Category: Blumira

[By Mike Toole, Head of IT and Security at Blumira]

It’s no secret that news about breaches and cyberattacks emerge daily. As a result of this constant exposure, even the most dedicated professionals understandably experience “data breach fatigue” and become desensitized to persistent threats.

This mentality can create new unseen risks detrimental to a company’s cybersecurity, such as negligence and lack of education, or in some cases, fatigue from security budget spending that ultimately doesn’t fix all the issues that arise. These challenges contribute to how most companies experience breaches, with 90% of all cyber claims stemming from human error or behavior.

While most employees strive to protect sensitive data, rapidly evolving threats and constant changes make that extraordinarily difficult. With empathy for these challenges, companies have an opportunity to support their teams with reasonable systems and collaboration that proactively strengthen cybersecurity. The goal is to build resilience against threats through proactive planning and training.

Let’s examine how companies can enact change and set their teams up for cybersecurity success.

A five-step framework for countering cyber complacency

Organizations must establish and follow a robust cybersecurity framework in the digital age to overcome complacency. This framework serves as a comprehensive strategy encompassing several critical steps to prevent and respond to cyber incidents.

  1. Conduct a vulnerability assessment

A vulnerability assessment can pinpoint weaknesses in the organization’s systems and processes that malicious actors could exploit. The assessment actively counters complacency by systematically identifying and evaluating security weaknesses within an organization’s infrastructure. It also serves as a regular reminder of the potential risks and underscores the necessity of vigilance in cybersecurity practices. In addition, an assessment prevents security risks from becoming normalized by continuously bringing them to the forefront, reminding organizations to regularly update their defenses and maintain awareness of potential issues.

An assessment starts with identifying and cataloging assets and then uses a combination of automated and manual testing to uncover security gaps. Companies can use the assessment results to remediate existing issues and schedule ongoing reassessments to strengthen cybersecurity measures as emerging threats arise. Typically, a team of individuals with specialized knowledge and expertise in information security, such as in-house or external IT teams or security consultants, conducts a cybersecurity vulnerability assessment.

  1. Develop and communicate security policies

As part of a proactive cybersecurity approach, it is vital to define security policies. Security policies should address password management, data classification, acceptable technology use, managing mobile devices, and more custom elements depending on your organization, vertical, or compliance needs.

To effectively enact cybersecurity policies, companies should develop clear and comprehensive protocols with stakeholder input and approval from company leaders. Policies should be regularly reviewed and updated to adapt to new threats, feedback and company changes, ensuring they remain relevant and robust. Revisiting policies over time establishes a solid cybersecurity foundation and promotes a culture of continual vigilance and improvement within the organization. When developing or revising policies, it can be beneficial to gauge current knowledge and practices to uncover gaps where further policy detail or training is needed.

Equally important is effectively communicating these policies to all employees. Ensure that personnel know and understand the security policies to help achieve successful implementation. Regular communication, including sharing need-to-know updates and policy changes, helps to promote adherence to established guidelines and best practices in cybersecurity. Another effective best practice to reinforce the information is to make cybersecurity personal and relevant to individuals, demonstrating how it impacts their role or team functions.

It’s important to emphasize that cyber threats aren’t just an issue for specific people or groups within the company—anyone at any level can fall prey to an attack.

  1. Prepare an incident response plan

In addition to clearly laying out company cybersecurity policies, organizations will need an effective incident response plan. The plan should outline the specific steps during a cybersecurity incident, including procedures for identifying, containing, eradicating, recovering from and analyzing security incidents. The ongoing effectiveness of the incident response plan hinges on regular testing and updates. Conducting simulated exercises to test the plan’s efficacy enables the organization to identify potential gaps or areas for improvement.

Utilize lessons learned from these exercises to update and refine the incident response plan. Regular testing and updates contribute to the organization’s preparedness and resilience in mitigating the impact of cybersecurity incidents.

