As we make our way into the new year, cybersecurity will continue to be one of the hottest topics that the media and the government continue to report on. As ransomware continues to be a threat, business owners will have no option but to prioritize cybersecurity.
So, What are the Predictions Telling Us?
- According to the Center for Cyber Safety and Education, cybersecurity jobs are expected to reach 1.8 million by 2022, up 20% from 1.5 million in 2015.
- Your digital identity will continue to grow—Working from home. Placing orders for “porch” delivery. Talking to co-workers through Zoom versus over the cubicle wall.
- The Remote Work Era will be even more exploited.
Michael Gorelik is the threat officer and head of threat intelligence at breach prevention firm Morphisec. He said, “The shift to remote work has moved from a temporary measure to help curb the spread of the virus to a more permanent strategy for many businesses…
…This situation has reshaped the threat landscape and has created new opportunities for attackers to change their approach. And we expect this to only get worse in the New Year. With more attackers entering the market with malware-as-a-service campaigns, bad actors will continue to target the essential tools every distributed workforce is using. (source)”
So, What About Cyber Insurance?
It’s not a prediction, but a reality that many businesses in various industries for the first time are going to find that getting Cyber Insurance isn’t so easy.
Ransomware hit a level where the payouts by insurance companies are now exceeding the premiums being paid. Large insurance providers may reduce the amount and types of business they cover. Renewals will get tricky because most carriers will not renew in light of a ransomware event.
How can you help businesses increase their chance to obtain Cyber Insurance? They will need to up their game and invest in cyber tools and risk management processes to prove they are a worthwhile risk to insurance providers.
5 Executions to Help Gain a Better Cyber-Risk Posture
- Improve your Email Security – add email filtering tools designed to prevent phishing or ransomware attacks.
- Cyber-train your employees on what to watch out for and protect your business against any business-related email compromise
- Maintain at least weekly backups because you never know when a cyber incident may occur. FifthWall Solutions recommends segregated backups – a data backup that is separate from where the information is stored initially
- Use MFA (multi-factor authentication) – to provide two or more verification steps to gain access to a resource such as an application, online account
- 24/7 Monitoring – Many MSPs provide Monitoring Services, and some provide access to a Breach Hotline; monitoring helps to mitigate risks both pre-and post-breach.
Cyber Coverage Becomes Possible with Better Risk Management
Agents—your clients need the best protection available moving into 2022. Help improve their organization’s cybersecurity posture before a breach negatively impacts their business. This means delivering the best cyber insurance and risk protection. No matter the industry or size of the company, risk management solutions should be budgeted for and at the top of your action item list with your management team.
FifthWall Solutions has a Comprehensive Cyber Insurance and Risk Management Solution
Our dedicated team is quoting and binding business for mid-size to larger companies every day in those hard-to-place markets. When it comes to renewals, FifthWall Solutions is standing by to help businesses, when possible, gain a policy with ransomware coverage. With broad market access and extensive product knowledge, we have access to more than 25 carrier markets and offer limits up to $25 million in coverage, allowing agents to identify the right policies today and renew quickly.