Or Other Encryption

You don’t want the footage from your cameras transmitted for anyone to grab and watch. Make sure the security system you choose notes SSL/TLS. Or another standard encryption.

This ensures that the data cannot be intercepted and accessed. SSL is short for Secure Sockets Layer, and TLS is short for Transport Layer Security. Without a form of encryption, a hacker can easily breach your device.

Keep the Software Updated

If your security system has an automatic update feature, turn that on. Unfortunately, many users don’t think about updating their device software. This leaves it more vulnerable to a hack.

Updates often include important security fixes for found vulnerabilities. You want to make sure updates install promptly. That’s why automating this is best.

Consider Access Levels for Multiple Users

Do you have several family members accessing your cloud-based security device? If so, set up some access levels. Not everyone needs to be at an administrator level.

Hackers love it when they can breach the login of an admin user for an account. This gives them more privileges, like changing settings. Giving lower-level privileges, such as “view only,” to most family members improves security.

Enable Camera Security Features

There will be various security features that are available with your system. Manufacturers often do not enable all security settings by default. The user must turn all or some of them on.

If you’re unsure of what settings should be on or off, we’ll be happy to help. Some home security systems have generous sharing options. This can be an invitation for hackers. You want to restrict these as much as possible.

Make Sure Your Mobile Device is Secure

Most people access their security cam through their smartphone. Make sure that you secure yours and keep it updated with the latest operating system. Hackers can gain access to a security system through a device with weak safeguards.

Add things like:

• Mobile anti-malware
• DNS filtering
• Screen lock
• Automated updating

Looking for Help Protecting Your Cloud Security System?

Give us a call and schedule a visit. We’ll be happy to help you ensure your security system is set up with best practices.

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It seems that nearly as long as passwords have been around, they’ve been a major source of security concern. Eighty-one percent of security incidents happen due to stolen or weak passwords. Additionally, employees continue to neglect the basics of good cyber hygiene.

For example, 61% of workers use the same password for multiple platforms. And 43% have shared their passwords with others. These factors are why compromised credentials are the main cause of data breaches.

Access and identity management have become a priority for many organizations. This is largely due to the rise of the cloud. As well as the practice of people needing to only enter a username and password to access systems.

Once a cybercriminal gets a hold of an employee’s login, they can access the account and any data that it contains. This is especially problematic when it’s an account like Microsoft 365 or Google Workspace. These accounts can access things like cloud storage and user email.

Below, we’ll explain what conditional access is. As well as how it works with multi-factor authentication (MFA). We’ll also review the advantages of moving to a conditional access process.

What Is Conditional Access?

Conditional access is also known as contextual access. It is a method of controlling user access. You can think of it as several “if/then” statements, meaning “if” this thing is present, “then” do this.

For example, conditional access allows you to set a rule that would state the following. “If a user is logging in from outside the country, require a one-time-passcode.”

Conditional access allows you to add many conditions to the process of user access to a system. It is typically used with MFA. This is to improve access security without unnecessarily inconveniencing users.

Some of the most common contextual factors used include:

• IP address
• Geographic location
• Time of day
• The device used
• Role or group the user belongs to

Conditional access can be set up in Azure Active Directory. It can also be set up in another identity and access management tool. It’s helpful to get the assistance of your IT partner. We can help with setup and the conditions that would make the most sense for your business.

The Benefits of Implementing Conditional Access for Identity Management

Improves Security

Using conditional access improves security. It allows you more flexibility in challenging user legitimacy. It doesn’t just grant access to anyone with a username and password. Instead, the user needs to meet certain requirements.

Contextual access could block any login attempts from countries where no employees are. It could also present an extra verification question when employees use an unrecognized device.

Automates the Access Management Process

Once the if/then statements are set up, the system takes over. It automates the monitoring for contextual factors and takes the appropriate actions. This reduces the burden on administrative IT teams. It also ensures that no one is falling between the cracks.

Automated processes are more accurate and reliable than manual processes. Automation removes the human error component. This helps ensure that each condition is being verified for every single login.

Allows Restriction of Certain Activities

Conditional access isn’t only for keeping unauthorized users out of your accounts. You can use it in other ways. One of these is to restrict the activities that legitimate users can do.

For example, you could restrict access to data or settings based on a user’s role in the system. You can also use conditions in combination. Such as, lowering permissions to view-only. You could trigger this if a user holds a certain role and is logging in from an unknown device.

