ECW – Page 2

October 3, 2022October 12, 2022

Cyber Risk Insurance 101

Cyber Risk Insurance 101: What is it and Who Needs It?

Every business needs to protect itself against cyberattacks. That’s why companies must have cyber risk insurance. Cyber risk insurance can help you pay for the costs associated with a data breach or ransomware attack, but there are other things that you should consider as well. Understanding cyber risk insurance, why it’s necessary, and how it works will help determine if your business needs this coverage.

What is Cyber Risk Insurance?

First, let’s define what cyber insurance is. Cyber risk insurance is a protection plan provided by an insurer to help protect your organization from monetary loss resulting from a cyber breach or attack. It works like traditional property and casualty insurance: you pay the premiums, and in the event of a loss (or series of losses) due to cyber-related incidents, your insurer reimburses you for any financial costs associated with that loss.

If a breach occurs and leads to stolen customer data or other damages, your company can file a claim with its insurer—and get paid out accordingly if approved.

Who Needs Cyber Risk Insurance?

The answer to this is simple: all businesses. Cyber risk insurance can be a lifesaver for those who may not have the means or desire to purchase cyber protection. There are several instances where organizations of all sizes should consider cyber insurance coverage, from startups to government agencies and nonprofits.

In addition to the apparent need for small businesses, however, it’s worth noting that large firms also benefit from cyber risk insurance. Large corporations with thousands—or even hundreds of thousands—of employees can experience significant downtime if their computer systems suffer an attack on their networks. A large company may also have access to sensitive information about its customers or suppliers that could be used against other companies with whom they do business.

Many considerations go into cybersecurity and protecting your business from financial loss due to a cyberattack. Here are some of the key ones:

The cost of a data breach. According to the Ponemon Institute, the average cost of a data breach is well over $4 million.
The cost of an attack on your business. A cyberattack can lead to physical damage or theft from your company’s stockroom or warehouse, intellectual property theft, and loss of customer data and trust.
The cost of ransomware attacks – Ransomware attacks are malicious software designed to block access to infected computers until users pay ransom demands (often via Bitcoin), which amounts to digital extortionists trying to extort money by holding computer files hostage until they pay up! How much do these hackers demand? Exorbitant sums that could total in the six-to-seven-figure range.

Why Should I Buy It?

While you may think that your business is immune from cyberattacks, the truth is that no company is completely safe. While there are no guarantees that a cyberattack won’t happen to your business, the right insurance protects you and your team from the damage caused by one.

Cyber insurance is one of the best ways for businesses of all sizes to protect themselves against cybercrime and other unexpected losses from data breaches. The cost of recovering can be astronomical—and if you don’t have the proper coverage in place, they could put your entire business at risk. It may seem an expense at first glance, but it can be well worth protecting against financial threats.

Put another way: if you think purchasing cyber risk insurance is expensive, imagine how expensive it will be when you’re under a cyber attack and don’t have any protection.

Types of Cyber Insurance Policies

Numerous types of cyber risk insurance policies are available to businesses. You’ll have to evaluate your own specific needs to understand which one fits your organization best:

Business interruption insurance: This policy protects against the loss of income resulting from a cyberattack, such as a denial-of-service attack that results in a website being down for an extended period.
Cyber extortion insurance: This policy covers the cost of responding to ransomware attacks and ensures that your business is compensated if you pay an attacker’s ransom demand.
Data breach insurance: If you suffer from a data breach or lose customer information due to hacking, this type of cyber insurance can help cover costs associated with notifying customers and handling any legal action taken against you by consumers whose private information was compromised as part of an attack on your servers or network infrastructure.

Keep in mind that in many cases, you can mix and match the type of policies you buy. It is better to err on the side of caution, opting for more protection versus less. That way, you’ll have more holistic security against possible cyber attacks.

Should You Buy Cyber Insurance?

If you’re not sure whether or not cyber insurance is right for your business, ask yourself the following questions:

Do you have a budget for a potential breach? You may not be able to afford $2 million worth of coverage upfront, but that doesn’t mean it’s not worth investigating. Many carriers offer packages based on risk tolerance, which means they’ll provide coverage even if there are gaps in your policy.
Are you comfortable with the risks associated with cyber-attacks? While some companies might be squeamish about admitting their vulnerabilities, others would rather know what they’re up against so they can start taking steps to mitigate those risks.
Do you already have an established plan for responding to and recovering from an attack? If so, buying cyber insurance might make sense because it gives peace of mind knowing that your company will be protected financially should something go awry (and trust me—it will).

Cyber insurance is a crucial part of cyber risk management and should be essential to your overall business plan. If you’re unsure if cyber risk insurance is right for your business, contact us, and we can answer any questions you may have. And remember: The cost of a security breach or data breach can be devastating. It’s always better to be safe than sorry.

September 28, 2022October 7, 2022

Why Small Businesses Must Implement Ongoing Risk Management

Key Points

Risk management is identifying, assessing, and managing risks to help protect against potential losses or liabilities.
Risks can come from financial, operational, legal, or reputational risks.
By identifying and assessing risks early on, you can take steps to mitigate or avoid them altogether.

The traditional security perimeter is no longer enough to keep organizations safe. Cybercriminals are increasingly sophisticated and can easily bypass perimeter defenses. Preventing sophisticated attacks requires a new approach that starts with risk management and extends security throughout the entire network. Risk management is vital for small businesses. Implementing ongoing risk management as a standard practice can help protect your small business against potential losses and liabilities.

