3 signs of a cyber attack on your company - what you need to know

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Introduction

Depending on the size of your business, a ransomware attack could either be a minor inconvenience or a major catastrophe. For most businesses, it will fall somewhere in between. There are many different types of ransomware (e.g., file-based, network-based, hybrid, and even user-aware versions). Each type has its specific infection vector and victim profile. That being said, there is something you can do to protect your business against any kind of ransomware cyber attack: cyber insurance. When you operate your own business, numerous things can go wrong.

Fortunately, you can protect yourself from most of these situations with cyber insurance. Read on to find out more about what cyber attack insurance is and when you should get it for your business.

How do you know if you've been hacked?

Antivirus is a relatively simple tool to use in modern-day threatscapes from cyber attackers. The anti-malware scanner is inaccurate even with exploits less than 24 hours. Malicious software can change its strategy at any time especially in analyzing malicious links. Swapping some bits can leave a malware application unrecognizable. If you suspect malware files you can just drop them on VirusTotal Google's site to get an accurate report.

How can you prevent cyber attacks? 

Although disruption and loss continue, surveillance is the third most significant motivation behind cyber attacks, after financial gain, and the second biggest. For some security reasons, many organizations have problems maintaining data security. In 2018, Malaysia's threat intelligence was able to grow 32% and 16% respectively from 2015 to 2021. Among the top three cyber security threats, MyCERT identified in 2015 were infiltration attempts and malicious software. Please download my data report on myCERT.

What is Cyber Insurance?

Cyber insurance covers damages caused by cyber-attacks (Such as a ransomware attacks). If a hacker shuts down your computer systems, steals sensitive data or valuable data, or infects your devices with ransomware such as network traffic, your cyber insurance would cover the associated costs. Moreover, it might cover the additional costs of restoring your systems and data to their pre-attack state.

There are two main types of coverage with cyber insurance:

Cyber property coverage

This coverage protects against cyber-related losses to your IT systems, network traffic, and data. It also covers the costs of restoring your systems and data after a cyber attack.

Cyber liability coverage

This coverage protects you against third-party claims of data breaches and privacy violations caused by your employees or third-party vendors. It also covers the costs of defending against such claims.

The Importance of Cyber Insurance

Cyber insurance is a form of insurance that covers the costs of a data breach, ransomware attacks, ransom demand, and cyber liability. It also covers the costs of hiring consultants to assess your company’s cyber security. Additionally, it can also cover the assets involved in a company such as a computer or mobile device. All insurance policies have exclusions, so it’s important to read your policy carefully. Most cyber policies have per-claim limits, which means that an insurer will only pay a maximum amount of money per claim.

If you are a business owner, you must understand the importance of cyber insurance. It's not just important - it's critical. Without proper protection, you run the risk of losing everything if a cyber attack occurs (missing data) - including your customers' trust in your brand. You could even face fines or lawsuits which could do even more damage to your business.

Cost of rebuilding IT systems

The cost of rebuilding your IT systems and replacing any stolen data or confidential data could easily run into millions of dollars. To purchase cyber insurance, you don’t have to be a Fortune 500 company. Small businesses may even find this type of coverage more affordable than larger enterprises. And there’s no one-size-fits-all approach to cyber insurance. Most policies are tailored to the specific type of business. So, cyber insurance may be the one investment that saves your business from bankruptcy.

3 Basic Steps to Protect Your Company With Cyber Insurance

So, how do you protect your business against a cyber attack such as ransomware attacks?

1. First, you need to get familiar with the types of cyber insurance available.

2. Then, figure out which ones apply to your business.

3. Finally, you must obtain the appropriate coverage for your business.

Here are the steps you can take to protect your business against cyber attacks with cyber insurance:

Understand the different types of cyber insurance

There are several types of cyber insurance, including data breach insurance, identity theft insurance, cyber extortion insurance, cyber business interruption insurance, cyber theft insurance, and cyber regulatory fines insurance. These policies differ based on the type of coverage they offer, as well as the coverage limits such as service provider.

Figure out which policies apply to your business

Not every cyber insurance policy is appropriate for every company. You'll want to consider things like your industry, size, and the data you store as well as the threats you face.

Obtain the appropriate coverage for your business

You'll want to make sure you get enough coverage to protect your business. You'll also want to make sure you get the right type of policy for your company.

2 Types of Coverage Every Business Should Have

There are many different types of coverage you can purchase with cyber insurance. However, there are two that every business should have.

• Cyber property coverage 

This coverage protects against cyber-related losses to your IT systems, network, and data. It also covers the costs of restoring your systems and data after an attack.

Cyber liability coverage

This coverage protects you against third-party claims of data breaches and privacy violations caused by your employees or third-party vendors. It also covers the costs of defending against such claims.

An umbrella policy, including liability, medical expenses, and personal property. Depending on the type of policy you purchase, an umbrella policy can provide you with additional coverage of up to a million dollars above the liability policy limits.

An umbrella policy also provides you with added protection from a covered claim that exceeds the limits of your primary policy, up to the maximum limit of the umbrella policy. An umbrella policy is a great way to provide even more protection for you and your family.

Conclusion

When you run your own business, numerous things can go wrong. Fortunately, you can protect yourself from most of these situations with cyber insurance. Read on to find out more about what cyber insurance is and when you should get it for your business. Cyber insurance covers damages caused by cyber-attacks. There are two main types of coverage with cyber insurance: cyber property coverage and cyber liability coverage. To protect your business against cyber attacks, you need to get familiar with the different types of cyber insurance and figure out which policies apply to your business. You must also obtain the appropriate coverage for your business.