Unfortunately, data breaches, and cybercrimes are becoming more and more common. In fact last year was a record breaking year for cyberattacks with numbers expected to increase this year. As cyber criminals continue to invent new ways to attack, and companies paying more than they ever have for fines, legal fees, recovery fees, cyber insurance is becoming more an more necessary. Harry Brelsford of SMB Nation sits down with Marvin Bee to discuss the importance of cyber security, and how it has changed over the years.
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.
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.
Analyst and contributor Phelim Rowe clears up the confusion on labels surrounding cybersecurity solutions. Rowe’s analysis starts with analyzing the Service Level Agreement (SLA) with the client. Does the client need (or will they pay for) military grade security. Rowe defines Managed Security Service (MSS). Rowe also discusses his event model that combines MSPs, MSS and Customers.
Our best dressed analyst Ken Dwight is back joining us from Houston, Texas (Go Astros!) and talking about security chatter he’s detecting in his anti-virus community (don’t forget that Ken is the “Virus Doctor”). Dwight uses this interview to announce his new workshop called “Malware Incident Response” training (MIR). His students and alumni provide a great feedback loop on what’s important and trending. Dwight gives Emisoft a shout out as a trusted vendor that recently published an article revealed an interesting statistic: In 2019 to date – 621 local governments, schools and health care providers have been attacked by malware and suffered encrypted data. So listen up to learn more!