What Is Risk Management?

Risk management is a proactive approach to security that starts with identifying assets and vulnerabilities and then implementing measures to protect against potential threats. By taking a proactive approach, organizations can reduce the likelihood and impact of security breaches.

Risk management starts with a risk assessment, identifying and evaluating potential security risks. Once identified, organizations can develop and implement strategies to mitigate or reduce those risks.

Risk management strategies can include developing security policies and procedures, implementing security controls, and increasing employee awareness. Organizations must continually monitor and adjust their risk management strategies as new risks emerge, and existing risks change.

Effective risk management requires a commitment from everyone in the organization, from the CEO to the front-line employees. When everyone understands their role in security and works together to reduce risks, organizations can better protect themselves from potential threats.

What Are the Components of Risk Management?

There are four main components of risk management:

Asset identification: Organizations must first identify their assets, which can include things like data, systems, and people.
Vulnerability assessment: Once assets have been identified, organizations must assess their vulnerabilities. Vulnerabilities are weaknesses that can be exploited by threats.
Threat assessment: Organizations must then identify the potential threats to exploit their vulnerabilities.
Risk mitigation: Once risks have been identified, organizations can implement strategies to mitigate or reduce those risks. Risk mitigation strategies can include developing security policies and procedures, implementing security controls, and increasing employee awareness.

These components work together to form a comprehensive risk management strategy. Organizations can better protect themselves from potential threats by taking a proactive and holistic approach to security.

What Are the Benefits of Risk Management?

There are many benefits of risk management, including:

Reduced likelihood of security breaches: Organizations can reduce the likelihood of a security breach by identifying assets and vulnerabilities and implementing security measures.
Reduced impact of security breaches: If a security breach does occur, risk management can help reduce the impact. Organizations can limit the damage and quickly recover from a breach by having policies and procedures in place.
Improved security posture: A proactive approach to security can help organizations improve their overall security posture. Organizations can become more resilient to potential threats by identifying and addressing risks.
Improved compliance: Risk management can help organizations meet compliance requirements related to data security and privacy.

Implementing Ongoing Risk Management in Your Business

As a small business leader, you always seek ways to protect and grow your company. One way to do this is by implementing an ongoing risk management strategy.

Here are a few tips to help you get started:

Identify potential risks. The first step in risk management is identifying potential risks that could affect your small business. This can be done through various methods, such as brainstorming sessions, conducting surveys or interviews with employees, or reviewing previous incidents. Once you’ve identified potential risks, you can begin assessing them.
Assess the likelihood and impact of each risk. The next step is to assess the likelihood and impact of each risk. This will help you determine which risks are more serious and must be addressed first. To assess the likelihood of a risk, consider how probable it is that the event will occur. To assess the impact of a risk, consider the potential financial or reputational damage that could be caused by the event if it were to occur.
Develop mitigation strategies. Once you’ve identified and assessed the risks, you can develop mitigation strategies. Mitigation strategies are designed to reduce the likelihood or impact of a risk occurring. For example, if you’re concerned about the possibility of a data breach, you might implement safeguards such as encryption or two-factor authentication for your digital systems.
Implement control measures. Control measures are designed to prevent or detect errors or fraud. For example, control measures for financial risks might include implementing Independent Reviews or separating roles within your accounting department so that one person cannot record and approve transactions.
Monitor and review regularly. Risk management is not a static process; it should be revisited regularly so that new risks can be identified and existing mitigation strategies can be updated as needed. Depending on the size and complexity of your small business, this might be done quarterly, semi-annually, or annually.

By following these tips, you can help ensure that your small business is prepared for any potential risks that may come it’s way. Implementing ongoing risk management as a standard practice will help protect your business against losses—and allow you to sleep better at night knowing that you’re prepared for anything.

Applying Zero-Trust Principles to Your Risk Management Strategy

Zero-trust is a security principle that states that organizations should not automatically trust anything inside or outside their networks. Instead, all users, devices, and resources should be verified and authenticated before being granted access. Zero trust prevents cybercriminals from penetrating your organization by validating every user, device, and connection trying to access data or systems.

Adopting and implementing a zero-trust security strategy is not just about investing in the right technology. It’s about changing the way your organization thinks about security. Zero trust requires a shift in mindset from perimeter-based security to identity-based security. Organizations that have yet to make this shift are at a greater risk of data breaches and expensive cyber attacks.

According to IBM’s Cost of a Data Breach 2022 report, 41% of organizations revealed they have deployed a zero-trust security architecture, while the other 59% have not. The report also revealed the organizations that have deployed a zero-trust security architecture saved over 1 million dollars in data breach costs.

Zero trust is no longer a new or emerging technology – it’s a must-have for any organization looking to protect its data and systems. As the need for better security grows, so does the adoption of zero trust.

Wrapping Up

Risk management is an important part of running a successful small business. By identifying potential risks and implementing mitigation strategies, you can help protect your business against losses. Review your risk management strategy regularly to ensure that it stays up-to-date, and don’t hesitate to seek professional help if you need it.

September 26, 2022October 7, 2022

Why You Should Backup Microsoft 365

Key Points:

Microsoft 365 is one of the most popular business solutions for collaboration in the cloud.
Businesses of all sizes and types are experiencing an increased risk of cyber attacks.
Microsoft 365 has several built-in security features, but data backup is vital and should be a habit.