Improves the User Login Experience

Studies show that as many as 67% of businesses don’t use multi-factor authentication. This is despite the fact that it’s one of the most effective methods to stop credential breaches.

One of the biggest reasons it is not used is because of the inconvenience factor for employees. They may complain that it interferes with productivity. Or say that it makes it harder for them to use their business applications.

Using conditional access with MFA can improve the user experience. For example, you can require MFA only if users are off the premises. You can put in place extra challenge questions on a role or context-based basis. This keeps all users from being inconvenienced.

Enforces the Rule of Least Privilege

Using the rule of least privilege is a security best practice. It means only granting the lowest level of access in a system as necessary for a user to do their work. Once you have roles set up in your identity management system, you can base access on those roles.

Conditional access simplifies the process of restricting access to data or functions. You can base this on job needs. It streamlines identity management. This is because it contains all functions in the same system for access and MFA rules. Everything stays together, making management simpler.

Get Help Implementing Conditional Access Today!

Once conditional access is set up, the automated system takes over. It improves your security and reduces the risk of an account breach. Contact us today for a free consultation to enhance your cybersecurity.

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Endpoints make up much of a company’s network and IT infrastructure. This is a collection of computers, mobile devices, servers, and smart gadgets. As well as other IoT devices that all connect to the company network.

The number of endpoints a company has will vary by business size. Companies with less than 50 employees have about 22 endpoints. Small businesses with 50-100 employees have roughly 114. Enterprise organizations with 1,000+ employees average 1,920 endpoints.

Each of those devices is a chance for a hacker to penetrate a company’s defenses. They could plant malware or gain access to sensitive company data. An endpoint security strategy addresses endpoint risk and puts focused tactics in place.

64% of organizations have experienced one or more compromising endpoint attacks.

In this guide, we’ll provide you with straightforward solutions. Solutions focused on protection of endpoint devices.

Address Password Vulnerabilities

Passwords are one of the biggest vulnerabilities when it comes to endpoints. The news reports large data breaches all the time related to leaked passwords. For example, there is the RockYou2021 breach. It exposed the largest number of passwords ever – 3.2 billion.

Poor password security and breaches make credential theft one of the biggest dangers to cybersecurity.

Address password vulnerabilities in your endpoints by:

• Training employees on proper password creation and handling
• Look for passwordless solutions, like biometrics
• Install multi-factor authentication (MFA) on all accounts

Stop Malware Infection Before OS Boot

USB drives (also known as flash drives) are a popular giveaway item at trade shows. But an innocent-looking USB can actually cause a breach. One trick that hackers use to gain access to a computer is to boot it from a USB device containing malicious code.

There are certain precautions you can take to prevent this from happening. One of these is ensuring you’re using firmware protection that covers two areas. These include Trusted Platform Module (TPM) and Unified Extensible Firmware Interface (UEFI) Security.

TPM is resistant to physical tampering and tampering via malware. It looks at whether the boot process is occurring properly. It also monitors for the presence of anomalous behavior. Additionally, seek devices and security solutions that allow you to disable USB boots.

Update All Endpoint Security Solutions

You should regularly update your endpoint security solutions. It’s best to automate software updates if possible so they aren’t left to chance.

Firmware updates are often forgotten about. One reason is that they don’t usually pop up the same types of warnings as software updates. But they are just as important for ensuring your devices remain secure and protected.

It’s best to have an IT professional managing all your endpoint updates. They’ll make sure updates happen in a timely fashion. They will also ensure that devices and software update smoothly.

Use Modern Device & User Authentication

How are you authenticating users to access your network, business apps, and data? If you are using only a username and password, then your company is at high risk of a breach.

Use two modern methods for authentication:

• Contextual authentication
• Zero Trust approach

Contextual authentication takes MFA a step further. It looks at context-based cues for authentication and security policies. These include several things. Such as, what time of day someone is logging in, their geographic location, and the device they are using.

Zero Trust is an approach that continuously monitors your network. It ensures every entity in a network belongs there. Safelisting of devices is an example of this approach. You approve all devices for access to your network and block all others by default.

Apply Security Policies Throughout the Device Lifecycle

From the time a device is first purchased to the time it retires, you need to have security protocols in place. Tools like Microsoft AutoPilot and SEMM allow companies to automate. They deploy healthy security practices across each lifecycle phase. This ensures a company doesn’t miss any critical steps

Examples of device lifecycle security include when a device is first issued to a user. This is when you should remove unnecessary privileges. When a device moves from one user to another, it needs to be properly cleaned of old data. And reconfigured for the new user. When you retire a device, it should be properly scrubbed. This means deleting all information and disconnecting it from any accounts.

