Mobile Computer Services Shares The Importance of Cyber Insurance for Businesses

Why should SMBs invest in cyber insurance?

In today’s digital economy, frequent cyberattacks are putting confidential data at risk and causing immense business losses. SMBs are at the highest risk of cyber attacks due to their limited resources. Therefore, SMBs that aspire to succeed in these uncertain times, must include cyber liability in their security infrastructure to protect their business against the risk of cyberattacks. Mobile Computer Services, a managed IT company in Wake Forest, discusses why cyber insurance is so important for small businesses today.

Statistically, 25% of organizations file for bankruptcy and 9.7% go out of business after a successful cyber attack. According to DataStream, 89% of businesses that have cyber insurance said that it covered their losses and that they were very glad they did have it.

A strong cyber security plan is necessary for any organization today. However, with constantly evolving and advanced cyberattacks, no cyber security protocol is foolproof. Cyber insurance covers 1st party and 3rd party cyber losses such as investigation costs, hardware, and software damage costs, fines incurred by lost data, lost revenue, lawsuits from individuals due to data loss, and so on. 

In scenarios where security is breached, cyber insurance serves as a big safety net offering the following advantages:

• Covers data breach 

It is the legal responsibility of an organization to inform affected parties of a data breach. Not only does the organization now have its own data breach costs to bear but also the legal costs of a client data breach. 

• Business interruption loss reimbursement

A cyberattack means disruption of operations due to a probable IT failure. In such a case loss of income and time due to this interruption can be massive. Cyber insurance offers coverage for the loss of income during these disruptions and may also include the increased cost of business operations after the cyber attack.  

• Cyber extortion defense

The purpose of ransomware is to extort a ransom from the organization in return for the stolen data. Cybercriminals can threaten to misuse the stolen data or encrypt the company’s data thereby preventing access to it. The company may need to pay a steep ransom to retrieve its data from cybercriminals. These losses can be covered by cyber liability insurance.  

• Investigation cost

Once a cyber attack is discovered, an organization needs to investigate the extent of the breach and the vulnerabilities in the system that led to it. These forensic costs that an expert would charge are also covered in cyber insurance policies. Right after the breach, a cyber insurance policy may also cover round-the-clock support from cyber specialists. 

• Legal fees

When confidential data is stolen it may spiral into legal suits by the impacted parties such as customers. Penalties can be levied by the federal or foreign government for the breach of data privacy. This would require organizations to expend certain legal fees to hire lawyers which are also covered in cyber insurance policies. 

• Errors and Omissions

When the business operations are disrupted due to a cyber attack the company is likely to fail in fulfilling certain contractual obligations that are time-bound. This inability to deliver a service or a product can lead to legal allegations based on negligence or breach of contract. The legal fees and the associated compensation can be covered by cyber insurance policies.

• More than a general liability policy

General insurance policies cover the loss of physical assets, not losses caused by data breaches. Since data is of much more value than physical assets in today’s age, general insurance barely covers the possible losses a company may face in the event of a data breach. Peace of mind and the continued protection of the company’s finances and reputation are achieved with a cyber insurance policy. 

 

Why Mobile Computer Services?

Mobile Computer Services offers a comprehensive array of solutions that take away IT headaches. A managed IT services company in Wake Forest, Mobile Computer Services works with local businesses, overseeing their entire IT infrastructure and operations - from daily IT tasks to long-term strategic technology decisions. 

It provides businesses with an assigned, dedicated team of certified engineers who don’t provide the business with just technology but also manage that technology. 

Learn more about managed IT services offered by Mobile Computer Services, Inc. at Wake Forest. Call now at (919) 230-2900.  

Mobile Computer Services Shares 6 Email Security Practices for Businesses

Best email security practices for businesses

Email is one of the most widely used tools of communication within organizations as well as with outside entities such as vendors, customers, and other stakeholders. Emails are also most prone to cyberattacks such as malware, phishing, and spam, through which crucial financial and legal data can be extracted and misused. Mobile Computer Services, a managed IT company in Raleigh, shares some important email security practices for businesses. 

1. Email Encryption 

Email encryption is a great way to protect users and confidential data from cyber attacks. The main idea is to ensure that intended recipients only receive emails with all data protected, even when sent over the cloud. Various email encryption services can be applied to every size of the business while keeping cost-effectiveness, ease of use, and employee goals in mind. 

2. Employee Security Training

Training employees about the dangers of cyber attacks and the importance of following email security policies is critical to successful email security. Regular reminders on signed-off policies from HR or IT can ensure employees understand the importance of these policies. A standard, easy-to-follow procedure can help employees stay secure.

3. Email Defenses

Phishing attacks use email fraud, impersonation, and social engineering to trick users into clicking on malicious content and unwittingly sharing confidential information. Security awareness training can simulate phishing and train the users to identify malicious emails. To prevent phishing attacks, businesses can implement a Secure Email Gateway and use attachment sandboxing and URL threat defense technologies. Post-delivery protection is a machine learning algorithm that detects and automatically removes phishing attacks and alerts the user about suspicious emails.   

4. Secure & Productive Email Features

Email security must go hand-in-hand with productivity. Employees must never feel that email security is hampering their work and delivery. This can discourage them from following the security protocols. Some of the things to consider when adding email security features are:

• Will employees be able to send secure emails on the phone?

• Are employees feeling secure and compliant in sending mails?

• Are employees assured that their secure emails are successfully being delivered, especially if they are time-sensitive? 

5. Better Password Management

Same passwords are often used across multiple accounts by employees. Since phishing attacks leverage these passwords, funds that hold company data, consumer data, and financial information are jeopardized. 

Businesses can implement strong password management policies to ensure all users use strong and unique passwords for each account. This mitigates the risk of all accounts getting compromised by a phishing attack. Business Password Management solutions are one such platform that can be used to monitor employee password security. 

6. Anti-Virus For Endpoint Protection

Endpoint anti-virus protection is a critical practice that protects all endpoint devices from getting infected by email ransomware and malware. This solution scans all files and websites for any malicious content and helps remove the malware found on the systems.

 

Why Mobile Computer Services?

Mobile Computer Services offers a comprehensive array of solutions that take away IT headaches. A managed IT services company in Raleigh, Mobile Computer Services works with local businesses, overseeing their entire IT infrastructure and operations - from daily IT tasks to long-term strategic technology decisions. 

It provides businesses with an assigned, dedicated team of certified engineers who don’t provide the business with just technology but also manage it. 

Learn more about managed IT services offered by Mobile Computer Services, Inc. at Raleigh. Call now at (919) 830-9448.