Bolster Your Defenses with Cyber Risk Management

Cyber threats are always evolving and it’s impossible to eliminate all risks. That’s doesn’t mean you need to leave your defenses to chance; a roll of the dice. There’s a smart way to deal with these risks and make your organization’s digital security stronger – it’s called cyber risk management.

Imagine it like this: instead of just adding one more layer of security, cyber risk management is like a comprehensive plan that identifies, assesses, and deals with risks throughout your decision-making process. It goes beyond just technical controls, taking into account things like your organization’s culture, business processes, and how you handle data.

Here’s how it’s different from the traditional approaches:

  1. Comprehensive Approach: It doesn’t just add another layer; it becomes a part of how you make decisions to avoid any gaps in your security.
  2. Beyond Technical Controls: Instead of only focusing on technical aspects, it looks at the bigger picture, including how your organization operates and manages data.
  3. Risk-Based Decision-Making: Instead of deploying measures without clear reasons, it looks at potential threats, their impact, and likelihood, helping you focus on the most important risks.
  4. Alignment with Business Objectives: It’s not just about security; it’s about aligning with your overall business goals, making it more relevant to your organization’s success.
  5. Holistic View of Security: It doesn’t just rely on technology; it understands the importance of people, processes, and technology working together for security.
  6. Resource Allocation: It helps you use your resources more effectively by focusing on the most critical areas of cybersecurity.

Now, let’s talk about risk tolerance:

  • Willingness to take risks: It’s about being ready to take calculated risks, understanding that not all risks can be eliminated, but some can be managed.
  • Capacity to absorb losses: This is about having a financial buffer to handle losses without disrupting your main operations.
  • Consideration of strategic objectives and long-term goals: Your risk tolerance should match your long-term goals to avoid actions that could harm your strategic direction.
  • Compliance and regulatory considerations: It’s about understanding and following the laws and regulations to reduce the risk of legal consequences.
  • Meeting the expectations of customers and stakeholders: Keep the trust and confidence of your customers and stakeholders by showing that you prioritize their interests and data security.

Now that you know how cyber risk management works, take action! Download our checklist to guide you through the four stages of cyber risk management. Don’t wait for the next cyber threat; reach out to us for a free 50-minute consultation. Together, we’ll make your digital defenses stronger and prioritize your security.

Strategic Cyber Risk Management

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]Protecting your sensitive information and essential technology from cyberattacks is a key factor in your organization’s survival. This is where strategic cyber risk management comes in.

A solid cyber risk management strategy helps build strong defenses against cyber threats without hindering your business’s growth. It not only enhances security but also ensures that your business stays compliant with regulations.

In this article, we’ll explain the fundamental principles of cyber risk management and demonstrate how integrating it with a simple yet effective security framework can lead to strategic success.

Key Points of Risk-Based Cybersecurity in Simple Terms

  1. Reducing Risks: Actively identifying and neutralizing threats before they occur helps minimize the potential impact of a cyber incident.
  2. Focused Investment: By recognizing and assessing risks, you can concentrate your investment efforts on the areas that need attention the most.
  3. Addressing Critical Risks First: Tackling the most severe vulnerabilities first strengthens your business’s overall security.

Introducing Cyber Risk Management Frameworks

Cybersecurity risk frameworks act as guides that help businesses implement a risk-based approach effectively. Here’s how they can benefit your business:

  • Remove Guesswork: Frameworks provide a structured way to evaluate your current cybersecurity status.
  • Systematic Focus: They help organizations systematically direct their investments toward addressing the most critical risks.
  • Guidance for Building Security: Frameworks offer the right guidance to build security, which is crucial for earning customer trust.
  • Tested Controls: Built with tried and tested controls, frameworks assist businesses in implementing effective security measures.
  • Compliance Assistance: Frameworks are designed to help businesses comply with government and industry regulations.

[/vc_column_text][vc_column_text]NIST Cybersecurity Framework Simplified

The National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) is is a user-friendly framework that empowers business leaders to enhance organizational cybersecurity. Here’s how it supports a risk-based approach:[/vc_column_text][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

  • Identify: It helps you  understand the risks around what is most valuable to your business.
  • Protect: Provides an overview of people, processes, technology, and information that need protection for successful business operations.
  • Detect: Promotes continuous monitoring and adaptation to evolving threats.
  • Respond: Creating an incident response plan is key to minimizing downtime and reducing stress during a crisis.
  • Recover: A step by step recovery plan will simplify the recovery process and keep stakeholders updated.

