In today’s age of digital transformation, cyber security threats have become a major concern for businesses. With an alarming number of cyber-attacks and data breaches, many companies have been turning to cyber insurance to protect themselves financially in the event of an attack. However, whilst cyber insurance can help businesses get back on their feet should a cyber-attack occur, it will not solve any security concerns a business may have nor prevent a data breach. And, as always with insurance of any kind, the question is whether it will pay out at all?

The cost of cyber insurance can vary depending on the size and type of business, as well as the level of coverage. But it can be a big investment, particularly for larger companies. Before investing in cyber insurance, it is worth taking time to figure out what financial impact a cyber-attack could have on your business and how you would be covered with your insurance. Some insurance policies do not cover some common cyber-attack incidents such as money lost through business email compromise fraud or a new type of cyber-attack that does not already exist on your insurance. Insurance companies are also putting in place a very high bar – some would say impossibly high – to meet the requirements of cyber insurance. Indeed, we are seeing more and more examples of insurance companies failing to pay out in the instance of cyber-attack on the basis that the customer hadn’t met some of the (often obscure) requirements.

Cyber insurance does have a role to play. But our advice is that rather than relying solely on cyber insurance, businesses should of course put in place a comprehensive cyber security strategy and continue to invest in it to protect themselves from attack as best they can in the first place.

Having certified cyber security in place not only helps to prevent cyber-attacks but reassures customers that you are working to secure your IT against this and could attract new business with the promise of having this in place. This would ideally include both preventative measures and incident response plans. It is important to invest in cyber security infrastructure such as firewalls, intrusion detection systems and incident response software. Immutable back-ups are also key to storing data and mitigating against ransomware attacks as once saved, data cannot be changed, overwritten or deleted.  A company should carry out several cyber security protocols which could include reviewing email security, setting up a multi – factor authentication, protecting virtual meetings and creating a private cloud management software. In some instances, organisations working in sensitive areas will invest in the services of a SOC (security operations centre) to monitor their IT on an ongoing basis to pick up any potential attacks at a very early stage.

Hackers also rely on human error and if a company has not brought their employees up to speed on cyber security, it is only a matter of time before they regret this decision. Investing in training and education for employees on how to identify and prevent cyber-attacks is crucial. With the rise of remote and hybrid working of course providing an increased risk of data-breach, cyber security training for employees has become more important than ever.

There is no doubt about it, cyber attackers will continue proliferating the digital world. Attacks will become more frequent and more sophisticated. Whilst cyber insurance can provide some level of financial protection for businesses, it should not be viewed as a substitute for investing in robust cyber security measures including cyber security infrastructure, employee education and incident response plans. By investing in robust cyber security measures, businesses can not only reduce their risk of a cyber incident but also save money long-term by avoiding costly incidents in the first place.

Avoiding rather than just insuring is the way to beat the hackers – The Irish News

In today’s digital age, businesses heavily rely on their IT systems to carry business as usual operations. From customer data to financial records, we all store and rely on vast amounts of critical information and systems that must be protected at all costs. However, disasters and unforeseen events can and do happen, potentially causing significant disruptions to your IT infrastructure and consequently your BAU operations.

An IT DR plan is a comprehensive strategy that outlines how you will respond and recover from a wide range of IT-related disasters, including natural disasters, cyberattacks, hardware failures, or human errors. Let’s delve into the importance of having an IT DR plan:

1. Minimising Downtime: Time is money, and prolonged IT system downtime can result in significant financial losses.  A DR plan helps minimize downtime by providing a roadmap for recovery. By outlining the necessary steps and procedures, businesses can restore their IT systems efficiently, reducing the impact on operations and enabling a faster return to BAU.
2. Protecting Business Continuity: Disruptions to IT systems can halt critical business processes, jeopardising productivity, customer service and reputation, and revenue generation. Having a plan ensures that essential operations can continue, even in the face of, and during, a disaster. By having resilient infrastructure, data redundancy, and backup internet connections, businesses can maintain continuity and provide uninterrupted services to its customers.
3. Safeguarding Data: Data is the lifeblood of modern businesses, and its loss or compromise can have severe consequences.  Effective DR plans includes data backup and recovery strategies that protect valuable information from permanent loss. Regular backups and secure offsite storage ensure that data can be recovered and restored, minimizing the impact of a disaster on crucial business assets.
4. Enhancing Security: Cybersecurity threats continue to evolve, posing significant risks to businesses. It’s critical to ensure that any DR plan incorporates security measures and protocols that address potential vulnerabilities and mitigate the impact of cyberattacks. By proactively planning for such events, you can minimize the damage, protect sensitive data, and enhance your overall security posture.
5. Meeting Regulatory Compliance: Depending on the industry, businesses may be subject to various regulatory requirements regarding data protection and business continuity. Having a DR plan ensures compliance and potentially mitigates penalties or legal repercussions that could otherwise arise.

In answer to the opening question, then YES.  It absolutely does.   An IT DR plan is an essential component of modern business operations. It provides a structured approach to navigate through disasters and recover from IT-related disruptions efficiently by effectively managing IT-related risks and giving your business the best chances for long-term success.

There are three kinds of organisations in the world;

• Those who have been hacked,
• Those that are next in line or, worst of all,
• Those that don’t know they’ve already been hacked.

“Why would someone want to hack my business ?” is probably the most common mistake most businesses make. But hackers don’t discriminate – ALL businesses are targets and subject to ransomware and other cyber attacks.

When your staff navigate through the digital world they leave digital breadcrumbs. Every time they register at a website or sign up for an event, they use a username and password.

Cybercriminals are constantly, and successfully, attacking these websites and other user input points to harvest this login information which becomes the first piece in a larger, more elaborate digital jigsaw, which they piece together to create a profile and your business becomes the target.

RECOMMENDED BEST PRACTICE
The National Institute of Standards and Technology (NIST) produced its Cybersecurity framework (CSF), that sets out 5 best practice functions.

IDENTIFY: Know what you have, where you have it and the value of every single resource individually plus the value all resources combined.

PROTECT: Develop and implement appropriate safeguards to ensure critical infrastructure service delivery and proactively support your ability to limit or contain the impact of a potential cybersecurity event.

DETECT: The faster a cyber event is detected, the faster the repercussions can be mitigated. The early discovery of cybersecurity events is a critical step to a robust cyber program.

RESPOND: Develop appropriate techniques and actions to take when a cybersecurity incident has been detected. The faster and more effectively you respond to a possible detection of a cyber incident, the faster you can stop the threat in its tracks or mitigate its damage and reduce any potential financial impact.

RECOVER: Maintain appropriate plans that can be implemented to restore any impaired capabilities or disrupted services due to a cybersecurity event. Timely recovery to normal operations reduces the impact of a cybersecurity event.

Outsource and OSG Cloud both partner with the word’s leading backup and recovery technology solution providers and as NI’s only Veeam Gold Partner, Cloud and Service Provider, are best placed to support your business in ensuring you are best placed to deal with an attack and to recover after one.

We can help review your current security posture and build and implement comprehensive and robust cybersecurity program that guarantees the security and protection of your digital estate.

Don’t wait until after an event, take some pro-active steps today and make CYBER-SECURITY a priority for your business.

Get in touch for more information: info@osgroup.co.uk

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