Cyber insurance is an invaluable tool in your risk management arsenal but isn’t a substitute for security. Think of it as one of your many weapons against cyber threats. However, there’s a widespread misconception that having cyber insurance is enough. The truth is—without a comprehensive cybersecurity strategy, your insurance can offer only limited protection.
Understanding the limits of cyber insurance
- Insurance is a must. However, having insurance doesn’t guarantee a payout. Here are a few things that cyber insurance can’t help you with:
- Business interruption: Your cyber insurance policy can never fully cover the cost of lost productivity due to a cyberattack. In most cases, the payouts would be partial and won’t be enough for you to recover from the business interruption.
- Reputational damage: Cyber insurance can’t help you win back customer trust. It would take a lot of work to repair your organization’s reputation.
- Evolving threats: Cyber threats are constantly changing, and your insurance policy might not be able to offer a payout against new tactics.
- Social engineering attacks: Cybercriminals often trick unsuspecting victims through social engineering attacks. You might not be covered if your business suffers losses due to a social engineering attack, like a phishing scam.
- Insider threats: Losses resulting from an internal risk are rarely covered by insurance providers. If the breach occurs because of a threat within your organization, your policy provider may not entertain the claim.
- Nation-state attacks: Some rogue state nations deploy their hackers to carry out cyberattacks in other countries. Many insurance providers consider such attacks as acts of war and do not cover them.
Five steps to build a strong cybersecurity posture
Implement these steps proactively to strengthen your defences:
- Employee training is critical for building a solid defence against cyber threats. Hold regular sessions and boot camps to educate your team on cybersecurity best practices.
- Implement robust password policies. Using multi-factor authentication will phenomenally improve your internal security.
- Regularly back up your business-critical data. This will help you recover quickly in case of a breach or a ransomware attack.
- Keep your software and security solutions up to date. Monitor and resolve issues before hackers have an opportunity to exploit them.
- Think of your network like your castle and do everything to protect it from hackers. Build a vital network security infrastructure with firewalls, anti-virus software and threat detection systems.
To build a strong defence posture, it would be best to have a good cyber insurance policy and a robust cybersecurity plan. However, juggling managing your business and implementing a comprehensive security strategy can be stressful. That’s where a great partner like us can offer a helping hand. We can evaluate your cybersecurity infrastructure and create the right plan for you. Reach out to us today to get started.
Cyology Labs can help you build a robust defence strategy that safeguards your business and future. That’s why having a strong cybersecurity partner by your side can be the ultimate weapon in your arsenal—partner with us to leverage advanced technology to fortify your defences. Contact us today to schedule a no-obligation consultation at www.CybersecurityMadeEasy.com