[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]Conclusion:

Safeguarding your business from cyber threats is vital for its survival and growth. Rather than leaving your business security to chance, consider partnering with an experienced IT service provider like Claritech. We use these tools every day and can help you navigate the complex world of standards and compliance. Download our infographic, “Assess Your Cyber-Risks in 7 Critical Steps,” to strengthen your defenses against lurking cyber dangers. Contact us now![/vc_column_text][/vc_column][/vc_row]

How to Stay Ahead of AI-Powered Cybersecurity Risks

At Claritech, we understand the benefits and challenges that artificial intelligence (AI) brings to businesses, particularly in the realm of cybersecurity. AI has opened up new vulnerabilities that cybercriminals can exploit, making it difficult to detect and mitigate complex cyberattacks. Hackers can now leverage AI to create convincing phishing emails that bypass spam filters, as well as manipulate security systems to gain unauthorized access, leading to severe damage to your business and its reputation.

Navigating this emerging threat landscape can be challenging, especially for organizations without a dedicated IT security team equipped with advanced tools to combat these cybercrimes. However, there are proactive steps you can take to strengthen your organization’s cybersecurity posture and stay ahead of AI-powered cyberattacks. In this blog, we will explore strategies to enhance your preparedness against these evolving threats.

Security best practices for AI with Claritech.

To bolster your organization’s cybersecurity posture against emerging AI threats, consider implementing the following practical tips:

1. Provide continuous, real-time cybersecurity training for your team. AI technology and cyberthreats are evolving rapidly, without ongoing cybersecurity training, your team could become a weak link in your security defenses. Instead of blaming individuals when a hacker targets your organization, focus on ensuring that all employees have the knowledge and training necessary to make informed decisions.

At Claritech, we recommend using real-time scenarios and simulations to help employees identify phishing emails and avoid falling for malicious attempts. Implement regular and ongoing security awareness training to educate your workforce about persistent threats such as ransomware and social engineering attacks. By making cybersecurity training an integral part of your work culture, you can ensure that every employee is invested in organizational security.

2. Improve security policies and enforce them. As AI-powered cyberthreats continue to evolve, it’s crucial to take proactive steps to enhance your cybersecurity policies and rigorously enforce them. Consistently communicate the importance of good cyber hygiene to your employees through collaboration between your IT and HR teams. Together, they can develop cybersecurity strategies and policies that promote vigilance and awareness of the latest AI cyberthreats.

Consider sending weekly newsletters to employees to keep them informed about emerging threats. Conduct regular risk assessments and implement multifactor authentication to further strengthen your cybersecurity. If your business lacks dedicated IT teams or security resources, partnering with a trusted IT service provider like Claritech can help you establish a robust IT security stance.

3. Partner with Claritech, your trusted technology success partner.  We can help you leverage our expertise to build a formidable cybersecurity posture that safeguards your business against AI-related threats. Our team stays up to date with the latest developments in AI, enabling us to provide comprehensive support and guidance. With advanced resources and tools at our disposal, we can handle your IT security management, allowing you to focus on critical business decisions without the burden of cybersecurity concerns.

We are here to help at Claritech.

Don’t let cybercriminals become a significant concern for your business. Consider partnering with Claritech, your trusted IT service provider. We possess the experience and expertise required to help you establish a solid cybersecurity posture against AI-fueled security threats, all while keeping your budget intact. Contact us today to take the first step towards safeguarding your business.

Four Employee Cyberthreat Traits

To succeed in today’s modern competitive business landscape, you need to understand the strengths and weaknesses of your employees. This will equip you to identify areas where employees may need further training, including cybersecurity awareness.

Are you sure that your employees can resist threats and prevent cyberattacks?

Certain employee traits can indicate a lack of cybersecurity knowledge or awareness. For example, individuals who regularly click on phishing emails or fall victim to social engineering attacks are likely unaware of the dangers of these threats. Similarly, employees who do not adhere to cybersecurity best practices, such as using strong passwords, may also demonstrate a lack of awareness or motivation.

If you notice any of these behaviors in your employees, it’s essential to empower them with the latest cybersecurity training and best practices. By doing so, you can help protect your business against the dangers of cyberattacks.

In this blog post, we attempt to categorize the most common employee traits so that you can identify individuals who require additional attention.

Traits to watch out for

Although there are numerous ways to classify employee traits, we believe the four listed below cover the most common character traits.

The skeptic

Skeptical individuals believe that a cyberattack will never happen to them. They don’t understand the significance of regularly changing their passwords or using two-factor authentication. This callous behavior is exactly what cybercriminals exploit to attack the organization. They have a high success rate when businesses and their employees don’t take the necessary safety precautions.

Remember, cybercriminals are out there and they’re very good at staying under the radar, making it difficult to spot them if you’re not actively looking for them.

The procrastinator

Cybersecurity procrastinators know they are critical to preventing hackers from infiltrating systems, but they’ll worry about finally connecting to your virtual private network (VPN) or deploying that security patch tomorrow.