As businesses embrace a hybrid and remote workforce, more and more organizations are choosing Microsoft 365. Formerly known as Office 365, Microsoft 365 is a great software suite that offers many benefits for businesses and has become the leading solution for collaboration in the cloud.

Organizations choose Microsoft 365 for various reasons, such as cost, available tools, or because the subscription-based software enables users to add Microsoft’s core applications to their subscription plan. In addition, Microsoft 365 continues to offer advancements and enhancements that firmly establish its position as the leading software solution for many businesses.

One of the primary reasons many organizations choose Microsoft 365 is because it is one of the most secure productivity tools available. In addition, Microsoft 365 is hosted in the cloud, on a remote server, and developed by one of the biggest names in tech.

Storing data in the cloud is convenient because it makes data universally accessible to everyone in your organization, regardless of their physical location. Your team can use Microsoft 365 to access data anytime connected to the internet. But storing data in the cloud also increases the risk of data loss, which has become a severe issue in recent years.

No matter how good a product or service is, there are always drawbacks, and Microsoft 365 is no exception. For example, Microsoft 365 has a host of built-in security measures but doesn’t include a native option to create Microsoft 365 backup and store data on the cloud.

Microsoft 365 Risks

All software, even Microsoft 365, comes with certain risks. Typically, it’s your responsibility if an issue causes you to lose valuable business data. While software developers, such as Microsoft, strive to eliminate any potential problems before they occur, you must ensure your data is protected with an accessible backup.

According to Microsoft’s Services Agreement, the company and its distributors make no warranty concerning the use of their services. The agreement goes on to say that the use of the service is at your own risk and that because of the nature of computer and telecommunications systems, there is no guarantee that services will be uninterrupted, timely, and secure or that errors and content loss won’t occur.

In addition, the Services Agreement states:

“We strive to keep the Services up and running; however, all online services suffer occasional disruptions and outages, and Microsoft is not liable for any disruption or loss you may suffer as a result. In the event of an outage, you may not be able to retrieve Your Content or Data that you’ve stored. We recommend that you regularly backup Your Content and Data that you store on the Services or store using Third-Party Apps and Services.”

What Are the Risks?

Microsoft 365 is known for being a highly secure app. This reputation for security is because the app has several built-in security features that help keep your data as secure as possible. For instance, apps like OneDrive and SharePoint have a data retention period. Typically set by default to 90 days, the data retention period ensures that if you accidentally delete a file or data, it can still be accessed for a period of time afterward.

But what if you don’t discover the error within the retention period? How would you recover your critical data without an accessible backup? Losing accidentally deleted data is one of the potential risks of Microsoft 365. Other risks may also include the following:

Cyberattacks

Cyberattacks are a growing threat that all organizations face, regardless of size or industry. While Microsoft is one of the biggest names in the tech industry, that doesn’t mean they are immune to cyberattacks.

Known for being proactive when it pertains to cyber security, Microsoft’s Security Response Center is the company’s front line of defense. Staffed by leading cyber security experts, the Security Response Center works to defend consumers and internet users at large from cyber threats.

Microsoft’s security response team has responded to several recent threats, including some tied to malicious actors either sponsored or protected by foreign governments. In 2020, the U.S. government imposed sanctions against Russia because of the country’s connection to the SolarWinds hack.

The U.S. has recently found that China has also been involved in cyber warfare attacks. Microsoft and the U.S. believe China is either behind or supporting the cybercriminals responsible for attacking vulnerable Microsoft Exchange servers. Security experts and government officials believe that attacks from malicious nation-states will continue to grow and that no organization is immune from these attacks.

In all of these cases, Microsoft’s security response team has responded quickly to stop the attack and remediate the compromised accounts. But unfortunately, even Microsoft’s cyber security experts fear that the risk will continue to grow as attacks become more sophisticated.

Internal Breaches

Whether intentional or accidental, internal data breaches occur. Often a data breach results from a simple mistake. The mistake may result from a lack of training or simply a lack of attention at the wrong moment. For instance, an employee may inadvertently click on a malicious link because they thought it was legitimate.

In other cases, a disgruntled former employee could make intentional changes to your data and systems if their access permissions have not been removed. In either case, whether deliberate or accidental, without having an accessible backup, your organization could experience severe problems from this activity.

Always Back Up Your Data

Microsoft 365 has many security features to protect your system and data. While these features are an excellent first line of defense against attacks and loss, you are solely responsible for your data. With the threat of cyber attacks growing exponentially, it pays to have an up-to-date backup of your business data. For example, suppose you have an issue recovering your data due to intentional or accidental actions. In that case, having your Microsoft 365 data in an accessible backup can ensure that your organization can recover quickly and get back to business.

September 20, 2022September 29, 2022

Uber Investigating Security Breach After Hacker Gains Access to Internal Databases

Uber Investigating Security Breach After Hacker Gains Access to Internal Databases

Key Points

Uber announced a security breach last Thursday evening in response to a report from The New York Times.
The breach was carried out by an unknown hacker, who made their presence known in a message sent to Uber’s employees over Slack.
The hacker claimed to have compromised several internal databases.

On September 15, 2022, Uber contacted law enforcement to report that an unauthorized third party had accessed its network. According to some sources, the Uber security breach “looks bad”, but the extent of the damage is still unknown.