Prepare for Device Loss or Theft

Unfortunately, mobile devices and laptops get lost or stolen. When that happens, you should have a sequence of events that can take place immediately. This prevents company risk of data and exposed business accounts.

Prepare in advance for potential device loss through backup solutions. Also, you should use endpoint security that allows remote lock and wipe for devices.

Reduce Your Endpoint Risk Today!

Get help putting robust endpoint security in place, step by step. We can help! Contact us today for a free consultation.

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One of the most difficult types of attacks to detect are those performed by insiders. An “insider” would be anyone that has legitimate access to your company network and data. This would be via a login or other authorized connection.

Because insiders have authorized system access, they bypass certain security defenses. Such as those designed to keep intruders out. Since a logged-in user isn’t seen as an intruder, those security protections aren’t triggered.

There are three troubling statistics from a recent report by Ponemon Institute They illustrate the importance of addressing this threat. Insider attacks are getting worse, taking longer to detect and becoming more extensive.

The report found that over the last two years:

• Insider attacks have increased by 44%
• It takes organizations 85 days to contain an insider threat, compared to 77 days in 2020.
• The average cost of addressing insider threats has risen by 34%

It’s important for companies to understand what makes up an insider threat. That’s the first step towards mitigation.

4 Types of Insider Threats

One reason that insider threats can be hard to detect is that there is not just one kind. Employees, vendors, and hackers can all perpetrate insider security breaches. To further complicate detection, some may be malicious and others accidental.

Here are the four main types of insider threats faced by company networks.

Malicious/Disgruntled Employee

A sales employee that is leaving the company may decide to take all their contacts with them. This is a malicious theft of company data.

Another example of this type of insider attack is a disgruntled employee. They may be upset with their manager who just fired them and decide to do the business harm. They could plant ransomware or make a deal with a hacker to give over their login credentials for cash.

Careless/Negligent Employee

Some insider threats are due to lazy or untrained employees. They don’t mean to cause a data breach. But may accidentally share classified data on a non secure platform. Or they may use a friend’s computer to access their business apps. Being completely unaware of the security consequences.

3rd Party with Access to Your Systems

Outsiders with access to your network are also a very real concern. Contractors, freelancers, and vendors can all constitute an insider breach risk.

You need to ensure that these third parties are fully reviewed. Do this before you give them system access. You should also allow your IT partner to review them for any data security concerns.

Hacker That Compromises a Password

Compromised login credentials are one of the most dangerous types of insider threats. This has now become the #1 driver of data breaches around the world.

When a cybercriminal can access an employee’s login, that criminal becomes an “insider.” Your computer system reads them as the legitimate user.

Ways to Mitigate Insider Threats

Insider threats can be difficult to detect after the fact. But if you put mitigation measures in place you can stop them in their tracks. Being proactive keeps you from suffering a costly incident. One that you may not know about for months.

Here are some of the best tactics for reducing insider threat risk.

Thorough Background Checks

When hiring new employees make sure you do a thorough background check. Malicious insiders will typically have red flags in their work history. You want to do the same with any vendors or contractors that will have access to your systems.

Endpoint Device Solutions

Mobile devices now make up about 60% of the endpoints in a company. But many businesses aren’t using a solution to manage device access to resources.

Put an endpoint management solution in place to monitor device access. You can also use this to safelist devices and block unauthorized devices by default.

Multi-factor Authentication & Password Security

One of the best ways to fight credential theft is through multi-factor authentication. Hackers have a hard time getting past the 2nd factor. They rarely have access to a person’s mobile device or FIDO security key.

Couple this with password security. This includes things like:

• Requiring strong passwords in your cloud apps
• Using a business password manager
• Requiring unique passwords for all logins

Employee Data Security Training

Training can help you mitigate the risk of a breach through carelessness. Train employees on proper data handling and security policies governing sensitive information.

Network Monitoring

Once someone has user access to your system, how can you catch them doing something wrong? You do this through intelligent network monitoring.

Use AI-enabled threat monitoring. This allows you to detect strange behaviors as soon as they happen. For example, someone downloading a large number of files. Or someone logging in from outside the country.

Need Help Putting a Stop to Insider Attacks?

A layered security solution can help you mitigate all four types of insider threats. We can help you with a robust yet affordable solution. Contact us today for a free consultation.

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