Those with the procrastinator cybersecurity trait also have a love-hate relationship with the dozens of red bubbles on their apps and software. They know that if left unchecked, the situation could quickly spiral out of control, but they will prioritize other tasks and wait until “the next day” to take care of the issue.

The naïve

Although naivete is not synonymous with foolishness, those who are inexperienced in cybersecurity might trust too easily.

Do you know people who leave their computers unlocked when they go out for lunch? Or the remote worker who uses the free Wi-Fi at coffee shops? Some individuals even write their passwords on post-it notes; we’ve all been guilty of doing this at some point.

While it may seem to this type of employee that they’re surrounded by good people, the threat might be sitting right next to them.

The employee with good intentions

If cybersecurity best practices were an exam, this type of employee would get an A+. They are cautious of emails with links or attachments, use complex passwords to deter hackers and are always informed of the latest threats. However, even the employees with the best of intentions can be targeted by a cybercriminal and not know it. That’s why providing your team with the latest cybersecurity awareness training is crucial.

Conclusion

It’s essential for any business to know its employees well. After all, they are the lifeblood of any company. Good employees help drive a business forward, whereas careless employees can drag it down.

It’s important to remember that each employee is an individual with unique skills, traits and motivations. It’s up to you to make sure that these individual traits are being put to good use and that your employees receive regular security awareness training to help them all learn and practice good cyber hygiene.

Don’t worry if you don’t know where to begin. The experience and expertise of Claritech may be just what you need. Contact us today for a no-obligation consultation to see how easy we can make security awareness training.

To learn more, download our eBook “Security Awareness Training: Your Small Business’s Best Investment” by clicking here.

Four Cyberthreats Small Businesses Need to Know

Data breaches have become more common in recent years, owing primarily to the rapid emergence of new threats. According to a new study, the average cost of a data breach increased 2.6% from 2021 to 2022.* Hackers can now access sensitive information a lot easier than ever before, thanks to the growth of the internet and the increasing interconnectedness of businesses. They can then sell that information on the dark web or use it to commit other crimes such as identity theft.

So, what can you do to safeguard your business against data breaches? The first step is being aware of the threats that exist. Second, you must take precautions to protect your data. Third, you need to know what to do if your data is compromised.

In this blog post, we’ll discuss a few of the threats you need to look out for to safeguard your business.

Don’t let these threats get to your business

Here are some lesser known cyberthreats that you need to be aware of:

Juice jacking

Juice jacking is a cyberattack where a malicious actor secretly installs malware on a public charging station. This malware can then infect the devices of anyone who plugs into the charging station. Once infected, the attacker can access the victim’s data. Crazy, right?

An attack of this nature needs to be proactively tackled because more people are using public charging stations to charge their devices. Remember, it’s not just phones that are at risk — any device connected to the infected public charging station is susceptible to juice jacking, including laptops and tablets.

If you must use a public charging station, take a few precautions. To start, only use trustworthy stations. Second, to keep your device from becoming infected, use a USB data blocker. Finally, ensure that your device is in “charging” mode rather than “data transfer” mode.

Malware-laden apps

The number of smartphone users has grown and along with it the number of mobile apps. While there are many legitimate and safe apps available in app stores, there are also many malicious apps cybercriminals release despite valiant efforts to keep app stores safe.

One of the biggest dangers of downloading bad apps is that they can infect your device with malware. This malicious software can wreak havoc on your device, including stealing your personal data, vandalizing your files and causing your device to crash. In some cases, malware even equips hackers to take control of your device remotely.

So, how can you protect yourself from downloading malware-laden apps? The best defense is to be vigilant and research before downloading any app, even if it’s from an official store like the App Store or Google Play Store. Check reviews and ratings, and only download apps from developers that you trust.

Malicious QR codes

It’s no secret that QR codes are becoming increasingly popular. Unfortunately, while they offer a convenient way to share information, they also present a potential security risk. That’s because scanning a malicious QR code can give attackers access to your device and data.

The best way to protect yourself against this type of attack is to be aware of the dangers and to take precautions when scanning QR codes. For example, you can use a reputable QR code scanner that checks malicious content before opening it. You can also avoid scanning QR codes that you don’t trust.

Using public Wi-Fi without a VPN (Virtual Private Network)

Public Wi-Fi is everywhere, and it’s often very convenient to use when you’re out and about. However, what many people don’t realize is that using public Wi-Fi without a VPN can be a security disaster.

When you connect to a public Wi-Fi network, you unwittingly invite potential hackers and cybercriminals to access your data. Without a VPN, anyone on the same network as you can easily see what you’re doing online. They can intercept your data and even steal sensitive information.

That’s why we recommend using a VPN. A VPN encrypts your data and provides a secure connection, even on public Wi-Fi.