According to a security engineer, the hacker released proof of the security breach on a Slack channel used by Uber employees. The proof consisted of the names of several internal databases that the hacker claimed to have compromised and how the databases were accessed. The hacker also shared explicit photos with Uber employees through the Slack platform. After Uber became aware of the communication on Slack, the company took steps to take the channel offline.

Some systems the hacker compromised include the Amazon and Google-hosted cloud environments used by Uber to store its customer data and source code. The hacker, who claims to be an 18-year-old, seems to have conducted this breach for publicity. However, any sensitive information obtained could still be used to blackmail or extort Uber customers, drivers, and employees. The hacker could also potentially sell this information on the black market.

Uber works with law enforcement and cybersecurity experts to investigate security breaches and determine how to best protect its customers, drivers, and employees. Also, many employees have worked tirelessly to lock down the affected systems and prevent further damage.

A Social Engineering Attack Started It All

The Uber breach was caused by a social engineering attack that allowed the hacker to access an account. The hacker claims to have obtained a password from an Uber employee through the social engineering attack. The hacker communicated with the employee and claimed to be a corporate IT employee who needed a password. The unsuspecting employee complied, and the hacker could access an Uber database.

This is not the first time Uber has been the victim of a data breach. In 2016, Uber suffered a data breach that affected 57 million riders and drivers. That data breach was caused by hackers who could access Uber’s customer database. The hackers could obtain Uber customers’ names, email addresses, and phone numbers. They also obtained the driver’s license numbers of 600,000 Uber drivers.

Looking back at the 2020 Twitter hack and the breaches at Microsoft and Okta, it is evident that social engineering attacks are on the rise. Cybersecurity experts believe that social engineering attacks will continue to be a major problem in the future. These types of attacks exploit the trust that people have in others.

To carry out a social engineering attack, a hacker will usually pose as an IT employee or someone who works for a company with which the victim is familiar. The hacker will then ask the victim to share sensitive information, such as passwords. The best way to protect yourself from a social engineering attack is to be suspicious of any email, phone call, or text message that asks you to share sensitive information.

If you are unsure if the request is legitimate, you can always call the company or person who is supposedly asking for the information. Do not share sensitive information unless you are absolutely sure the request is legitimate.

What the Uber Breach Means for Other Companies

The breach on Uber will be a wake-up call for other companies who are lax about their cybersecurity measures. It shows that no one is exempt from being hacked—not even big corporations with plenty of resources. If anything, they’re more likely targets because hackers know they have more to lose.

So what can companies do to protect themselves? For starters, they must ensure that their two-factor authentication system is airtight. They also must regularly review their security measures and update them as necessary. Additionally, companies must educate their employees about cybersecurity best practices and ensure they follow them at all times.

When a company suffers multiple data breaches, it may give more cybercriminals the idea to target that company. So companies must take measures to prevent future breaches from happening. Cybersecurity is an ongoing process, not a one-time event. companies need to be vigilant about their cybersecurity at all times in to protect their customers and employees.

How to Protect Your Business from Hacks and Data Breaches

Like most business owners, you probably think your company will never be the victim of a hack or data breach. Unfortunately, that’s not the case. No company is immune to hacks and data breaches, no matter how big or small.

So what can you do to protect your company? First, you must ensure that your cybersecurity measures are up to date. This includes using two-factor authentication and regularly reviewing your security measures. Additionally, you must educate your employees about cybersecurity best practices and ensure they’re following them at all times.

Here are a few tips to help you protect your company from hacks and data breaches:

Use two-factor authentication for all of your accounts.
Review your security measures regularly and update them as necessary.
Educate your employees about cybersecurity best practices.
Make sure your employees are following best practices at all times.
Have a plan in place for if/when a data breach occurs.

By following these tips, you can help protect yourself from data breaches. However, even if you take all of these precautions, you may still be at risk. That’s why it’s important to have a data breach response plan in place so you know what to do if your company is ever targeted.

Final Thoughts

Data breaches, social engineering attacks, phishing attacks, and other cybersecurity threats are rising. As our dependence on technology grows, so does our vulnerability to these threats. Cybersecurity is a critical issue that must be addressed by businesses and individuals alike. As Uber attempts to recover from its recent breach, it is important to remember that no organization is immune to these threats.

Cybersecurity is everyone’s responsibility. Does your organization have a plan to protect itself from these threats? If not, now is the time to develop one.

September 19, 2022October 12, 2022

How To Make Microsoft Teams Your Default For Meetings

How To Make Microsoft Teams Your Default For Meetings

Key Points

You can make Microsoft Teams your default application for online meetings by following a few simple steps in Outlook.
Changing your default settings will ensure that all your meetings are created in Teams.
Meet Now is another way to join a meeting without scheduling it in advance.

Microsoft Outlook is a great tool for managing your email, calendar, and contacts. However, many organizations prefer to use Microsoft Teams for online meetings. There are a few reasons why organizations prefer to make Teams their default for online meetings.

First, Teams offers a more robust set of features than Outlook. This includes video and audio conferencing, screen sharing, and instant messaging. Teams also integrate with other Microsoft products and services, making it a more comprehensive solution for online collaboration. Finally, Teams is designed specifically for online meetings, while Outlook is primarily an email application. Thankfully, making Teams your default application for online meetings is easy.

Here’s how to make the switch:

First, open Microsoft Outlook and click on the File tab. Next, click on the Options button in the left sidebar. Click on the Calendar tab at the top in the Outlook Options window. Then, under Calendar options, select the checkbox next to “Add online meeting to all meetings.” Once you’ve done that, make sure to save your changes.

