Cyber insurance is a great idea for any business that handles personal data or would be unable to operate in the event of a ransomware attack. With cyber coverage, an insurance policy will clean out ransomware and get you back on your feet. Cyber liability coverage protects you in the event that personal information is stolen or exposed due to a data breach. Every small financial planner, law firm, bank, real estate agency, hospital, health clinic and government agency needs to consider some level of cyber coverage to prevent a catastrophic and possibly existential cyber attack.
By itself, cyber insurance is a good start, but when paired with fractional or virtual CISO service, it becomes essential protection for your business, employees and client. Adding a virtual CISO may also help to reduce the cost of cyber security insurance.
Know the Limits of Your Insurance
Whether you have a cyber liability policy, which typically covers data loss and costs associated with protecting clients, or a cyber security policy, which provides business interruption coverage and help with ransomware, there are expectations from your insurance company. As a rule, you will be expected to:
- Conduct an audit of current system security and risks
- Maintain a secure online environment
- Use strong passwords and two-factor authentication
- Update and patch software as needed
- Develop protocols for responding to email and handling attachments
- Train staff on how to prevent breaches
Most organizational leaders lack the time and expertise to keep up with these requirements, but failing to do so could void your cyber policy. A virtual or fractional CISO will ensure that you stay in compliance and help boost overall security for your organization.
Virtual CISO and Cyber Insurance for Maximum Protection
Combine a virtual CISO and cyber insurance and you will provide the highest level of security for your organization, your staff and the people you serve. A virtual CISO provides a complete security audit, then informs business owners of the steps needed to improve cyber security as well as an implementation plan. A virtual CISO will also review any cyber insurance policies an organization has to ensure that they are in compliance.
These experienced cyber security professionals will also monitor and update your online infrastructure, so that you are continually protected from cyber threats. They can often conduct employee training to prevent phishing and malware attacks and help you secure systems against spam and bot attacks as well as hackers.
Small businesses, agencies and nonprofits should strongly consider a virtual CISO service to protect against online threats. Anyone who handles identifying information or financial information, who stores passwords or transactional history, or who operates critical infrastructure will be a target of cyber criminals. Cyber insurance will only protect against financial losses.
You will still need to clean up, restore and possibly rebuild systems. A virtual CISO who knows your organization and your systems will help you return to full operational capacity quickly, and will provide even greater value by preventing cyber attacks that can cripple your systems or steal data.
Offset CISO Costs with Insurance Savings
Most cyber insurance policies will give you a discounted rate if you hire a fractional or virtual CISO, or if you have a full-time Information Security Officer on your staff. While those savings will not cover the full cost of a part-time CISO, they will make a big dent in the cost of CISO-as-a-service providers.
Protect Now will help you assess your cyber insurance, cyber security and virtual CISO needs. We offer affordable solutions developed to support public-facing organizations and organizations that must rely on legacy systems. Contact us to speak to a cyber security expert.
Written by Robert Siciliano, CEO of Credit Parent, Head of Training & Security Awareness Expert at Protect Now, #1 Best Selling Amazon author, Media Personality & Architect of CSI Protection Certification.