Do You Need Cyber Security Insurance?

In this day and age, where your cloud assets are exposed to potential harm, cybersecurity insurance seems to be a sound investment. Big corporations have it, but as a small business, does it pay to have the same policy?

Like homeowner’s insurance, a cybersecurity insurance policy will protect you financially should a hacking incident compromised your system and revenue. In this post, we will weigh if it’s the right choice for your company.

What is cybersecurity insurance?

This policy covers the cost of recovering from a cyberattack or data breach. It applies to small to large companies who want added protection and peace of mind for their assets.

Just like any policy, cybersecurity insurance has a list of inclusions and exclusions as well as special clauses that trigger the application of specific provisions.

Who should use this?

Basically, every business that stores and handles confidential and sensitive data should avail cybersecurity insurance. This coverage will act as the first responder in the event of a data breach.

Take note that data breach can happen in different ways and forms. You must invest in a policy that covers your needs and your type of industry.

What does it cover?

The coverage will vary from one insurer to another. Still, most of this insurance type will have the following coverage:

*First-party coverage

It includes the direct cost of the breach within the company. Some examples are repairing damaged hardware/software, cost of notifying customers and the public, business interruption loses, extortion money that the hackers could demand, and so on.

*Third-party coverage

This includes the defense expenses of privacy lawsuits from customers and stakeholders, media liability claims, regulatory body fines, negligence claims, and more.

As you see, a data breach can put your business in turmoil. A cybersecurity insurance policy can cover a lot of expenses if not all.

What’s not covered?

Again, this will vary depending on your insurer. Still, the following are some of the general exclusions:

*Criminal activity – robbery, fraud, employee theft, and the likes aren’t included in the policy.

*Property damage claims – it doesn’t involve physical and property damages.

*Loss of property – if you lost a phone or computer, this will be covered on your commercial insurance policy.

*Social engineering – tricking people into transferring funds or information isn’t usually covered. Basically, it’s not qualified as hacking or deception.

Pros

*Since data breach on small businesses is rampant, this policy is added protection for your business, at least financially.

*You’ll have something to start within the aftermath of the attack

*It’s a plus point on your compliance on regulatory bodies

Cons

*Not all insurers offer the same level of coverage. Also, this policy is new to the market and yet to be improved.

*The insurance policy doesn’t reduce the reputation damage of the hacking. It only covers you financially.

Final words

As a small business owner, it pays to secure your system through all means possible. If you have the budget, you should consider investing in a cybersecurity insurance policy.

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Busting Common IT Myths

There’s so much misconception about IT that some businesses tend to fall prey to it. These myths don’t just make a dysfunctional IT team; it also exposes your business to the dangers of the web. So for this post, we will debunk some of these myths and misconceptions. Give your business a big favor and read the following points.

Myth 1. Managed IT isn’t a necessity for small businesses

We understand that not all businesses have the budget to spend on outsourced IT services. However, to say that it’s not a necessity for SMBs is outright wrong. Managed IT is crucial for all businesses, much so for those who have online platforms.

Aside from that, outsourcing your IT needs will give your business an edge. Instead of buying the technology and maintaining it on your own, you can let the experts handle it for you.

Myth 2. Outsourcing your IT needs means you’ll lose control over that department

The greatest fear of business owners is that when they avail managed IT services, they will be exposing their company to vulnerability. Some feel like losing control over their IT department.

Although keeping everything internal looks like an excellent way to maintain security, the lack of managed IT services means you can’t respond to attacks right away. IT experts ensure that you will still enjoy the privacy and control over IT infrastructure no matter what.

In the end, this is just an unfounded fear.

Myth  3. Managed IT services are too expensive

While it’s true that this service can be costly, it depends on your package. Most IT providers can meet small business halfway so they can enjoy a better infrastructure without breaking the bank.

Take note that expensive doesn’t always mean great and cheap doesn’t always equate to lousy service. You just have to find a cost-effective approach to make it work for your company.

Myth 4. No need to outsource if you have an IT guy

A lot of businesses are guilty about relying on that solo IT guy. While this is cost-effective, one person isn’t enough to sustain the IT needs of your company, more so if you’re planning to expand.

