How Cyber Insurance and Key Security Measures Helped Businesses Bounce Back from Recent Cyber Breaches
In today’s digital world, cyber threats are more dangerous and costly than ever. Recent cyber security breaches have shown just how important it is for businesses to not only protect themselves with strong defenses like Multi-Factor Authentication (MFA) and Endpoint Detection & Response (EDR), but also to have a solid cyber insurance policy in place to help mitigate the damage.
Here’s how these key measures and insurance have helped businesses recover from ransomware and other attacks:
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Multi-Factor Authentication (MFA): This essential security feature, now required by most cyber insurance carriers, played a crucial role in preventing unauthorized access during several breaches, limiting the scope of the damage.
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Segregated Backups: With ransomware on the rise, having backups stored separately ensured that businesses could quickly recover their data without paying a ransom—saving them thousands of dollars in recovery costs.
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Next-Gen Antivirus (NGAV) & EDR: By detecting and stopping unknown threats in real-time, these tools acted as a first line of defense. Insurance carriers often require these solutions because they significantly reduce the risk of a breach spiraling out of control.
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Patching & Vulnerability Management: Timely patching stopped many vulnerabilities from being exploited. Companies that followed best practices for patching were able to minimize the impact of these breaches and file smaller claims with their insurers.
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Cybersecurity Training: Employees trained to spot phishing emails and other cyber threats helped reduce the number of successful attacks, cutting down on potential business interruptions and insurance claims.
Ultimately, these businesses were able to rely on their cyber insurance to cover the financial fallout from breaches, including recovery costs, legal fees, and lost revenue. However, without strong security practices in place, the consequences could have been far more severe.
Want to learn more? Sign up for our webinar, How to Protect Your Business Without Breaking the Bank: The Cyber Insurance Advantage, September 27, 2024, at 12:00 PM. Register today!