When you create a new meeting in Outlook, it will automatically be created in Teams. Also, when you join a meeting scheduled in Outlook, you’ll be taken to the Teams app, where you can participate in the video or audio call. We highly recommend it if you’re not already using Microsoft Teams for your team’s communication needs. It’s a great way to stay organized and connected.

Create a Microsoft Teams Meeting From Outlook Calendar

If you’re using Microsoft Teams for your business communication needs, you may wonder how to schedule a meeting using the Outlook platform. The good news is that it’s easy to do!

Here’s how:

Open the Outlook calendar and click on the New Teams Meeting button.
Invite your attendees by adding their names or email addresses.
Add your meeting details, such as the subject, location, and start and end time.
Create your message.
When you’re finished, click on the Send button.

Your invitees will now receive an email with all the details about the Teams meeting. When it’s time to start the meeting, they can click on the email link to join. It’s that easy!

The Meet Now Feature in Microsoft Teams

Microsoft Teams has become one of the most popular business productivity apps in recent years. One of the key reasons for its success is its robust feature set, which includes a wide range of features designed to make it easier for team members to collaborate. Sometimes teams need to meet on short notice, and that’s where the Meet Now feature comes in.

The Meet Now feature in Teams allows users to start an impromptu meeting with just a few clicks. If you need to meet with someone immediately, you can simply click on the Meet Now button in the Teams app. This will start an audio or video call with the person or people you’re trying to reach. You can also use the Meet Now button to start a meeting with someone who isn’t already using Teams.

How to Use the Meet Now Feature

Click into the Calendar app with Microsoft Teams.
Click on the “Meet Now” icon in the top right-hand corner.
Click “Join Now” in the window that appears.
Invite others to join the meeting.
If you want to invite someone not currently using Teams, you can enter that person’s cell phone number.
To end the meeting, click on the “Hang Up” button.

The “Meet Now” feature in Microsoft Teams is an incredibly valuable tool for team members who need to collaborate on projects or tasks. It’s simple to use and makes it easy to stay in touch with other team members, even if they’re not part of your organization.

How to Make the Most of Microsoft Teams and the Meet Now Feature

If you are looking for a more engaging and efficient way to hold meetings, you should consider using Microsoft Teams. Teams can help you make the most of your meeting time with its many features and benefits.

Here are some tips on how to use Teams to its full potential once you make it your default for meetings:

Get everyone on board. Make sure that everyone who needs to be involved in the meeting is using Teams and understands how to use the Meet Now feature. This way, you can avoid any unnecessary frustration or confusion.
Make use of the various features. Teams offers many features that can make your meetings more efficient and effective. For example, you can use the screen-sharing feature to share documents or presentations with other meeting participants.
Take advantage of the chat feature. The chat feature in Teams can be used before, during, and after meetings to exchange messages and files. This can be a great way to stay connected with other team members and keep the meeting flowing smoothly.
Use the whiteboard feature. The whiteboard feature is a great way to brainstorm ideas or take notes during a meeting. You can also use it to share meeting minutes with other participants.
Use the recording feature. The recording feature in Teams allows you to record your meetings and save them later. This can be a great way to review what was discussed and ensure everyone is on the same page.

Following these tips, you can make the most of Microsoft Teams, and the Meet Now feature. This will help you hold more efficient and effective meetings, ultimately leading to better results for your team.

Final Thoughts

Microsoft Teams can be a great asset for any business. When you make it your default for meetings, you can take advantage of its many features and benefits to make your meetings more efficient and effective. Try these tips to get the most out of Teams, and the Meet Now feature. Your team will thank you for it!

September 19, 2022October 7, 2022

Data Classification Matters And Records Management

Why Data Classification Matters for Records Management Success

Key Points:

Records management (RM) is the administration of digital or paper records. It includes the creation, maintenance, and destruction of records.
RM aims to ensure that records are created and maintained to facilitate their retrieval and use while ensuring their authenticity, integrity, and reliability.
Data classification is a core component of records management. It organizes data into categories to manage it more effectively.

With the proliferation of electronic records, it is essential to classify and manage them in accordance with their value and legal requirements. Discussions surrounding records management and data classification often lead to debates. Stakeholders tend to have very different opinions on what should be done with an organization’s data and how that data should be managed. However, some general principles can help to guide these discussions and lead to more productive outcomes.

Records Management: A New Approach to an Old Problem

As the world becomes increasingly digital, organizations find that their traditional methods of managing paper records are no longer effective. As a result, many are turning to records management solutions that can help them manage both digital and paper records. Records management is not new, but it has changed how it is approached.

In the past, records management was often seen as a compliance issue. Organizations were required to keep certain records for a certain period, and they needed to ensure that those records were properly stored and maintained. While compliance is still an important part of records management, the focus has shifted to include a wider range of benefits.

Today, records management is seen as a way to improve efficiency, save money, and protect an organization’s data. By properly managing their records, organizations can reduce the storage space they need, make it easier to find and retrieve information, and ensure that their data is properly protected.

There are several benefits to implementing a records management solution, including:

Improved efficiency and productivity: A records management solution can help organizations more effectively manage their records, saving time and money.
Reduced risk: A records management solution can help organizations to reduce the risk of losing important records.
Compliance: A records management solution can help organizations to meet their legal and compliance obligations.
Improved decision making: A records management solution can help organizations to make better decisions by providing easy access to records.

