There is trouble brewing in the cyber security industry. Fortune had an article about how to get into the high-demand industry but high demand, that’s an understatement. Why? Because cybersecurity teams are now starting to be overwhelmed by the number of attacks that are happening. In fact, ZD Net says we should all be worried. This has a massive impact on cyber security teams, leaving people and businesses more vulnerable. That sounds like an ominous statement.
What is going on? Well, cyber security sounds like a nice tech job, an IT job where you prevent attacks from happening against your company. You prevent hackers from infiltrating your system. You prevent ransomware. Well, that’s all well and good if you can keep up with the threats. In fact, for most medium to small companies, the threats are changing faster than you can train your IT people. That’s why a lot of times cyber insurance is a good addition to those layers because your insurance company will help keep you updated, so your IT people don’t have to find out about attacks on other companies all over the world that insurance companies will know about because they have to pay the claims.
If you are a company that does cyber security with your IT department, you may want to look at some outside resources because even the largest companies can’t keep up with the changing landscape of cyber security. It’s changing fast and the hackers have large companies with 100+ people that are constantly doing development on new ways to hack your system. This is their full-time job and they have hundreds of people. What chances do you have if you’re just a two-person IT department? Or a medium company with maybe 50 employees and three people in IT? Maybe your web developer does a little bit of cyber defense, but it’s no match for professional international hackers that are out there trying to break into every system they can.
Cyber insurance is beneficial to have. Even if the insurance never gets used, the suggestions that the insurer will give you sometimes requirements might be worth the cost of the premium.
Either way, be aware of the negative landscape of cyber attacks. Worst case scenario, put every ounce of defense you can into your system, update the software patches, make sure you have a good inventory of all your devices, and make sure your it people drop everything else that they’re working on at least once a month and take a look at only cyber defense. If they’re working on coding your new website, e-commerce payment processing, or marketing development, have them put that out of their head for a day or two once a month to just look at cyber defense to make sure you’re putting in allocating good resources of not just money but time and attention into preventing a disaster from your company being hacked. Shut down. All your data is being exfiltrated onto the dark web or even locked up where you have to pay a big ransom to even just use your computers again.
Looking for more information?
A cyber liability policy can help cover your business and keep you updated with industry tips like this one. Get in touch with us today to learn more about cyber liability insurance coverage, or set up a no-obligation consultation with a commercial lines expert through TelaClient.com.