Collaborate with Claritech to tackle cyberthreats

If you can’t devote sufficient time and effort to combating cyberthreats, partnering with an IT service provider is your best option. An IT service provider, like Claritech, can help you with cybersecurity, backup, compliance and much more.

We can also improve your employees’ readiness to deal with cyberthreats by helping you provide regular security awareness training. Employees can benefit from this training by learning how to identify and avoid phishing scams, protect their passwords and detect other types of cyberattacks.

To learn more about security awareness training, download our eBook “Security Awareness Training: Your Small Business’s Best Investment” by clicking here.

 

Source:

* IBM Cost of Data Breach Report 2022

Why Passwords are Your Business’ Weakest Point

In today’s digital world, safeguarding your organization’s online assets is critical. Unfortunately, poor password hygiene practices by some employees cause problems for many small businesses, leaving them vulnerable to hackers.

Cybercriminals are constantly trying to find new ways to break into business systems. Sadly, too often, they succeed thanks to weak passwords. In fact, nearly 50% of cyberattacks last year involved weak or stolen passwords.* This calls for small businesses like yours to step up and take password security seriously and implement strong password policies.

Fortunately, there are a few best practices that you can follow to protect your business. Before we get into those, here are the top 10 most common passwords available on the dark web that you should avoid at all costs:

  1. 123456
  2. 123456789
  3. Qwerty
  4. Password
  5. 12345
  6. 12345678
  7. 111111
  8. 1234567
  9. 123123
  10. Qwerty123

Password best practices

When your team is aware of password best practices, they can significantly ramp up your cybersecurity.

 Use a password manager

One of the most important things to keep your passwords safe is to use a password manager. A password manager helps you create and store strong passwords for all your online accounts. Password managers can also help you keep track of your passwords and ensure they are unique for each account.

Implement single sign-on (SSO)

Single sign-on is a popular password solution that allows users to access multiple applications with one set of credentials. This means that you only need to remember one password to access all your online accounts.

While SSO is a convenient solution, remember that all your accounts are only as secure as your SSO password. So, if you’re using SSO, make a strong, unique password that you don’t use for anything else.

Avoid reusing passwords on multiple accounts

If a hacker gains access to one of your accounts, they will try to use that same password to access your other accounts. By having different passwords for different accounts, you can limit the damage that a hacker can cause.

However, avoid jotting down your passwords on a piece of paper and instead depend on a safe solution like using a reliable password manager.

Make use of two-factor authentication (2FA)

One of the best ways to protect your online accounts is to use two-factor authentication (2FA). In addition to your password, 2FA requires you to enter a code from your phone or another device. Even if someone knows your password, this method makes it much more difficult for them to hack into your account.

While 2FA is not perfect, it is a robust security measure that can assist in the protection of your online accounts. We recommend that you begin using 2FA if you haven’t already. If you use 2FA, make sure each account has a strong and unique code.

Don’t use the information available on your social media

Many people use social media to connect with friends and family, stay up to date on current events or share their thoughts and experiences with others. However, social media can also be a source of valuable personal information for criminals.

When creating passwords, you must avoid using information easily obtainable on your social media accounts. This includes your name, birth date and other details that could be used to guess your password. By taking this precaution, you can help keep your accounts safe and secure.

Claritech can help you

As cyberattacks become more sophisticated, you may not be able to devote sufficient time and effort to combat them. As an IT service provider, Claritech can ensure your team creates strong passwords, stores them securely and changes them on a regular basis.

Schedule a no-obligation consultation with us today to learn more about how we can help protect you from poor password hygiene.

Now that you know how to keep your passwords safe, download our infographic by clicking here to learn how to keep your email inbox safe.

Source:

* Verizon DBIR 2022

Busting Four Popular Cybersecurity Myths

As the business world becomes increasingly digitized, you’ll have to tackle several dangers that come with doing business online. Cybercriminals nowadays have several methods to target organizations, from credential hacks to sophisticated ransomware attacks.

This is why it’s critical to think about measures to protect your organization in every possible way. If you are unfamiliar with technology and the cyberthreat landscape, it might be hard to know the best strategy to protect your organization. With so much noise about cybersecurity out there, it can be challenging to distinguish between myth and fact.

Understanding current and evolving technology risks, as well as the truths behind them, is critical for providing a secure direction for your business. This blog can help you with that, and after reading it, you’ll have a better idea of the threat landscape and how to protect your business against it.

Cybersecurity myths debunked

Busting the top cybersecurity myths is essential to keep your business safe:

Myth #1: Cybersecurity is just one solution

There are many different aspects to cybersecurity and they’re all crucial in keeping your business safe. A robust cybersecurity posture includes employee security awareness training, physical security measures and a web of defenses for your network and devices. You can create a solid cybersecurity strategy for your business by considering all these measures.