To have an effective records management program, it is important to first establish a clear understanding of the organization’s data and its location. This can be difficult, as data is often spread across different departments and systems. Once the data has been identified, it needs to be classified into different categories. This will help to determine how the data should be managed and what level of protection it requires.

Once the data has been classified, it is important to establish management rules and procedures. These rules should be designed to ensure that the data is accessible when needed and protected from unauthorized access. The procedures should also be reviewed regularly to ensure they are still effective.

It is also important to plan how data will be disposed of when it is no longer needed. This plan should ensure that the data is securely destroyed and that no unauthorized access to the data is possible.

How Do I Get Started With Records Management?

There are four basic steps involved in getting started with records management:

Determine what type of system will work best for you. There are many different ways to organize your papers and documents, so take some time to explore your options and find what works best for you.
Identify which papers and documents need to be kept. Not everything needs to be saved forever, so it’s important to know what can be safely discarded and what needs to be kept long-term.
Store your papers and documents in a safe place. Once you’ve determined what needs to be kept, ensure it’s stored properly, so it doesn’t get lost or damaged.
Maintain your system on an ongoing basis. Implementing a records management system is not a one-time task; it’s something you’ll need to do on an ongoing basis as new papers and documents come in.

What Is Data Classification?

Data classification is organizing data into categories that can be used to manage the data more effectively. One of the most important aspects of data classification is determining how data should be categorized. Data classification schemes typically use a hierarchical structure to organize data.

However, there are many different ways to approach data classification. The best approach will vary depending on the type of data being classified and the goals of the classification scheme. In general, however, data classification schemes should be designed to meet the following criteria:

The categories should be clearly defined, so there is no ambiguity about what data belongs in each category.
The categories should be mutually exclusive so that each piece of data can only be classified into one category.

Workplace data can be classified into four primary categories: public, internal use only, confidential, and restricted.

Public data is information that can be accessed by anyone without restriction. This category includes information typically published by the organization, such as press releases, product descriptions, and marketing materials.
Internal use only data is information that is not intended for public release. This category includes employee records, financial data, and trade secrets.
Confidential data is information that must be kept secure and is only accessible to authorized individuals. This category includes supplier contracts, customer lists, and product development plans.
Restricted data is information subject to special restrictions, such as legal limitations on its use or disclosure. This category includes personal Identifiable Information (PII) and Health Insurance Portability and Accountability Act (HIPAA) data.

There is a reason why data classification is a critical component of effective records management. Without proper data classification, your records management efforts are likely to fail. Data classification provides a framework for understanding the value of data and how it should be protected. When data is properly classified, organizations can make informed decisions about how to store, manage, and dispose of data.

Increasing Records Management Compliance in Your Organization

Records management compliance is critical for any organization. Maintaining accurate records helps to ensure the safety and security of your business operations and protect your customers, employees, and other stakeholders.

There are several steps you can take to increase records management compliance in your organization, including:

Define your records management objectives and goals.
Implement policies and procedures for records management.
Educate employees on records management compliance.
Conduct regular audits of your records management system.
Implement technology solutions to automate records management.

Data governance is critical to the success of any organization. You must ensure that your organization complies with records management regulations and best practices. Implementing these practices can help safeguard your data and improve your bottom line.

Wrapping Up

When it comes to records management, there is no one size fits all solution. The best approach depends on the organization’s specific needs and the type of records being managed. Many different records management systems and software are available, so it is important to research to find the one that best suits your needs. Whatever system you choose, it is important to ensure that it is properly implemented and regularly reviewed to meet your organization’s needs.

September 19, 2022October 12, 2022

Will Your Cybersecurity Insurance Claim Be Denied?

Cybersecurity Insurance: Will Your Claim Be Denied?

Key Points:

Cybersecurity insurance is an important tool to help protect businesses from the financial costs of a data breach. Still, it’s important to understand your policy’s limitations and ensure you have the right coverage.
Not every cyberattack will be covered by insurance; in some cases, claims may be denied.
It’s important to keep up-to-date with regulation changes, work with your insurance broker or provider to ensure you have the right coverage, and understand the terms of your policy.
Proactive risk management practices are also important, as is having a plan in place in case of a data breach.

If you believe that every cybersecurity insurance claim will be approved, you may be surprised to learn that many claims are denied. When your insurance provider reviews your claim, they will assess your due diligence in maintaining cybersecurity for your organization. Your claim may be denied if it is determined that you could have prevented the data breach or incident. While having cybersecurity insurance is a must-have for businesses, there is no guarantee that your claim will be approved.

Why Is It Important to Comply With Cybersecurity Insurance?

You likely agreed to certain terms and conditions when you signed your insurance policy. One of these was likely a duty to take reasonable care to protect your property from loss or damage. This means you must take reasonable steps to protect your business from a data breach or cyber attack. If you have not taken reasonable steps to protect your business, your insurance company may deny your claim. This is why it is so important to have strong cybersecurity measures and keep up with the latest cyber threats.

Why Are Some Cybersecurity Insurance Claims Denied?

As we mentioned, one of the reasons claims are denied is a failure to take reasonable steps to protect your business. However, there are other reasons claims may be denied as well. Some insurers will only cover certain types of cyberattacks or data breaches. For example, they may not cover phishing attacks or social engineering. Check with your insurer to see what is and is not covered under your policy.