Also, if that IT guy decides to quit, your IT infrastructure will be left in shambles. So instead of relying on a single person, it’s much better to outsource this department. Aside from enjoying exclusive service, you can also impose accountability.

Myth 5. Every IT provider is just the same

Take note that every IT service provider is different from the other. They use different technologies and techniques, hence a very different service.

If you’re scouting for the best provider, it’s best to work with one that has experience with your industry. Also, ask if they’ve dealt with a business of the same size as yours and what they have to offer. Most of all, their pricing should be manageable on your end.

Final words

Managed IT services allow you to use the latest technology and infrastructure without having to purchase it on your own. Beyond the myths, this service is a big help not just for big corporations, but also to small businesses.

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Why You Shouldn’t Rely on an IT Guy Anymore

Many small businesses have that IT guy whom they entrust their entire cybersecurity efforts. In the advent of technology, that IT guy who drops by each cubicle to check their co-worker’s computer is an outdated concept. Nowadays, even small firms need a solid IT team to guard and maintain their networks.

Understandably, not all small companies have the means to hire an in-house IT team. This is why outsourcing is a rising trend.

By outsourcing your IT needs, you get access to state-of-the-art technology without having to pay for a significant amount. Here are some reasons why the IT guy should be out and an outsourced IT team should be in

You need experienced professionals

Experience in the field is critical when it comes to IT work. As much as certifications are the gold standard, you need a group of people who have experienced and dealt with actual cyberattacks. Nowadays, it’s no longer viable to keep an in-house IT team. Most of these professionals will get trapped in your workplace’s environment and blindsided by other aspects of their work.

By outsourcing, you get full access to a pool of seasoned and highly trained IT professionals.

 

It lets you control your budget

Outsourcing your IT needs enables you to define your needs and pay for it. You can expect a solid outcome based on the terms you’ve agreed with the provider. Should the provider underperformed, you can demand mitigation. This way, you get the most out of your money, which is difficult to achieve with an in-house IT team.

Aside from that, the expense of training an IT staff is no longer your responsibility.

 

You’ll have more open positions

Small businesses have limited resources when it comes to retaining employees. So to make room for other important positions, you can outsource your IT needs. You can also channel your resources to other aspects of running your business.

If you currently have an IT team that covers all the day-to-day tasks and other projects on the side, you’re probably overstaffing. It’s not worth it and the ROI isn’t very appealing if you do the numbers.

 

You’ll get access to the newest technologies

The most significant advantage with outsourcing is you have limitless access to just about any form of technology that you need for your business. Once you need a new addition to your system, you just have to inform your IT provider, and they will implement it right away for a reasonable cost.

This is much better than hiring more people and acquiring technology by yourself. It’s not sustainable and you’re likely to underutilize the new system.

 

It boosts your business’ security compliance 

With the threats shifting to small and medium-sized businesses, you badly need the first line of defense that can defeat the hackers. In an in-house setting, this is only possible by overstaffing and employing “rockstar” IT guys with sky-high fees.

You can outsource this instead to enjoy lower costs and better performance. IT providers are focused on one thing: guarding your system. There’s no excuse for them not to detect any threats.

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Why Staffing IT Can Lead to Business Growth

Staffing challenges will surface as your business grows. It’s one of those “growing pains” that you’d have to deal with to expand your business. IT staffing, for one, is a common struggle among small firms.

Most small businesses don’t realize the value of IT staffing and the number of people it should consist of. Here, we will discuss how you should deal with IT staffing and how it can grow your business.

 

Determining the size of the IT staff

Usually, it should be one IT employee for every 14.7 general employees. Still, you shouldn’t stick to this division. Some businesses, especially those that use various technological hardware and software, will need more people to sustain the IT department.

Also, it should be based on your business’ budget and current positioning. If your business is in need to upgrade to a sophisticated system from a very outdated version, you might need more hands to do the work.

If technology is part of a great deal of your business’ day to day operations, you might also need a bigger IT department. If a system glitch can down your operation, it means that you need a pool of IT experts.