Myth #2: Only large businesses become the victims of cyberattacks

If you fall for this myth, it could severely damage your organization. The truth is that small businesses are targeted more frequently by cybercriminals since their network can easily be compromised and they are less likely to recover from an attack unless they pay a ransom.

Myth #3: Antivirus software is enough protection

Nothing could be further from the truth. Antivirus software doesn’t provide comprehensive protection from all the threats that can exploit your vulnerabilities. Cybersecurity is about much more than just antivirus software. It’s about being aware of potential dangers, taking the necessary precautions and deploying all the appropriate solutions to protect yourself.

Myth #4: I’m not responsible for cybersecurity

Many businesses and their employees believe that their IT department or IT service provider is solely responsible for protecting them against cyberthreats. While the IT service department/IT service provider bears significant responsibility for cybersecurity, hackers can target employees because they are usually the weakest link. It’s your responsibility as a business leader to provide regular security awareness training and your employees’ responsibility to practice good cyber hygiene.

Claritech can help

Cybersecurity myths like the ones you learned above can lull businesses into a false sense of security, leaving them vulnerable to attacks. This is where an IT service provider, like Claritech, can help. We can help you separate fact from myth and make sure your business is as secure as possible.

We have the experience and expertise to handle matters such as cybersecurity, backup, compliance and much more for our customers. We’re always up to date on the latest security landscape and provide you with the tools and guidance you need to stay safe. Contact us today to learn more about how we can help you secure your business.

Want to learn more? Get our eBook that highlights the importance of security awareness training in your cybersecurity strategy. Download it here.

3 Times Businesses Were Denied Cyber Insurance Payouts

Cyber insurance is a type of insurance that protects businesses from financial losses that can result from a cyberattack. While it’s an essential tool for businesses of all sizes, there are some facts you should be aware of before purchasing a policy.

Just because you have cyber insurance, it doesn’t mean you are guaranteed a payout in the event of an incident. This is because you may not have the correct coverage for certain types of cyberattacks or you might have fallen out of compliance with your policy’s security requirements. As a result, it is critical to carefully review your policy and ensure that your business is adequately protected.

Learn from the past

Even though these examples are from the United States, it could easily happen in Canada as well. Here are three real-life examples of denied cyber insurance claims:

Cottage Health vs. Columbia Casualty

The issue stemmed from a data breach at Cottage Health System. They notified their cyber insurer, Columbia Casualty Company, and filed a claim for coverage.

However, Columbia Casualty sought a declaratory judgment against Cottage Health, claiming that they were not obligated to defend or compensate Cottage Health because the insured didn’t comply with the terms of their policy. According to Columbia Casualty, Cottage Health agreed to maintain specific minimum risk controls as a condition of their coverage, which they then failed to do.

This case reminds organizations of the importance of reading their cyber policy, understanding what it contains and adhering to its terms.

BitPay vs. Massachusetts Bay Insurance Company

BitPay, a leading global cryptocurrency payment service provider, filed a $1.8 million insurance claim, but Massachusetts Bay Insurance Company denied it. The loss was caused by a phishing scam in which a hacker broke into the network of BitPay’s business partner, stole the credentials of the CFO of BitPay, pretended to be the CFO of BitPay and requested the transfer of more than 5,000 bitcoins to a fake account.

Massachusetts Bay Insurance stated in its denial that BitPay’s loss was not direct and thus was not covered by the policy. Massachusetts Bay Insurance asserted that having a business partner phished does not count as per the policy.

Although BitPay is appealing the denial, this case emphasizes the importance of carefully reviewing insurance policies to ensure you understand what scenarios are covered. This incident also highlights the importance of employee security awareness training and the need to reach out to an IT service provider if you don’t have a regular training policy.

International Control Services vs. Travelers Property Casualty Company

Travelers Property Casualty Company requested a district court to reject International Control Services’ ransomware attack claim. The company argues that International Control Services failed to properly use multifactor authentication (MFA), which was required to obtain cyber insurance. MFA is a type of authentication that uses multiple factors to confirm a user’s identity.

Travelers Property Casualty Company claims that International Control Services falsely stated on its policy application materials that MFA is required for employees and third parties to access email, log into the network remotely and access endpoints, servers, etc. They stated that International Control Services was only using the MFA protocol on its firewall and that access to its other systems, including its servers, which were the target of the ransomware attack in question, were not protected by MFA.

This case serves as a reminder that when it comes to underwriting policies, insurers are increasingly scrutinizing companies’ cybersecurity practices and that companies must be honest about their cybersecurity posture.

Travelers Property Casualty Company said it wants the court to declare the insurance contract null and void, annul the policy and declare it has no duty to reimburse or defend International Control Services for any claim.