  1. Invest in employee skills development

Investing in employee and IT team skills development in cybersecurity is crucial for several reasons. Cybersecurity threats constantly evolve, and employees are often the first line of defense against attacks. Investing in their skills can help them recognize and respond to threats, protecting sensitive company and customer information. All employees—regardless of tenure or seniority—need to participate in training to bolster the company’s security position. For example, companies can simulate a phishing attack where employees receive fake phishing emails to gauge their responses and improve their ability to identify threats.

Employees well-trained in security are less likely to fall victim to common threats like phishing attacks or social engineering. In a security incident, well-trained employees can respond quickly and effectively, minimizing the impact of an incident and facilitating a faster recovery. Swift responses can save the business time and resources while maintaining its reputation.

While technology plays a crucial role in cybersecurity, the human element is equally important. Team members who understand how to use security tools effectively can maximize their impact, making the overall security infrastructure more robust.

  1. Implement easy-to-use cybersecurity software
    For small and medium-sized businesses, actively adopting cybersecurity solutions remains a critical yet often neglected aspect of many organizations’ security postures. By choosing cybersecurity tools that are accessible and straightforward, organizations can significantly enhance their security posture. User-friendly software encourages consistent use and adherence to security protocols by IT staff, thereby decreasing the risk of breaches caused by human error.

Cyber complacency ends now

When it comes to cybersecurity, complacency is not an option. By fostering a culture of vigilance and resilience, companies can transform cybersecurity from a daunting challenge into a manageable and integral part of their daily operations. By recognizing employees as a critical line of defense, fostering a positive security culture and equipping teams with knowledge and tools, organizations can fortify their cybersecurity posture and navigate the evolving challenges of the digital realm.

About the author

Mike Toole, Head of Security and IT at Blumira, has over a decade of experience in IT. Prior to joining Blumira, he managed IT for Duo Security and Censys. He has broad experience with a range of IT and security focus areas, including compliance, network design, log monitoring, project management, and cross-platform IT.

The post Five Steps to Overcoming Cyber Complacency appeared first on Cybersecurity Insiders.

[By Brett Bzdafka, principal product manager at Blumira]

Businesses today face an ever-increasing number of cyberattacks on average, often posing potential financial impacts in the 7-figure range. Despite this threat, only 55% of organizations have some form of cyber insurance, and only 19% have coverage for cyber events beyond $600,000. The high cost of premiums, which surged in 2022, might contribute to the low percentage of organizations with sufficient coverage.

As the cybersecurity landscape continues to evolve, businesses must carefully evaluate their risk exposure and consider ways to invest in comprehensive cyber insurance policies that truly meet their needs without breaking the bank.

Understanding the Role of Cyber Insurance

Cyber insurance is a financial safeguard against the repercussions of cyberattacks and data breaches. This coverage extends to the expenses associated with data recovery, system restoration and the aftermath of a security breach. Legal actions from affected parties, regulators or business partners following a cyberattack can incur significant costs, all of which cyber insurance can thankfully alleviate.

Cyber insurance policies commonly encompass incident response services, enabling organizations to enlist security experts for breach investigation and mitigation. Some coverage extends beyond mere recovery, encompassing the implementation of security enhancements and measures to prevent future events.

Incorporating cyber insurance is an integral component of a holistic risk management strategy for any organization. It’s important for decision-makers and legal counsel to carefully consider the business’s unique needs and risks when choosing a cyber insurance policy.

Let’s delve into the cybersecurity strategies that IT professionals can adopt to reduce insurance expenses and identify a policy that aligns most effectively with their unique needs.

5 Ways to Lower Costs

IT experts can actively contribute to lowering cyber insurance expenses by showcasing a robust dedication to cybersecurity, effective risk management, regulation adherence and threat awareness.

1. Proactive Risk Management Strategies: Regular risk assessments empower IT professionals to pinpoint vulnerabilities and deploy effective measures for risk mitigation. Consider this: A staggering 98% of organizations globally are linked to breached third-party vendors. To counter the potential impact of a compromised partner or vendor, IT teams should seek to understand the vendor’s cybersecurity protocols. It’s imperative that vendors align with cybersecurity best practices and standards, preventing unauthorized access to sensitive information.