 

Why a dedicated IT team is important

Many small businesses fall prey to the habit of assigning IT work to an employee with a different task, say inventory. Since the employee’s attention is divided, both departments will suffer. This will lead to more losses than hiring an IT expert.

If your IT efforts are becoming a bottleneck rather than a driver for growth, you’re probably understaffed. It’s best to hire a real IT staff before you lose more money from over-tasking your current employees.

 

Who to hire and not to hire

As a small business, it’s not ideal to hire a ‘rockstar’ programmer or IT expert right away. This may sound counterintuitive, but this level of expertise will cost more. Also, elite IT professionals will demand big compensation that your company may not have the means to pay. Also, when the time comes that the IT guy decides to leave for a high-paying job, your business will be left hanging on a thread.

It’s best to hire IT experts that are interested in how your business works. Sure, salary and benefits are significant factors, but there should be something more to it.

At the end of the day, it’s not just about getting paid. For your business to grow, you need people that love to innovate. With this, you won’t be stuck on the same outdated system forever. This will attract customers and translate to more revenue.

 

Your IT staffing checklist

When addressing your business’ IT staffing needs, it will help to consider the following:

-Identify IT projects that need urgent work from those that can be addressed later on

-Talk to your employees and customers to know what your IT department needs

-Look for the aspects of your IT staff that works and doesn’t work

From here, you can pinpoint what you need to expand not just the size but also the function of your IT staff.

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Why Even Small Businesses Need a Cybersecurity Team

According to the cybersecurity team Symantec, hackers are now shifting to small firms since they are easy pickings compared to blue-chip companies. With this, small businesses can’t be sitting ducks when hackers decided to invade their system, more so their payment portals.

Hackers lurk on the web. You’ll never know when your business will be their next target. Even small businesses are prone to attacks if they don’t have a cybersecurity team.

 

What the statistics say

According to Symantec, around 43% of cyber-attacks worldwide were targeted toward small businesses. These firms are those with 250 and fewer employees.

Hackers exploit the complacency of small businesses when it comes to fraud. Business owners will only know that they’re under attack once their bank accounts have been withdrawn with large sums. Aside from robbing wire transfers, hackers also commit insurance fraud to milk money from Medicare and similar providers.

Some would steal intellectual property. If we sum it up, this will cost anywhere between a few thousand and hundreds of thousands per business.

Cybersecurity is no longer optional

Aside from the growing threats of fraud, small businesses should be aware that the Securities and Exchange Commission is updating its guidance. It’s in light with the recent attacks reported among the SMB community.

SEC has launched a website containing compliance toolkits, bulletins, and helpful alerts. Aside from that, hiring a cybersecurity service is a pressing need.

 

Why you need to hire a cybersecurity team

Technology is advancing 

The mere fact that technology is continuously advancing should encourage small businesses to use it for their benefit. Hackers also have access to this technology, and if you don’t know how to use it, they can use it against you.

You should never assume that you’re safe from cyberattacks just because you own a small business. Hackers know that you’re thinking precisely that way.

 

The internet is never safe

If you’re accepting and processing online payments, then you need to boost your cybersecurity. Hackers can steal not just your money but also your customers’ data. This is data breach can land you to a costly lawsuit.

Every day, business got hacked and yours can be the next target until you let a cybersecurity team guard your systems.

 

Cybersecurity is as critical as operational tools

If your business relies on the internet for a large chunk of your operation, then cybersecurity is as essential as any of your operational tools. The virtual protection it offers keeps hackers off your network. That’s one less problem for you to think about.

Sure, a cybersecurity team will cost a lot, but that’s only a fraction of what you’ll lose from online robbery. In the coming years, cybersecurity will become an indispensable part of every business’ operation, regardless if it’s a small or large firm.

 

Conclusion

Cyberattacks are becoming more and more directed toward small businesses. You should exhaust all means to guard your workplace against these threats. It starts by hiring a cybersecurity team that will monitor your business. It’s an investment that will secure all your other assets.