Don’t be late to act

As we have seen, there are several reasons why businesses can be denied payouts from their cyber insurance policies. Sometimes, it could be due to a naive error, such as misinterpreting difficult-to-understand insurance jargon. In other cases, businesses may be maintaining poor cybersecurity hygiene.

Claritech Solutions can help you avoid these problems by working with you to assess your risks and develop a comprehensive cybersecurity plan. Feel free to reach out for a no-obligation consultation.

To learn more about cyber insurance, download our infographic titled “What Every Small Business Needs to Know About Cyber Insurance” by clicking here.

3 Types of Cyber Insurance You Need to Know About

As the world becomes more digitized and cybercrime increases, the need for cyber insurance is something businesses should not overlook. If your company handles, transmits or stores sensitive data, you need to know about cyber insurance.

Cyber insurance is intended to protect businesses from the monetary losses arising from a cyber incident that could jeopardize their future. It covers financial losses caused by events such as data breaches, cybertheft and ransomware.

Since small businesses often lack the resources or budgets of big corporations, cyber insurance can provide critical financial protection in the event of a cyberattack, helping them recover quickly.

Types of cyber insurance and what they cover

Although insurers may have their own specific classifications, cyber insurance can be divided into three broad categories:

Cybertheft insurance

With more and more businesses storing sensitive data online, the risk of cybertheft is more prominent than ever. As a result, ensuring that your company is adequately insured against this growing threat is critical.

Cybertheft insurance protects businesses from financial losses caused by digital theft. This type of insurance can cover a variety of cybertheft scenarios, including first-party cybertheft, embezzlement scams, payroll redirection and gift card scams.

Businesses of all sizes can be victims of cybertheft, and no business is too small to need cybertheft insurance. Therefore, even if there is a remote chance that your data or digital assets will be stolen, ensure you have cybertheft insurance for your business.

Cyber liability insurance

Cyber liability insurance includes third-party coverage for damages and losses, data breaches, regulatory penalties, credit monitoring and lawsuits.

Cyber liability insurance is a vital tool for small businesses like yours because the financial ramifications of a cybersecurity breach can be more severe than you can handle. This does not mean you should panic right now; it simply means that having cyber liability insurance can help your business recover and move forward even after a breach, without being stunted.

Cyber extortion insurance/ransomware insurance

Cyber extortion insurance protects businesses against ransomware attacks. This type of insurance can help cover the cost of ransom payments, recovery expenses, business interruptions and more. It can also provide access to a team of experts who can help with cyber extortion negotiations and forensics.

Keep in mind that an attack could still succeed even with the right cybersecurity solutions in place to protect your business. That’s why it’s critical to have cyber extortion insurance. It can help you recover from a ransomware attack and reduce the financial impact.

Let’s work together to ensure your success

Cyber insurance is a complicated and ever-changing industry. There are many factors that can influence whether or not you qualify for a payout in the event of a cyberattack, and trying to remain compliant with your insurance policy can be difficult. Working with Claritech Solutions can help you better understand your options and ensure that you have adequate security in place, increasing your chances of receiving complete coverage.

Not sure where to start? Contact us today to schedule a consultation. Our knowledge and experience may be just what you require.

We’ve also created an infographic titled “Cyber Insurance and Why Your Small Business Needs Coverage” that you can download by clicking here.

Cyber Insurance – How Claritech Can Help

When looking for cyber insurance for your small business, you may find it hard to navigate technology and insurance jargon. There are even different types of cyber coverage and you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you do have coverage, there’s always the risk of not receiving a payout in the event of an incident if you didn’t meet your policy’s requirements.

Our clients find that partnering with Claritech makes their journey to qualify for cyber insurance easier in so many ways. Keep reading to find out how.

How Claritech can help you

Although we can bring a lot to the table on matters regarding security, backup and compliance to help you stay protected, in terms of cyber insurance, we also provide assistance with the following:

Auditing and complying with insurance policies

While meeting your cyber insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with us.

The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data and more. Claritech can help handle all of these and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements.

We can also help make documenting your security measures easier.

Picking the right coverage for your business

Without a basic understanding of cybersecurity, it can be difficult to know which type of cyber insurance is best for your company out of the many available options (theft, liability, and extortion). We can evaluate your company and direct you toward the right coverage. The drawback of not having the right insurance coverage is that you’ll have to pay the premium and get nothing in return when you really need it.

Improving your cybersecurity posture

Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining cyber insurance coverage challenging, it is not impossible. If you have a strong cybersecurity posture, your chances of getting coverage will be higher.

Claritech Solutions can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. We can also help you implement security controls and monitor your network for threats. If you do suffer an unlikely data breach, we also help you with the incident response process.