There are several reasons why cybersecurity insurance claims are denied. Here are some of the most common:

You Did Not Have Adequate Cybersecurity Measures in Place

Your claim might be denied if you did not have adequate cybersecurity measures in place at the time of the data breach or incident. Your insurance provider will want to see that you took reasonable steps to protect your data and systems. This includes things like having a firewall, using strong passwords, and having up-to-date anti-virus software.

You Failed to Take Reasonable Steps to Prevent the Data Breach or Incident

Even if you had cybersecurity measures in place, your claim may still be denied if it is determined that you could have prevented the data breach or incident. For example, your claim may be denied if you failed to patch a known security vulnerability.

You Did Not Notify Your Insurance Provider Promptly

If you did not notify your insurance provider of the data breach or incident promptly, your claim might be denied. It is important to contact your insurer as soon as possible to begin the claims process.

Your Policy Has Exclusions

Some cybersecurity insurance policies have exclusions that may prevent your claim from being approved. For example, many policies exclude claims from certain cyberattacks, such as ransomware. Review your policy carefully to see if any exclusions could apply to your claim.

You Did Not Cooperate With the Investigation

Your claim might be denied if you did not cooperate with the insurance company’s investigation into the data breach or incident. The insurance company will want to interview you and review your records to determine what happened.

You Made Material Misrepresentations in Your Application

Your claim might be denied if you made material misrepresentations on your insurance application. For example, your claim may be denied if you failed to disclose a previous data breach or incident. Be sure to disclose all relevant information on your insurance application to avoid denying your claim.

The Incident Occurred Outside the Policy Period

Your claim might be denied if the incident occurred outside of the policy period. For example, if your policy has a one-year term and the incident occurred two years after the policy was purchased, your claim will be denied.

What Are the Impacts of a Cybersecurity Insurance Claim Denial?

If your cybersecurity insurance claim is denied, you may be left to pay for the damages out of pocket. This can be a significant financial burden, especially for small businesses. In addition, a denial can damage your reputation and leave you vulnerable to future attacks. If you are denied coverage, you can appeal the decision. Many insurance companies have an appeals process that you can follow.

Here are two real-life examples of companies that had their claims denied:

P.F. Chang’s China Bistro vs. Federal Ins. Co

Computer hackers stole nearly 60,000 credit and debit card numbers from P.F. Chang’s China Bistro restaurants in 2014. P.F. Chang’s had a cybersecurity insurance policy with Federal Insurance Company. Federal reimbursed Chang’s for nearly $1.7 million in costs under the policy, including conducting the investigation and legal fees. However, Bank of America Merchant Services(BAMS), Chang’s merchant services provider, imposed assessment fees totaling $1.9 million.

A federal district court ruled that Chang’s had no cyber protection company for the assessment fees. The court found that the insurance policy’s “Privacy Injury” coverage did not apply to the claim because the policy’s definition of “Privacy Injury” required the compromised confidential records at issue to be the claimants. In this case, the payment card information taken in the breach belonged to Chang’s customers and the card-issuing banks, not the acquiring bank that sought reimbursement.

The policy also did not include Payment Card Industry coverage, a coverage option for restaurants, retailers, and other businesses that handle debit or credit card information. Without this coverage, Chang’s was not insured for the amounts assessed by the card company.

Family and Children’s Services of Lanark, Leeds and Grenville vs. Co-operators

According to FCSLLG(a Canadian not-for-profit organization), an unidentified hacker accessed the organization’s website and stole sensitive information in 2016. The stolen data was later shared on multiple Facebook pages. As a result, a class proceeding was filed against FCSLLG, seeking damages of $75 million. FCSLLG filed a claim against the company it hired to revamp its website.

FCSLLG had two policies with Co-operators during the breach, but Co-operators denied coverage for both policies. Co-operators also denied coverage to the third party. The policy excluded any loss from the distribution or display of data utilizing an internet website.

These are only two examples of many companies that have had their cybersecurity insurance claims denied. As you can see, even with insurance, there is no guarantee that you will be covered in a cyberattack. It is important to carefully read your policy and ensure that you are aware of any exclusions.

How to Navigate Compliance for Cybersecurity Insurance

While it may seem daunting to keep up with all the different compliance regulations, there are a few key steps you can take to make it easier:

Keep up-to-date with regulation changes. This can be done by signing up for newsletters or following industry news sources.
Work with your insurance broker or provider to ensure you have the right coverage.
Make sure you understand the terms and conditions of your policy.
Be proactive in your risk management practices. This includes having strong security measures and being aware of the latest threats.
Have a plan in place in case of a data breach. This should include who to contact and what steps to take.

Cybersecurity insurance is an important tool to help protect businesses from the financial costs of a data breach. However, it’s important to understand your policy’s limitations and ensure you have the right coverage in place. Cybersecurity insurance is not a cure-all, and it’s important to complement your policy with strong risk management practices.

September 16, 2022October 7, 2022

Raising Awareness of Digital Risks

Raising Awareness of Digital Risks: What Businesses Need to Know

Key Points:

Rapid technological advancement has led to new risks that businesses must now face.
There are many steps businesses can take to mitigate these risks, but they need to be aware of them first.
Ignoring these risks can lead to serious business consequences, including financial loss and reputational damage.

In today’s business world, technology is constantly evolving. This rapid change can be both a blessing and a curse for businesses. On one hand, new technology can provide businesses with new opportunities to grow and improve their operations. On the other hand, it can also lead to new risks that businesses must learn to manage. One of the most significant risks businesses now face is digital.