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What DNS Filtering Means for Your Business

As cyber threats continue, DNS filtering is no longer just an optional layer of security. Many businesses are falling prey to phishing websites and sit vulnerable to attacks. Companies must continue to use all security measures available at their disposal.

Instead of settling for a single layer of protection, IT teams should now integrate a multi-layer approach. This way, hackers and phishing websites stand no chance of infiltrating your system.

 

What is DNS filtering?

Domain Name System (DNS) filtering is the process of blocking domains and IP addresses that are likely to be malicious. When we talk about malicious sites, these are the pages that contain malware, phishing content, and other things that will try to meddle with your system.

DNS filtering controls can be placed in the ISP router level or by using a third-party filtering service like Cisco Umbrella, DNSFilter, WebTitan Cloud, and more.

Whenever the filters detect that the site is malicious, the website will be added to the blacklist. Whenever you or your employee tries to visit the blacklisted site, you will be redirected to a blocked page screen.

For businesses, DNS filtering can process high volumes of data with a minimal delay. With this, you will have a 24/7 guard for your business’ system.

 

Why is DNS filtering important for businesses?

Thousands of phishing web pages are being created every day. You’ll never know when your company will be the target of these malicious pages.

Malware and phishing kits are stealthy. The moment you visit the malicious site, it will download, install, and operate in the background. In no time, your customer data will be stolen, your bank account has been depleted , and other catastrophic scenarios have happened to your business.

Aside from preventing a massive data breach, DNS filtering also helps businesses enforce responsible internet usage. You can set filters to block pages with content unsuitable for the work environment. Also, it blocks websites that will directly impact your employees’ productivity – social media sites, for one.

A business’ IT department can set up the DNS filters on their internal networks. Take note that the DNS filters apply in multiple locations including Wi-Fi hotspots, wired networks, internal Wi-Fi networks, and more.

 

Reasons why your business needs DNS filtering

It will help reduce HR policy violations

All companies prohibit the access of websites that has unsuitable content for the workplace. One good example is pornography. According to statistics, about 70% of all pornographic internet traffic takes place during business hours. With such numbers, you’ll never know when one of your employees is sneaking in.

 

It’s added security 

DNS filtering is a proactive approach against network threats. Instead of waiting for malicious domains to access your system, you can set up a line of defense early on. It’s one less headache for your day to day operations.

 

It will restore your bandwidth

By setting up DNS filters, you can now stop your employees from accessing unnecessary and high-bandwidth pages. Aside from boosting productivity, you’re also freeing up a large chunk of your network’s bandwidth.

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Should You Buy, Rent, or Lease Servers?

For small to medium businesses (SMBs), it can be challenging to deal with the demands of technology. Since it’s almost a must to update with the latest equipment and facility, it might be challenging to decide whether to buy, rent, or lease it.

There are a lot of factors to take into account here. The cost, maintenance demands, and abilities of the SMB to maximize the equipment or IT facility to its full potential are just some of the prominent examples.

 

Buying servers: pros and cons

Buying your servers mean you get full control but at a price. Purchasing your servers also translates to hefty upfront costs, something that most SMBs don’t have the means to pay. Still, since you’re not bound to any terms of limits, management and customization are a lot easier.

But the question is this: do you have an IT team to manage the servers? If your answer is no, you’re better off either leasing or renting servers. There’s no use to acquiring your servers if you don’t have the people to maximize it.

In the end, you might be using it in the same way that you’ll do when renting or leasing. The big difference is you paid much more.

Also, you have to understand that servers upgrade continuously. Since you’ve purchased a particular version, you’ll be obliged to pay for the upgrade, which, again, is expensive. You have the option to put off the updates, but this means being left behind in terms of technological advancements.

 

Renting servers: pros and cons

Renting is probably the most practical option for SMBs. This means renting your servers and computers from a third-party IT provider.

Renting allows you to shop around and use the latest servers and computers without shelling out a large amount. IT service providers always update their infrastructures to lure more clients, something that benefits you as the ‘tenant’. Aside from enjoying the perks of updated servers, you will also control the costs of the IT service.