The decision is yours

If you’re hoping to qualify for a cyber insurance policy, a specialized IT service provider like Claritech can help. We can use our expertise and experience to help you choose the right policy for your business and meet your policy’s requirements. Feel free to reach out for a no-obligation consultation where you can decide if we’re the right partner for you.

To help you learn more about cyber insurance, we created a comprehensive checklist titled “Cyber Insurance 101 for Small Businesses” that you can download by clicking here.

Don’t Fall for These Cyber Insurance Myths

As the world increasingly moves online, so do the risks to our businesses. Cyber insurance is one way to help your business recover following a cyberattack. It covers financial losses caused by events such as data breaches, cyber theft, ransomware and more.

Cyber insurance can be beneficial in many ways since it typically covers the cost of:

  • Recovering data
  • Legal proceedings
  • Notifying stakeholders about the incident
  • Restoring the personal identities of those affected

Due to the complicated nature of cyber insurance, there are a lot of myths out there that can be harmful to your business if you fall for them. Let’s debunk them together.

Cyber insurance myths debunked

Busting the top cyber insurance myths like the ones below is necessary so that you can make informed decisions for your business:

Myth #1: All I need to protect my business from cyberthreats is a cyber insurance plan

This could not be further from the truth. Your insurance provider will only cover your business if you meet the requirements outlined in your contract. Most reputable insurers will require proof that you have been following the proactive measures outlined in your policy. If you can’t prove your compliance, your claims are unlikely to be paid.

One of the most common insurance requirements is that you have top-tier cybersecurity protection. Despite the availability of a variety of cybersecurity solutions in the market, keep in mind that not all of them are the same. Finding a solution that offers the best protection for your needs is crucial.

Myth #2: I don’t need cyber insurance since I have cybersecurity solutions

Even though cybersecurity solutions can boost your defenses, they don’t make you immune to cyber incidents. Yes, cybersecurity solutions can reduce the risk of a cyberattack by identifying and protecting vulnerable points in your system. However, no solution can provide complete protection against all threats because staying on top of emerging risks can be challenging.

Additionally, human error can always result in vulnerabilities in a system, regardless of how secure it is. That’s why it’s a good idea to have a cyber insurance policy in place to fall back on in case of an incident.

Myth #3: Cyber insurance is easy to get

As technology advances, so do the occurrences of cyber incidents. With small and medium-sized businesses being the most susceptible targets of cybercriminals due to a lack of enterprise-level protection, the likelihood of an attack is high. Consequently, insurers are reluctant to provide coverage since the risks are significant. While policies are still available, they are becoming more expensive and difficult to obtain.

Myth #4: If I have a cyber insurance policy, my claims will be covered in case there’s an incident

If you can’t prove that you’ve complied with your cyber insurance policy’s prerequisites, your claim may be rejected. This is why you might want to consider partnering with an IT service provider, like us. Claritech can help you remain compliant with your cyber insurance policy as well as provide evidence of such compliance.

Partner for success

It’s crucial to not fall for the above myths about cyber insurance so that your business qualifies to invest in a policy and receive coverage. However, it’s also important to remember that cyber insurance is something that demands a lot more time and effort than you might have.

To protect your business effectively, you should partner with an IT service provider like Claritech to help you understand how to increase your chances of receiving coverage and a payout in the event of an incident. Reach out to schedule a no-obligation consultation.

Additionally, we created an infographic titled “What is Cyber Insurance and Why Your Business Needs Coverage” that you can download by clicking here.

Balancing a Proactive and Reactive Approach to Cyber Incidents

A cyber incident is a type of security event that can harm a business like yours. Ranging from data breaches and system failures to malware attacks and phishing scams, these incidents can hinder productivity, revenue growth and customer satisfaction.

In most cases, a cyber incident will result in data loss or downtime. This can include loss of confidential information, customer data or business records. In some cases, a cyber incident can also cause business interruption or financial loss.

We can all agree that no one wants their business to be hacked. A single cyberattack can rob you of your time, money and peace of mind. In addition to getting systems operational and data restored, you have to let all affected parties know that their data may have been compromised. This can be a difficult situation to navigate for anyone, but it doesn’t have to be the end of the world.

In this blog, we’ll provide you with proactive and reactive approaches to tackle an attack, cope with the aftermath of a hack and prevent future incidents.

Proactive steps to implement

By taking these proactive steps, you can help protect your business from the devastating consequences of a cyberattack:

Routinely update your passwords

It’s critical to update your passwords regularly to help keep your account safe. By updating your passwords every six months, you can help protect your account from being hacked.

