The Russia-Ukraine war is driving elevated concerns for cyber security risks worldwide. While the current climate is unpredictable, cybersecurity experts are warning organizations to prepare for a potential in increased cyber- attacks by updating software, making sure patches are up to date, use multifactor authentication, and strengthen your passwords. As MSP’s you need to help reduce the impact and shorten duration should an incident occur to one of your customers. Harry Brelsford sits down with Anthony Oren, Nero Consulting Inc. to discuss the current cyber security situation and what you can do to prepare.
Although cyberattacks have been around for years, in the last year we have seen a new era of cyberattacks. These attacks are more sophisticated and have cost companies billions in recovery expenses, fines and lost revenue. As companies look to protect themselves with technology, employee training, and cyber insurance, they might not be as protected as they think. Unlike traditional insurance cyber insurance does not have a standard template for insurance. Each insurance policy is significantly different, and are currently becoming harder and harder to use.
Cyber hygiene is the cybersecurity concept of personal hygiene. It refers to the fundamental best practices an organization takes to maintain their health. Just like personal hygiene there are three basic principles a company should use to protect their health, using products and tools that fit your needs, performing these hygienic tasks correctly, and establishing a routine.
We are seeing a major shift in cyber insurance as premiums have increased between 30% and 110%. One school district even reported a 334% increase in their cybersecurity policy. As more and more big names are breached or hit with nasty ransomware strains, many are realizing the consequences and financial stresses this can have on their company. Most experts agree its not if your company will get hit its when. As cyber-attacks ramp up threatening data and privacy, cyber insurance companies have had to raise their rates partially due to claim frequency, the severity of claims and the uncertainty of what’s to come.