The most significant advantage of renting servers and computers is that you’ll get maintenance and support from your provider. With this, you no longer have to maintain a large IT team, which is a big reduction in your operational costs.

 

Leasing servers: pros and cons

Leasing is something between buying and renting. You don’t purchase the servers and computers, but you still pay a fixed monthly rate. This is a good choice for companies who don’t need to update their servers and computers often.

However, you only get the infrastructure. The responsibility of maintaining and utilizing the IT infrastructures is on your shoulder. This means you need to employ an IT team to manage your leased servers.

Again, not all SMBs have the resources to avail such addition. Aside from that, leasing means you’ll get stuck on the same technology for a long time. In the long run, renting is the best option.

 

Conclusion 

Knowing when to rent, buy, or lease your servers is critical for efficiently utilizing the technology. Also, it will cut unnecessary cost connected to maintaining your business’ technological infrastructure.

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6 Physical Security Measures You Should Take Immediately

Hackers are notoriously targeting small and medium-sized businesses. But contrary to the common notion that it’s an outside attack, you’ll be surprised that some breaches happen as inside jobs. It can be a deliberate attack initiated by an unhappy employee or a cybersecurity lapse that triggered an outside threat. Whatever the cause is, you need to perform the following physical measures before it’s too late:

 

Check your employees’ remote access to office data

Your employees don’t have to be physically present in the office to access company data. If you only use a password to guard all your confidential information, you need to come up with a stringent security measure.

Don’t put all the eggs in one basket. Create separate shared drives and enable multifactor authentication. Also, audit your employees’ remote access to check if someone is becoming suspicious.

 

Restrict backroom access

From now on, restrict the access to specific parts of your workplace. Install front desk cameras and log all the individuals that will set foot on your workstation. Also, keep access to your physical servers and computers strictly for authorized personnel only. Anyone who wishes to access your backroom should secure your permission first. This is critical, especially for businesses in the finance and healthcare industry.

 

Launch an IT security plan

You can consult with an IT provider to come up with a cybersecurity plan for your business. These professionals can audit your system and point out weak points. In fact, they can even detect unauthorized access to your system. This is a very helpful move to secure your business’ information and to ward off hackers off your network.

 

Replace old computers

Clunky and outdated computers are impossible to install with the latest cybersecurity software. It’s time to switch for a modern and simple unit. The latest Windows, Chromebook, and MacBook units come with impressive security features that will reduce direct attacks to your business. It’s an investment both for your company’s cybersecurity and your employees’ productivity.

 

Assemble a technology committee

Cybersecurity should be a collective effort between the management and the employees. A simple act of surrendering a flash drive to your IT department can make a big difference. Also, all your devices and technology should be monitored well. Record the names of those uses and borrows each item so you will have a trail to follow if something goes wrong on your system.

 

Come up with a phishing policy

Train your employees to identify phishing emails and suspicious activities on your network. You’ll never know when one of them will become the recipient of a massive phishing attack. Provide examples of scams and how they can deal with it.

It’s best to train the upper management and down to the rank-and-file employees. Through this, you’ll have a holistic approach against hacking.

 

Conclusion

Cyberattacks are becoming prominent in the advancement of technology. To protect your business from being the next target, it’s best to employ proactive solutions that will defend your assets.

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How You Can Use AI in Your Business

Artificial Intelligence (AI) is no longer just the thing of large enterprises. Over the years, it has become more accessible to small and medium-sized businesses. With automation taking on every industry, AI systems can make work easier while saving a lot of money.

The price drop in AI technologies paved the way for SMBs to gain access. If you’re new to AI, here are some ideas on how you can integrate it into your business.

 

Automate your marketing

Using AI-based software, you can set up your marketing efforts on autopilot. This includes using chatbots to increase customer response. This will boost customer satisfaction, which will positively impact your sales and brand image.

AI is also capable of machine learning. This means you can gauge customer preferences, risk range, competitor performance, and more. You can use all of this information to improve your marketing efforts and to widen your target market.

 

Integrate it with your inventory management

Many AI-based applications can now manage some aspects of your inventory. The machine learning algorithms of the application can initiate requests for supplies or let you know where more supplies are needed.

