Cyber insurance covers a range of elements, the most basic being the legal expenses incurred as a result of falling victim to cybercrime. This includes legal fees, expenses, and even any fines that you may have to pay or financial settlements that have to make with your customers or third parties who have been affected as a result of the incident. Apart from this, depending on the coverage you opt for, your cyber insurance may cover the following.
Software-as-a-Service (SaaS) is the notion that instead of licensing the use of software, and essentially owning it, with all the accompanying requirement to support it on your own hardware, you subscribe to it while it operates on vendor supported hardware. Since SaaS replaces the traditional license model, we need to define the “license model.”
When you look at all the ways that your data can be placed at risk, it can be pretty discouraging. As discussed in our last two blogs, data is at risk from bad actors, failed hardware, human error and external events largely beyond anyone’s control. However, there are a range of solutions, some of which can be money-saving, that can help mitigate risk. Here are four key areas on which to focus.
With the news cycle dominated by data that has been stolen by cybercriminals, it is easier to overlook the other, sometimes benign ways your data may be placed at risk and become inaccessible to your employees and customers.
We hear routinely in the news that a major corporation or government agency has had its data integrity compromised, with millions of pieces of personal data accessed. In these cases the criminals behind the attack hope to get money by selling that data to other criminals. In the case of ransomware, the criminals want your money, and try to get it by holding your data hostage. Plain, old fashioned kidnapping with a hi-tech spin.
What can you do to avoid falling victim?
If you are unfortunate enough to be the victim of a ransomware attack, there are basically only three options open to you. Ransomware is a type of computer virus that kidnaps your data and holds it hostage for money. It has become increasingly common attacking governments and all manner of business and non-for profit institutions.
More and more businesses are implementing Voice over Internet Protocol or VoIP technology because of its versatility, flexibility and cost-effectiveness. With new developments in this technology, the scope of its applications is widening. It is becoming more than just voice communications technology. That is why businesses of all sizes are migrating at an increasing rate. Here is a short list of some of the benefits.
Bring Your Own Device, or BYOD, to work was an idea a few years ago that is becoming a reality very fast. To use your personal smartphone, tablet or laptop for work seems increasingly natural. Employees are embracing this concept without any serious reservations. As more and more business activity becomes technology driven, to have electronic gadgets right by your side all the time make sense. According to a survey conducted by Logicalis about 75% of employees in high growth markets such as Brazil and Russia and 44% in developed markets bring their own devices to work.
There are many threats to the integrity of a small business, and not all of them are as dramatic as a cyberattack or a hurricane. Every small business needs to do a risk assessment to determine all the threats that exist that could bring harm. External threats are the ones that get the the most attention. These can be big snowstorms or hurricanes that bring down power lines and network connections. They can also be man-made. A power outage due to a grid failure, or an act of terror. Also in this category are phishing scams, cyber attacks and data theft from external sources.
BYOD refers to a firm’s policy of allowing employees to use their own personal phones, tablets and laptops for all their work applications.This is a pretty common policy, and it has many benefits, but it brings along risks. How are you addressing these risks?
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