What Is Digital Risk?

Digital risk is the risk of loss or damage caused by technology. It includes risks such as cyberattacks, data breaches, and system failures. When your business scales, the attack surface area also increases. The larger your business, the more likely you are to be a target for criminals. However, this does not mean small businesses are immune to digital risks. Small businesses are often targeted. After all, they are seen as easier targets because they usually have fewer resources to dedicate to security. Digital transformation has changed how all businesses operate and has created new risks that need to be managed. Businesses must learn to manage these risks or be left behind.

What Are the Types of Digital Risks?

The complex nature of the digital risk landscape can make it difficult to identify all the risks your business faces. However, there are some common types of digital risks that businesses should be aware of, including:

Cybersecurity risks: Cybersecurity risks can be caused by weaknesses in your cybersecurity measures. This includes poor password management, unpatched software, and phishing attacks.
Data security risks: Data security risks can be caused by poor data security measures. This includes poor data management, insecure data storage, and data breaches.
Network security risks: Network security risks can be caused by weaknesses in your network security. This includes unsecured Wi-Fi networks, Denial of Service attacks, and man-in-the-middle attacks.
Compliance risks: Compliance risks can arise from not complying with regulations or industry standards. This includes GDPR compliance, PCI DSS compliance, and HIPAA (US) compliance.
Cloud security risks: Cloud security risks can be caused by weaknesses in your cloud service platforms. This includes insecure data storage, cloud service outages, and account hijacking.
Resiliency risks: Resiliency risks can be caused by failures in your ability to recover from an incident. This includes things like extended downtime, data loss, and reputational damage.
Third-party risks: Third-party risks can be caused by the actions of your business partners or vendors. This includes things like data breaches, system failures, and service outages.
Privacy risks: Privacy risks are risks to the privacy of your customers or employees. This includes things like identity theft and data leaks.

How to Manage Digital Risks

There is no one-size-fits-all solution to managing digital risks. The best approach will vary depending on the specific risks faced by your business. However, there are some basic principles that all businesses should follow when managing digital risks.

Define what digital risks are relevant to your business.
Assess the potential impact of each digital risk.
Put in place controls to mitigate the impact of digital risks.
Monitor and review digital risks regularly.
Communicate with all stakeholders about digital risks.
Be prepared to respond to incidents arising from digital risks.

By following these principles, you can ensure that your business is well-prepared to manage its digital risks. Digital risks are an increasingly important part of business in the modern world. Understanding and managing these risks can protect your business from potentially devastating impacts.

How to Mitigate Digital Risks

Given the complex nature of the digital risk landscape, businesses must take a holistic approach to manage these risks. Some steps that businesses can take to mitigate digital risk include:

Implementing strong cybersecurity measures: This includes things like two-factor authentication, data encryption, and intrusion detection.
Improving data security: Ensure adequate security measures are in place to protect your information.
Securing networks: Install proper security measures on your networks to protect them from outside threats.
Complying with laws and regulations: Familiarize yourself with the data security laws and regulations that apply to your business. Make sure you are taking steps to protect your customers’ data.
Improving resiliency: This means having a plan in place in case of a data breach or other incident, such as a power outage. You should have a backup plan for how you will keep your business running.
Working with trusted third parties: When you work with other businesses, make sure they have adequate security measures in place to protect your data.
Raising privacy awareness: This includes things like training employees on data privacy and implementing security controls.

There are different controls that businesses can put in place to mitigate digital risks. These can include technical controls, such as firewalls and intrusion detection systems, and organizational controls, such as policies and procedures.

What Role Do Risk Assessments Play in Digital Risk Management?

Risk assessments are an important part of managing digital risks. They help businesses identify their risks and implement appropriate controls to mitigate them. The most effective risk management strategies will usually involve a combination of both technical and organizational controls. There are several approaches to risk assessments, but all share some common elements.

Firstly, businesses need to identify the assets they need to protect. These include customer data, financial information, intellectual property, and company secrets. Once these assets have been identified, businesses need to identify their threats. These can come from external sources, such as hackers, or internal sources, such as employees who may accidentally or deliberately leak information.

Once the threats have been identified, businesses need to assess the likelihood of them happening and the potential impact they could have. This will help businesses prioritize the risks and put in place controls to mitigate them. Digital risks are constantly evolving, so businesses must regularly review their risk assessments and update their controls accordingly. This will help ensure that they are prepared for the latest threats and can continue to protect their assets effectively.

Wrapping Up

Digital risks are an inevitable part of doing business in the digital age. However, many businesses are still unaware of the potential risks they face. From data breaches and cyberattacks to reputational damage and loss of customer trust, digital risks to businesses are real and should not be ignored. Businesses must understand their digital risks and take appropriate measures to protect themselves. This includes ensuring that their data is secure, their online reputation is managed effectively, and their customers’ trust is not compromised.

While there are steps you can take to mitigate these risks, it’s important to remember that there is no single silver bullet. The best approach is to take a comprehensive and proactive approach, implementing multiple layers of security and constantly monitoring your systems for vulnerabilities. Now is the time to start if you’re not already taking steps to protect your business from digital risks. Cyberattacks are becoming more sophisticated and widespread, and the consequences of a breach can be devastating. Don’t wait until it’s too late – take action now to protect your business.