Why Every Company Needs Cybersecurity Protection
There was a time not so long ago when only big companies were concerned with cybersecurity. Not so any more. Size doesn’t matter. Every company has valuable information that today's bad actors are eager to steal.
We're a small company. No one will bother us.
We don't have anything worth stealing.
We have antivrus software so we're protected.
We have
backups. We'll just recover our lost files.
We have cyber insurance.
We're in the cloud so we're protected.
Our MSP takes care of this for us.
It's complicated.
It's expensive.
If you said "Yes!" to even one of these, you're not alone. But there's more to consider than just protecting your company. You have valued customers and clients who trust you to protect them too. Fortunately, implementing the right cybersecurity protection for your company doesn't have to be complicated or expensive.
The first step is to commit to a security awareness mindset throughout your company. It starts with committed leadership and step-by-step actions.
Who's Responsible for Implementing and Monitoring Your Company's Cybersecurity Protection?
Fact: Cybersecurity is a company-wide responsibility. It starts at the top with committed leaders who continually listen, learn, share their knowledge, and create a culture of shared security compliance.
Cybersecurity is not a series of one-and-done checkboxes that can or should be handed off to IT to do. A commitment to the responsible safeguards for company assets, employees, customers, and all trusted business partners starts with the C-suite. The right IT team will contribute to the planning, execution, and continuous monitoring of all systems and resources.
The skills to implement a robust cybersecurity plan have changed. Your valued IT team who keeps the day-to-day plates spinning might not have the cybersecurity skills necessary. It is important to understand who does what, the skills required, and then build the right team with each member contributing.
This
technology team roles matrix is also included in the
18 Questions to Ask Your IT Team About Your Cybersecurity Protection (Free 2024 Edition eBook).
Tips for Creating Your Step-by-Step Cybersecurity Program
Every company has its own goals, plans, needs, and resources so there is no easy, one-size-fits-all cybersecurity solution. But there are proven action steps that every company can adopt to guide their security decision-making.
Clarify your risk tolerance
How much can you afford to lose when a security event happens?
High risk tolerance: You're able to withstand larger financial and reputational losses. Your focus is on maximizing profits at the expense of short-term losses.
Moderate risk tolerance: You seek a balance between risk impacts and potential profits from taking risks.
Low risk tolerance: Your priority is minimizing loss, negative events, and damage to your company.
Clarify your risk appetite
How much risk are you willing to assume to achieve your long-term goals and strategies?
High risk appetite: This goes hand in hand with high risk tolerance. You are a risk-taker in anticipation of high rewards.
Moderate risk appetite: You're likely to take risks within your comfort zone.
Low risk appetite: You fall into the risk averse category. You are willing to sacrifice higher returns in both the short and long term for less risk exposure.
Find your risk comfort zone
Every leader and company has its own cybersecurity comfort zone, the place where risk tolerance and risk appetite meet.
Start your cybersecurity planning there.
Conduct an IT asset discovery
Where are you now?
What software, applications, hardware does your company use every day?
Uncover the hidden risks of shadow IT
How do you put your existing assets to use most effectively?
How does your existing technology framework align with your long-term strategic goals? Given your risk comfort zone, where are your biggest concerns?
Explore the Details
Then build your documented, actionable roadmap
The results of your technology asset discovery are the foundation for your technology planning. Every company is different, and how you address the results of your discovery should be appropriate for your company.
Consider your cybersecurity risk comfort zone. Include cybersecurity compliance requirements from third parties such as insurance coverages, regulatory compliance, business partners, and customers' compliance requirements.
Detail small, actionable steps.
Plan. Execute. Measure. Modify. Repeat.
The 3 Essential Cybersecurity Protections Every Company Can Implement Now<
1. Replace Legacy Antivirus With Proactive Endpoint Protection
Legacy antivirus software is primarily reactive.
That means it waits to be told what potential malware it should look for. The time delay between the discovery of a new virus and the download of the software update to your company's devices leaves you at significant risk.
Antivirus updates are generally released on a fixed schedule instead of as soon as they are available. The need for quick response is critical.
Each team member often has access to the antivirus settings on his desktop or laptop. There is no centralized management to ensure all devices are updated as quickly as possible.
2. Add Next Generation Advanced Endpoint Security
Next generation security protection is proactive. That's a big deal.
It's like your company's moat. Next generation antivirus is continously listening, learning, and denying entry to anyone who it thinks is an attacker.
The response is immediate. No waiting to be told what to do next.
Since this is proactive centralized protection, everyone in your company has the same continous level of security. No downloads, no overlooked devices.
3. Implement DNS Web Content Filtering
Working online is a way of life for every company. Website access, even ones we believe can be trusted, introduce an additional level of risk that you can reduce.
DNS content filtering, also referred to as web filtering, prevents exposure to malware, malicious, and suspected websites before your team members can access them.
Adding this level of protection is applied to everyone regardless of where they're working. In today's hybrid, remote, mobile, office, home work environment, a consistent security framework is just wise business.
What About Cyber Insurance?
Myth: We've heard business leaders say they have cyber insurance coverage so they're not concerned about security risks. Their insurance company has them covered. Not so.
What is Cyber Insurance?
Cyber liability is specialized business insurance coverage. This coverage is in addition to your company's general liability insurance policy and is often specifically excluded under this policy. Every insurance company has its own set of coverages, limitations, and exclusions so a careful review with your insurance agent, broker, or company representative is essential.
What is Covered by Cyber Insurance?
According to the
FTC's cybersecurity resources for small business, these are coverages you should have included in your cyber insurance policy:
Data breaches such as loss of personal information. This is especially important if your company receives, processes, transmits, or stores PII or PHI information.
Cyber attacks on your data stored by third parties.
Cyber attacks on your company's network.
Cyber attacks anywhere in the world.
Defense in a lawsuit or investigation.
Assistance in notifying customers of data breaches.
Legal assistance in determining regulatory compliance.
Recovery and replacement of lost or stolen data.
Forensic services to investigate the breach.
Compensation for employees and customers loss of personal data.
What Are Insurance Companies Requirements for Cyber Liability Coverage?
Regardless of your current insurance carrier or policy, it is important to keep these points in mind:
Cyber insurance coverage is not cybersecurity protection. This is coverage that might help you recover some financial damages in the event of a breach or data loss.
The underwriting requirements vary by insurance company, but all companies have firm guidelines that must be met.
The three essential cybersecurity protections described above will generally be required by all companies.
You must be able to verify through written documentation that the underwriting requirements have been met. Simply checking the box won't be adequate in the event of a loss. A failure to comply might result in your claim being denied.
These cybersecurity controls are requirements we have found in some companies' underwriting requirements.
