October is Cybersecurity Awareness Month - Are You Insured?
Technology seems to move faster year after year, and with new functionality and benefits comes increased threats from those wishing to leverage the instability or loopholes in both old and new technologies. Your business can’t afford not to be wired in to the web and competing every day, but it also can’t afford to be out on a highwire without a net. If interconnectivity is the way of business in the 21st century - and it is - understanding and accounting for the threats inherent to any online environment is paramount.
Are you at risk?
Does Your Organization Have Cybersecurity Insurance?
Whether you’re operating a multi-conglomerate corporation or a mom & pop selling sundries on mainstreet, you’re likely interacting with some technology daily to execute business tasks. That means your business or organization has some level of exposure to cybersecurity threats. While we can all do our best to mitigate the risks inherent to our data, cybercrime is an ever-evolving entity. This leaves the rest of us with the need to be constantly vigilant and often, unfortunately, reactive to emerging threats.
The insurance industry does its part to help private businesses, organizations and public entities navigate cybersecurity threats. Brokers like Ansay & Associates work with organizations in all sectors to ensure they’re protected in the event of a lapse in cybersecurity, offering covering that includes:
- Ransom Coverage - offers protection if your organization is being extorted for ransom of your data
- Regulatory Claim Coverage - provides limited funding to cover some of the regulatory costs incurred when a breach happens
- Business Interruption Coverage - helps to replace lost revenue if a cyber attack renders the business inoperable for certain durations
- And more
Protect Yourself Online
The Basics of Cybersecurity
- Use Strong Passwords - PASSWORD1 didn’t cut it back in 2004…PASSWORD2 isn’t any better in 2023.
- Use a Password Manager - We all have too many passwords to remember, whether it’s an old-school notebook or a dedicated password manager, having some help with keeping them all straight is a safe & convenient option (just don’t store them in a file on your computer named “passwords”).
- Enable Multi-Factor Authentication - Additional layers of security are a must these days. MFA will protect your information and help you if your credentials end up in the wrong hands.
- Keep Software Up To Date - Updates can be a pain and may cause compatibility issues with other software, but they are essential in keeping your information safe. Don’t put it off!
- Recognize Phishing Schemes and Report Them - Stop and think before you click; that forwarded email with attachments may be funny, but it isn’t worth risking you or your company’s data and info systems.
Facts about Cybersecurity Awareness Month
- Observed in every year in the United States in October.
- The Cybersecurity Awareness Month theme for 2023 is: "Secure Our World"
- Previous themes included: "See Yourself in Cyber"
- Created in 2004 by George W. Bush and the United States Congress in partnership with the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance (NCA)
- Purpose is to provide education and address common cybersecurity threats alongside basic techniques we all need to know to protect data and the integrity of information systems found in public and private life.
- From 2009 to 2018, Cybersecurity Awareness Month focused on a community approach to protection, identifying the role we all share (whether corporate or private users) in keeping our cyber environment secure. The theme was “Our Shared Responsibility”.
- 2010’s Cybersecurity Awareness Month featured the launching of the “STOP. THINK. CONNECT.” campaign.
- 2011 saw the National Security Alliance and the Department of Homeland Services incorporating separate themes for each week of the month to better explain different aspects of cybersecurity, including small and medium sized business cybersecurity, education, cybercrime, mobility, law enforcement, and critical infrastructure.
Take a Second Look
Already have Cyber Coverage? Great! Let’s Review Your Plan
The advisors at Ansay & Associates are standing by to guide your cybersecurity insurance coverage into the next era. Some things to consider when reviewing your cybersecurity insurance plan this October:
- Is my organization protected against the latest threats?
- Have we added access points to our network that create vulnerabilities?
- Are my employees and coworkers up to date on training against the newest cybersecurity risks?
- Have my target customers’ needs for privacy changed, and am I still in compliance?
- Are my networks secure, with redundancies and multiple options for troubleshooting if needed?
- Do I have the proper data backups and when did we last run them?
- Does use of AI expose my company to any liability?
Consult with Ansay & Associates
Our skilled team provides consultation and brokerage services for those seeking cybersecurity policies that fit the needs of our clients, striking the balance between optimal coverage and excessive cost. Our partnerships lend businesses the flexibility to find best insurance coverage as well as solid advice for how to manage risk for your business. Contact us today and we’ll be happy to answer any questions you may have about the limitations of your existing cybersecurity coverage and how to supplement it.Contact Us
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