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6 Critical Cyber Risk Management Steps for Your Business

1. Multifactor Authentication Protection

Relying on a username and password isn’t enough protection anymore, as not having an additional layer of protection leaves you more vulnerable. Having a multi-step log in authentication process is a great way to add this extra layer of protection. MFA is usually a two-step authentication method but can require more. After providing a username and password, the next level of authentication might include a one-time passcode sent to the user’s smartphone or email account, for example. MFA is especially important when it comes to remote access into your network and systems, as well as administrative access. Requiring every user trying to connect with an admin account to prove who they are with more than one piece of information is crucial. Having admin access is the last kind of access you want a cybercriminal to get. It may be surprising to you that 90% of threats can be avoided with appropriate MFA deployment. 

2. Updating Your Systems/Software

Notifications about software updates are now familiar, and at times annoying and inconvenient occurrences, but they should not be ignored. Cybercriminals are always on the hunt and looking for those vulnerabilities within your systems and software. The vulnerability can be in the form of a software application with a flaw that an attacker can use to gain access, a misconfigured firewall or a user that clicks a link in an email that surreptitiously installs software opening a back door. These tactics can result in the attacker gaining a presence on a network. Because of this, it is important to not wait to update your systems and software. Update as soon as you can as soon as updates and patches become available. 

3. Endpoint Detection and Response Solutions

You may be wondering what this exactly means. Endpoints is just a fancy term for the devices that communicate back and forth with a network. These devices can include computers (such as desktops and laptops), mobile devices (such as smartphones and tablets), servers and other network-connected devices like wireless printers. Endpoints serve as the points of entry and exit within a network, allowing data to flow in and out. Because these are points of entry and exit, they are considered potential vulnerabilities. Endpoint Detection Response (EDR) solution helps protect businesses of all sizes against malicious attacks while providing greater capabilities than a traditional antivirus solution. EDR helps to not only identify access points and detect when something gets through, but it helps once something does get through. As it analyzes what each user does, if there is anything suspicious, it can shut that user down and send an alarm. These detection solutions looks out for malware and are ever-evolving. 

4. Implement an Incident Response Plan

You will always be better prepared when a incident occurs if you have an Incident Response Plan. Once you create a plan, it is important to consistently practice it and update it and be prepared for it. We would advise reviewing it, updating it, and teaching your staff once or twice a year. With having a Cyber Liability policy, one of the first actionable steps you should have within your plan is to know the phone number to call when an incident takes place. Call the 24/7 hour hotline to your insurance carrier for resources, a breach coach, and professionals ready to service your needs. It would even be helpful to talk to your brokers/carriers ahead of time and learn about and know what services and resources they have available for you as you think about the different kind of incidents that could happen to your organization. Implementing an Incident Response Plan will help to reduce the impact the incident has on you, especially when there are contractual and regulatory obligations your business is involved with through your operations. 

5. Regularly Back Up Your Data

This is a critical step! What data should you be backing up you may wonder? Any data that is critical for the core mission and operation of your business – anything that would cause business interruption. You may also wonder how often to backup your data, and that may be dependent on how often your organization is taking in and storing new information, but it’s a good idea to back up your data and systems when there have been any changes – this may look like in real-time or daily. Backing up your system and important files on a regular consistent basis rather than sporadic is a good cyber readiness practice. 

A best practice is the 3-2-1 backup strategy:

3. Create one primary backup and two copies of the organization’s data.
2. Save backups to two different types of media.
1. Keep at least one backup file off-site and offline. 

6. Cyber Liability Insurance Policy

We know these risks can be worrisome, but having a Cyber Liability policy in place is an important step in your protection. Cyber Liability insurance provides a combination of coverage options and  services to help protect businesses against data breaches and other cyber events, including aid in recovering quickly if a cyberattack does take place.

Cyber Liability insurance can help cover costs associated with these data breaches and cyberattacks, such as lost income, notifying affected customers, recovering compromised data, repairing damaged computer systems, and more.


Be prepared and stay protected. Learn more about Cyber Liability and receive a quote today.