CYBER PATROL A company is considered an SMB. Can it afford to not have cybersecurity insurance? The short answer is no. The long answer is that cybersecurity insurance is something that has become less of an option and more of a necessity. QBE mentions that SMBs of all sizes are likely to have access to customer data from across the globe. While we traditionally hear of cybersecurity breaches affecting major companies and corporations, Coveware mentions that nearly 75 percent of all companies affected by ransomware are classified as SMBs. To cyber criminals, the size of a company doesn’t matter, as all information is lucrative. In fact, SMBs can be even more enticing because of the reputation that they don’t have an impactful cybersecurity platform. While cybersecurity insurance can’t help protect information, it will help to mitigate the damages that these breaches have from a financial standpoint. How can I protect a business from a cybersecurity breach? While cybersecurity insurance is important for the back line, having a proper cybersecurity system is the most important thing to have. However, navigating the world of cybersecurity to do all these things can prove to be quite daunting, especially if cybersecurity isn’t what a company deals with. From understanding what a company needs to do without having to download more software than necessary, it can be quite a challenge. To fortify a cybersecurity stance, SMBs can elevate their defenses with these strategies: • Stay current: regularly update your software to shield against vulnerabilities. • Fortify passwords: bolster your digital gateways with unique passwords fortified by multi-factor authentication. • Deploy anti-virus solutions: enlist the aid of robust anti-virus software to repel digital threats. • Encrypt data: safeguard sensitive information with encryption, rendering it impenetrable to prying eyes. • Empower the team: educate staff and empower them to recognize and thwart cyber threats effectively. • Uphold security standards: consistently practice good security hygiene to maintain a resilient digital perimeter. Implementing these various measures can help bolster an SMB’s cybersecurity posture and shield digital assets from potential threats, but ideally, SMBs should look for a comprehensive solution that encompasses all of these tools (such as multi-factor and passwordless authentication, DNS Filtering, EDR, and a security operations center (SOC) team to manage any vulnerabilities) in a streamlined solution. Why an all-in-one solution? Having software that comes builtin with multi-factor and passwordless authentication allows for information to be secure, while making it much more difficult for a third party to access the information. Many cybercriminals will look to exploit any weaknesses they can find in an SMB’s online system, and passwords are often the weakest link. Look for a solution that includes authentication software that allows a team to access all information that can pertain to sales and marketing, while mitigating the potential for a data breach. A DNS filter should be able to go through the vast array of websites, find ones that appear suspicious and automatically block access to them. Many of these types of sites will install a form of ransomware or spyware, which can cripple business’ operations. Having an EDR system allows SMBs to identify the software and computers that are the most vulnerable, as well as finding new information for the DNS filter. If there happens to be a phishing attempt that slips through the DNS filter, having an EDR system as a backup will prevent that style of phishing from happening again to your SMB. Having a SOC team working around the clock to keep information secure is another asset to help safeguard company’s data. Being able to consolidate all the above-mentioned cybersecurity tools will ensure that a business can maintain its cybersecurity edge without the need for multiple software installations. Combining Measures In conclusion, cybersecurity insurance stands as an indispensable safeguard in today’s rapidly evolving digital landscape, and its significance cannot be overstated, particularly for SMBs. In a world where cyber threats continually mutate and grow in sophistication, the financial stakes of a cyber breach have never been higher. While the ideal scenario is never to face a cybersecurity incident, the reality is that the costs associated with such breaches can be financially devastating. Thus, cybersecurity insurance serves as a critical safety net, offering vital financial protection in the event of a data breach or cyberattack. Nevertheless, an effective cybersecurity strategy extends beyond insurance alone. SMBs must proactively fortify their digital defenses through comprehensive measures. This includes staying current with software updates, implementing strong authentication and encryption practices, deploying anti-virus solutions and educating employees to recognize and thwart cyber threats. Moreover, adopting all-in-one cybersecurity solutions with features like multi-factor authentication, DNS filtering, EDR systems, and SOC teams can help SMBs maintain a robust cybersecurity posture. By combining insurance with these proactive cybersecurity measures, businesses can significantly reduce their vulnerability to cyber threats. In an increasingly interconnected and digitized world, this comprehensive approach not only protects against monetary loss but also affords invaluable peace of mind. Raffaele Mautone is founder and CEO of Detroit-based Judy Security. 26 CHANNELVISION | SEPTEMBER - OCTOBER 2023
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