What’s Changing in the Cybersecurity Insurance Market?
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
What Cybersecurity Attack Trends Should You Watch Out for in 2023?
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
Is It Safe To Put Client Data On A Cloud Server?
If you look at any research on cloud computing, you’ll see how beneficial it is for businesses of all sizes. However, some small/medium-sized business owners are still concerned about security when using the cloud. In particular, security around client data. Understandably, businesses are cautious with such delicate information. So, the question is, ‘is it safe to put client data on a cloud server?’. The answer is YES. Cloud computing has made it super easy for staff to access information while at the same time causing headaches for potential hackers. If you choose the right cloud provider, your (and your client’s) data is encrypted making it virtually impossible for anyone to decode your data. Plus, instead of storing this data on a device, like a laptop, the data is stored off site in a secure location. Providers like Austin Technology, store their physical servers in Australia for extra security. So, how else can cloud servers help your business thrive? How safe are Cloud Servers? Cloud servers are generally public or private. Public cloud servers can include common storage solutions like iCloud, Google Drive or Dropbox. For this article, we are focusing on private cloud servers that allow businesses to access software
How to get your share of the $9.9 billion federal cybersecurity funding
Improving our nation’s cybersecurity is a major part of the Australian Government’s current and future plan. As recently as 2020, a $1.7 billion Cyber Security Strategy was released to create a more secure online world for businesses and consumers. In the 2022-23 federal Budget, the government showed again how serious they are about preventing cyber threats, announcing a $9.9 billion investment in Australia’s intelligence and cyber capabilities. So, should businesses be excited by these announcements or worried? With the government dedicating so much funding to one area, does this mean the risk of cyber-attacks is increasing? One thing is certain, any investment in bolstering cyber security is money well spent. Whether you’re a small, medium or large business, you’re vulnerable to online criminal activity. Let’s look at how you can take advantage of the government’s billion-dollar cyber splurge and what you can do to protect your business now and in the future. What type of cyber protection does your business need? How will the funding be distributed to businesses? The main purpose of the funding is to help Australia build cyber intelligence, as well as defensive and offensive capabilities. The cybersecurity program has been named REDSPICE (resilience, effects, defence, space,
What To Expect From Managed IT Services
Employing a company to manage your IT services comes with many benefits: Proactive management of your account Ongoing monitoring of your IT On-call support when you need it most … and that’s just the start. Managed IT is also much more cost-effective. Whether you’re a small business with less than 10 employees or a large corporation with 100+ employees, you’ll find that outsourcing your IT management is financially viable for two reasons. You only pay for what you need. Most IT management companies will tailor their service around the size and complexity of your business. As your business grows, you can expand the number of services you need. You pay the same set fee every month. This makes it easy to budget around your managed IT service. So, what else should you expect from managed IT services? What is included in Managed IT Services? For many business owners who aren’t IT minded, you’ll want an IT team that does the job without fuss. In fact, if your IT support team is doing the right thing, you shouldn’t notice any issues. When you have a team of specialist engineers working for you, not only will everything tick along as expected, they’ll
How to budget for major tech purchases in 2022
Technology is becoming more and more of a staple in our daily lives, and it is arguably one of the most significant drivers of change in the 21st century. Just look at the impact technologies like artificial intelligence (AI) and machine learning have had on businesses in terms of communications, planning, and operations. AI and machine learning continue to revolutionize how companies maximize their resources, empower their stakeholders, and stay on paths of growth. Related article: Things to consider when designing your business’s network infrastructure Despite this, many businesses struggle to plan and budget for future technology-related expenditures. The trick is far simpler than many people think. Here are some ways to ensure you have enough financial flexibility to allow you to accommodate technology expenditure on your budget. Establish your expenditure A good place to start when budgeting for technology is by performing an annual budget audit. Study your expenses from the previous years to see how much you typically spend on certain technologies such as hardware, software, and other IT components. Identify which ones you expect to retain and which ones you expect to replace or upgrade. Running an audit and establishing your costs will help you determine
