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What Business Owners and Executives Need to Know About Cyber Insurance
HCC member and cyber security expert, Carl Mazzanti, President, eMazzanti Technologies, discusses cyber insurance policies, in a new article on the NJBIZ website. The informative article first relates how insurers are being more careful about writing new policies or renewing existing ones.
Mazzanti then explains steps business leaders should take to increase the odds of qualifying for coverage, including having a significant first line of defense like multi-factor authentication. He also recommends a detailed review of business risks and having an incident response plan in place.
“Cyberattacks against all kinds of companies are on the rise,” stated Mazzanti. “In addition to stepping up cyber defenses, companies are increasingly looking into cyber insurance that may cover the blow of ransomware and other attacks.”
Below are a few excerpts from the article, “What business owners and executives need to know about cyber insurance.”
Beyond liability protection
“Depending on how it is written, a cyber-insurance policy may offer more than just liability protection — so it is important to carefully review the new or existing policies. It may cover legal costs as well as costs for forensic analysis, data restoration, and communications related to the breach.”
“At a minimum, insurers often want clients to document the presence of a significant first line of defense like multi-factor authentication (MFA). Instead of relying on a single password, an MFA-protected email or other systems will require at least two verification methods to establish identity.”
“An insurer will also want to know whether a business has plans in place in the event of a breach. Are you backing up files consistently and then isolating the backups so they will not be corrupted or infected by a cyber-breach? And do you have written guidelines for these and other procedures?”
“How about training? Like DEI and other issues, businesses should have formal training sessions two or three times a year for employees — and it should follow with testing. Your managed service provider may provide this kind of customized training and follow it up with email and other testing methods.”
No one plans to be targeted by a cybercriminal, but the sad truth is that it’s not a matter of whether a company will suffer a breach but rather when it will be. The cyber security experts at eMazzanti Technologies help companies plan carefully and put a coordinated defense system in place—with good cyber insurance coverage as a backup—to be prepared to mitigate potential damages.
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About Carl Mazzanti
Carl Mazzanti is the Co-founder and President of eMazzanti Technologies, Microsoft’s 4X Partner of the Year, and 9X Inc. 5000 list honoree. His company specializes in cybersecurity and cloud solutions, outsourced network management, remote monitoring, and support for small and mid-sized retailers, manufacturers and distributors. Carl is frequent business conference speaker and technology talk show guest on the topic of cybersecurity.
About eMazzanti Technologies
eMazzanti’s team of trained, certified IT experts rapidly deliver increased revenue growth, data security and productivity for clients ranging from law firms to high-end global retailers, expertly providing advanced retail and payment technology, digital marketing services, cloud and mobile solutions, multi-site implementations, 24×7 outsourced network management, remote monitoring, and support.
eMazzanti has made the Inc. 5000 list 9X, is a 4X Microsoft Partner of the Year, the #1 ranked NYC area MSP, NJ Business of the Year and 5X WatchGuard Partner of the Year! Contact: 1-866-362-9926, email@example.com or http://www.emazzanti.net Twitter: @emazzanti Facebook: Facebook.com/emazzantitechnologies.