cybersecurity insurance

3 Reasons the Rules have Changed with Cybersecurity Insurance

Five to ten years ago, businesses used cybersecurity insurance more as a precaution than a necessity. Large payouts for cybersecurity breaches were rare and not significant enough to break the bank, which meant those kinds of insurance agencies were making money and keeping it.

In contrast, insurance agencies today are facing financial payout after financial payout because of the prevalence of cybersecurity breaches. As a result, insurers decided it’s time to rewrite the rules. If you fail to follow their cybersecurity guidelines for your business, you may lose coverage when you need it most.

1. Many Businesses Are Investing in Cybersecurity Insurance

60% of small businesses close within six months of being hacked. Additionally, small businesses are targeted more often by cyber criminals because their security is easier to breach. 

That’s why more small businesses are investing in cybersecurity insurance than ever before. In order to better protect these businesses and themselves, it’s more common for insurance agencies to make more elaborate security requirements.

2. Without Certain Security Measures, Cybersecurity Breaches Aren’t a Matter of “If”, but “When”

Studies predict that ransomware damages will hit $20 billion in 2021. In contrast, around five years earlier, damages from ransomware were well below a million! 

Needless to say, insurance companies can’t afford to foot the bill for what’s predicted. As a result, Multi-Factor Authentication and other basic security measures will be required by insurance agencies before they’re willing to insure.

3. Lack of Security Requirements Hinders Business Growth

Legal requirements that affect industries such as healthcare, legal, and insurance companies make it even more difficult to do business without proper security measures in place. And for every industry, trust is a very important component of the client relationship.

If your business isn’t protected, it isn’t the only data source at risk. You face the challenge of protecting your clients’ data as much as your own. However, insurance agencies can’t be responsible for the data of their clients AND their clients’ clients! Therefore, the fine print is even finer in their policies, and the stakes are even higher for the business owner.

What Do These New “Rules” Mean for You & Your Business? 

The biggest issue you should be aware of is that even if you’re paying for cybersecurity insurance, you might not be insured. 

It’s important that you understand the terms of your insurance. If you don’t comply with the terms your insurer requires, you may not be eligible for the actual coverage you’re paying for!

By following their guidelines and investing in proper cybersecurity best practices, you can protect yourself, your business, and your clients from a very frustrating and costly security breach. You can also make the most of your coverage if you choose to have it. Remember – without basic security measures in place, it’s not a matter of “if”, but “when”. 

In short: Check your policy, contact your agent, and make changes. 

Please let us know if you have any questions or would like to learn more about cybersecurity insurance or the best measures for securing your business technology. We help people like you! 

What Every Business Owner Should be Asking About their Data

What Every Business Owner Should be Asking About their Data

Using data to make more informed business decisions is a no-brainer – especially for businesses that already have this data at their disposal. 

The challenge is that many businesses have this data, they just don’t have a simple way to collect and interpret it. And, without this, they face a major roadblock on their path towards the informed business decisions they want to make.  Read more

TAM Spotlight – James Hutchinson

As the VP of Business Development, I have the best seat in the house – I see the beginning of our relationships with clients and how they develop over time. I also have the fortunate opportunity to introduce each of our customers to ABS and hand them off to the Technical Account Managers. I get to watch our TAMs educate our clients on what they should be considering strategically as they grow and how they evolve their security posture. Our TAMs are critical to this process, from service delivery to customer satisfaction!

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Three Cybersecurity Services Every Business Needs

Three Cybersecurity Services Every Business Needs

Technology advances everyday, and as it does so do hackers taking advantage of it. Businesses cannot afford to have subpar cybersecurity measures in place. In order to protect your information and save yourself the time, money, and stress that comes with a data breach or other hacking event, you need to have the best plans in place. Read more

TAM Spotlight – Sam Lewis

As the former Director for our Technical Account Managers (TAMs), I’ve seen the work they do for our customers every day. I think of our TAMs as the “lighthouses” for our customers. They alert the ABS team when something hits their radar. They light the way proactively about future issues and creative strategies. Read more

4 Cybersecurity Challenges All Businesses Face

4 Cybersecurity Challenges All Businesses Face

The challenges faced by businesses are constantly changing year to year. Cybersecurity has become a major priority and challenge for many businesses as remote work has become more normative due to the pandemic. One of the biggest issues with cybersecurity is protecting against all forms of attack. There are many ways a business could be attacked, which means it takes a comprehensive security approach to protect against a cybersecurity breach.  Read more

TAM Spotlight – Skyler Daugherty

As the Director for our Technical Account Managers (TAMs), I see the work they do for our customers every day. I think of our TAMs as the “lighthouses” for our customers. They alert the ABS team when something hits their radar. They light the way proactively about future issues and creative strategies. Read more

Here’s Why You Should Be Concerned About Ransomware

Much of our day-to-day business relies on computers. We use devices and networks to communicate, work, and store data. With the amount of crucial information stored on our servers, it is no wonder that there are criminals out there who look for ways to access it. Your vulnerabilities can end up costing your business more than you think.

Cybersecurity is crucial to safely running a business and having ABS on your side could mean the difference between recovering quickly with little loss and huge losses of time and money. Don’t just take our word for it, though.

Earlier this year, ABS helped one of our clients recover from a cyberattack. In April, we received the call that one of our clients was experiencing IT issues. Their systems weren’t working and they were unable to run their business. As it turned out, they had fallen prey to a ransomware attack.

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3 Benefits of Choosing Managed IT Services

Managed IT Services or Managed Service Provider (MSP) are terms you’ve probably heard thrown out from time to time. Unfortunately, it’s not always clear exactly what “managed” means and how it can benefit your business.

If you’re curious about managed IT, what it means, how it works, and why so many businesses are choosing this option for their IT, then you’ve come to the right place. Our goal is to answer these exact questions and pinpoint areas of your business that will benefit from choosing a managed IT service.

Managed IT simply means outsourcing your IT. It means that your IT is being managed by an outsourced team. It means less time and money and resources being spent on internal IT and more time, money, and resources going towards the people and solutions that make your business unique. Read more

What is Remote Monitoring & Why Does It Matter?

We hear so many terms and services (like remote monitoring) thrown out and, oftentimes, it’s unclear exactly what these terms and services actually mean.

As you seek to understand your IT needs and the many ways you can choose to meet those needs, it’s important to understand the pros and cons of each option and the opportunities available to you with them!

Remote is a buzzword in our world right now and it generates a few mental pictures.

To some, remote monitoring might sound a bit like “big brother” – especially to your employees!

To others, it might sound like a cop-out – a way for your IT company to get out of having someone in your office to personally take care of your needs.

But, what it really means is faster, better, and more proactive service. Read more