It can also automate the order placements of customers. Aside from improving customer experience, you’re also saving money while enjoying an efficient operation. It’s a win-win scenario for your business and your customers.

Some AI applications can even predict supply chain movements. This will help you come up with informed decisions about your inventory.

 

Fight fraud with AI

Small and medium-sized businesses can now boost their defense against fraud by using AI-based applications. This technology can detect fraudulent transactions, which will primarily benefit the company’s revenue.

Since AI applications can detect patterns, your firewall gets stronger over the years. Also, machine learning can help reduce false alarms, ensuring that the fraud-preventing efforts are accurate.

AI-based applications that fight fraud are now getting more affordable. Even small businesses can afford to have one.

 

Use virtual office assistants

Chatbots have been a growing trend among SMBs. This improves the customer experience at a low cost but in a very accurate manner. Virtual office assistants help small businesses manage their tasks without the need to hire additional manpower.

Since this will ease the burden of performing time-consuming tasks, business owners can channel their resources into other aspects of their operation.

AI executive assistants can work 24/7 with minimal monitoring. It can also help with scheduling, which is a big help for busy businesses.

 

Filter applicants using AI

If you’re hiring new employees, you can use AI applications to save time. You can set up interview questions and the applicant can send a video interview. The AI application will analyze the audio content and facial cues to evaluate the candidate.

This is ideal to use for entry-level positions that will not impact your operations easily. In fact, companies like Unilever, Dunkin Donuts, and IBM have used AI-based hiring for their entry-level candidates.

 

Conclusion

AI technology is booming and it’s here to stay. If you want your business to keep up, it’s time that you incorporate the technology to your operation.

 

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How You Can Stop Phishing

Your inbox is every hacker’s gateway to your bank account, social security information, taxes, and more confidential information. With the increasing phishing attacks on small and medium-sized businesses, you need to get your guard up. You have to stop phishing before it wreaks havoc on your business.

 

What is phishing?

Phishing is a fraudulent practice often used by hackers to access personal information of other people or organization. They will send an official-looking email with links or attachments that will lead to a site where you will supply personal information. Phishing emails can be anywhere from a raffle promo or imitating a site you visited to trick you into giving personal information.

Once the hackers access the information they need, they will now use it to get their way to your bank. Some will steal intellectual property or reveal confidential information.

It’s the hackers “fishing” into your personal information. The email is the bait and you are the big fish. If you bite, you’re going to be one of their catch.

So how can you prevent phishing?

 

Don’t trust a pop-up

Many websites use pop-ups and it’s totally fine. However, you can avoid phishing by being vigilant with what you’re going to click. Instead of clicking on the word “close”, look for the X sign at the top of the pop-up to close it. This is a common trick of hackers to get you to the phishing website.

 

Use an anti-phishing toolbar

It’s best to use a browser that you can customize by adding an anti-phishing toolbar. This tool will automatically check the site and match it with a phishing sites list. Should the toolbar detect phishing activities, it will send a notification to the user or block the page entirely.

 

Reinforce your firewalls

Firewalls are your business’ first line of defense against phishing. Always have a desktop firewall and a network firewall for a double layer of protection. It will reduce the odds of phishing scams slipping through your watch. If you don’t have the IT team to perform such reinforcement, it’s best to outsource your IT needs.

 

Phish your staff

To know if your staff is well aware of phishing, you can stage a “phishing attack” on your employees. Observe if they will be an easy-picking or if they are educated enough to pick up the red flags. The result of this drill will let you know where cyber literacy training is much needed.

 

Encrypt your data 

Regardless if you have a small business, encrypting your data is a must-do. Never let confidential information lying around for hackers to access. Sensitive information like bank accounts and contact numbers of customers should be fully encrypted. If ever a hacker enters your network, they can’t take any information with them.

 

Always update your browser

Major browsers like Google and Firefox continuously upgrade their security features to fight off cyberattacks. With this, you should always keep your browser updated to enjoy the new security patches on the system. Ask your staff to do the same or you can auto-update your browser to be sure.

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