Through a meticulous vetting process of these entities, IT teams fortify their defenses and showcase an unwavering commitment to ongoing enhancements in cybersecurity practices and technologies. Such proactive risk management efforts often translate into more favorable insurance rates from providers who appreciate the dedication to risk prevention.

2. Robust Security Measures: Deploying advanced security solutions like firewalls, intrusion detection systems, encryption and systematic updates plays a pivotal role in curbing cyber insurance expenses by fortifying an organization’s overall cybersecurity framework. Insurers often factor in risk levels when determining premiums, and the efficacy of security software can significantly alleviate potential risks.

Security software doesn’t just safeguard against external threats – it aids in pinpointing and remedying vulnerabilities within other software, applications, systems and networks. The routine execution of vulnerability assessments and patch management, facilitated by reliable security software, contributes to a more resilient environment, diminishing the susceptibility to cyber exploitation.

3. Automated Threat Detection: Implementing security software with advanced threat detection capabilities empowers organizations to identify and respond to security incidents swiftly. Advanced threat detection tools can continuously analyze network traffic, system logs, and user behavior to identify abnormal patterns that may indicate a security breach. By promptly detecting these anomalies, organizations can initiate a rapid response to investigate and contain the threat before it escalates. Timely incident response can constrict the scope and impact of a cyberattack, potentially mitigating the financial losses associated with such incidents.

Companies that utilize modern technologies to monitor for and respond to threats may find insurers willing to extend discounts and offer lower premiums as a recognition of their commitment to cybersecurity.

4. Cybersecurity Compliance: Adopting cybersecurity standards fosters a proactive approach to managing cyber risks and can positively impact cyber insurance costs. Organizations can establish and uphold robust security protocols by aligning with recognized standards and abiding by a structured framework for compliance.

IT teams should prioritize compliance with industry-specific standards and regulatory requirements pertinent to their business sector. Noteworthy cybersecurity standards like ISO 27001, NIST Cybersecurity Framework and PCI DSS offer guidelines for identifying and mitigating cyber risks. By embracing these standards, organizations incorporate best practices into their risk management strategies, lowering the probability of security incidents that necessitate insurance claims.

5. Workforce Education: Despite the evolving technological landscape, the human element remains the primary contributor to cybersecurity incidents, accounting for 74% of total breaches. Well-intentioned employees may inadvertently contribute to security incidents if they lack awareness or training. Incorporating ongoing cybersecurity education is essential because it empowers employees to identify and address potential threats.

A robust training program allows employees to build skills to avoid common pitfalls that could lead to breaches. When the workforce understands cyber risks and best practices, they become less vulnerable to manipulation and less likely to make costly mistakes. Investing in employee education strengthens institutional resilience and signals to partners like insurance providers that the organization takes risk management seriously. Ultimately, equipping staff with knowledge and tools through training fosters a culture of collective responsibility for cybersecurity.

Don’t Wait. Now’s the Time to Prioritize Cyber Insurance.

Given the current threat environment, businesses must strengthen security measures and secure sufficient cyber insurance coverage. The path to lowering cyber insurance costs begins by implementing thorough security measures that diminish risks, and signal to insurers a dedication to addressing potential threats. Taking a proactive approach empowers organizations to protect their digital assets and obtain more economical cyber insurance coverage in the ever-evolving and intricate cybersecurity landscape.

About the Author

Brett Bzdafka is the principal product manager at Blumira. Brett has more than 10 years of leadership experience delivering SaaS solutions that solve real-world problems for small to medium-sized businesses (SMBs). Brett is committed to understanding SMB and IT leaders’ needs by gathering customer insights to shape Blumira’s product roadmap. Previously, Brett served as Group Product Manager at BoxCast, where he led the product team and agile teams to scale their SaaS live streaming solution. With experience in sales, project management, and product development, Brett knows firsthand what it takes to build products that customers love.

The post 5 Ways to Counteract Increasing Cyber Insurance Rates appeared first on Cybersecurity Insiders.