Here are a few tips on how to create a strong password:

  • Use a mix of upper and lowercase letters, numbers and symbols
  • Avoid using easily guessable words like your name or birthdate
  • Use a different password for each account
  • Don’t reuse passwords

Use a virtual private network (VPN)

A virtual private network encrypts your company’s data and gives you complete control over who has access to it. This can aid in the prevention of data breaches and the protection of your company’s information. However, make sure to select a reputable provider offering robust security features.

Conduct regular security awareness training

As a responsible business executive, you must ensure that your company’s security awareness training program is comprehensive, engaging and adaptable to new threats. In today’s digital age, this is critical to protect your business.

Run regular phishing tests

Phishing is a type of cyberattack that employs deceitful techniques to try and obtain sensitive information from users or cause them to download malicious software. Phishing attacks can be highly sophisticated and challenging to detect, which is why it is essential to periodically test your employees to assess their vulnerability to this type of attack.

Reset access controls regularly

It is crucial to regularly reset access controls to prevent unauthorized access to protected resources. This helps to ensure that only authorized individuals have access to sensitive information. Resetting access controls can be done manually or with automated tools.

Use multifactor authentication (MFA)

Multifactor authentication is a security measure that requires your employees to provide more than one form of identification when accessing data, reducing the likelihood of unauthorized data access. This can include something they know (like a password), something they have (like a security token) or something they are (like a fingerprint).

Before we move on, take note of the cybersecurity training topics recommended by the Small Business Administration (SBA) for all small businesses:

  • Spotting a phishing email
  • Using good browsing practices
  • Avoiding suspicious downloads
  • Creating strong passwords
  • Protecting sensitive customer and vendor information
  • Maintaining good cyber hygiene

Reactive steps to remember

The National Institute of Standards and Technology’s (NIST) reactive incident response framework covers the following five phases:

Identify

To develop an effective incident response plan, security risks must be identified. This includes, among other things, threats to your technology systems, data and operations. Understanding these risks allows you to respond to incidents more effectively and reduce the impact of security breaches.

Protect

To protect your company, you need to develop and implement appropriate safeguards. Security measures to guard against threats and steps to ensure the continuity of essential services in the event of an incident are examples of safeguards.

Detect

Detecting anomalies, such as unusual network activity or unauthorized access to sensitive data, are needed to limit the damage and get your systems back up and running faster following an incident.

Respond

A plan to respond to detected cyber incidents is critical. This strategy should include breach containment, investigation and resolution strategies.

Recover

To minimize disruption, you must have a plan to resume normal business operations as soon as possible after an incident.

Implementing the above proactive and reactive steps requires time, effort and skillsets that are possibly beyond what you can commit to at the moment. However, you can still accomplish this by collaborating with an IT service provider like us. Our experience and expertise may be just what you need. Feel free to reach out to schedule a consultation.

Also, to walk you through incident prevention best practices, we have created a checklist titled “Cyber Incident Prevention Best Practices for Small Businesses,” which you can download by clicking here.

Cyber Incident Prevention Best Practices for Small Businesses

As a small business owner, you may think you are “too small” to be the target of cybercrime because you aren’t a large, multimillion-dollar company. However, this couldn’t be further from the truth. Although the media mainly focuses on attacks on big businesses, small businesses are low-hanging fruit for cybercriminals.

Cybercriminals know that small businesses are less likely to have strong security measures in place, making it easier for them to breach their data. In this blog post, you’ll learn the steps you can take to protect your business from the claws of cybercriminals.

Follow these cyber incident prevention best practices

While there is no single silver bullet for preventing all incidents, there are some best practices that can help you reduce the risk of falling victim to a cyberattack.

  1. Ensure your cybersecurity policy supports remote work

When implementing a cybersecurity policy supporting remote work, consider the following:

  • How will employees access company resources off-site?
  • What security measures should be put in place to protect company data?
  • How will remote employees collaborate and share data?

Additionally, you should identify any support mechanisms to help employees struggling to adjust to remote work. By taking these factors into account, you can create a cybersecurity policy that is productive, seamless and secure.

  1. Provide cybersecurity awareness training for employees

Implementing a security awareness training program for employees is critical in today’s digital age. As a responsible business executive, you must strive to ensure that the program is comprehensive, engaging and adaptable to new threats.

  1. Deploy software patches

Threats to your network security are becoming more prevalent as technology advances. That’s why it’s critical to keep your software up to date with the latest security patches.

There are two different ways to keep your software up to date. One way is to set your software to update automatically while the other is to manually check for updates on a regular basis.

  1. Have active antivirus and antimalware protection

There are numerous antivirus and antimalware solutions in the market, so select one that is appropriate for your company. When doing so, you’ll have to consider the size of your company, the type of data you need to safeguard and your budget.

Once you’ve decided on a solution, make sure you follow through with it. This includes installing it on all your company’s computers and keeping it updated.

  1. Implement multifactor authentication (MFA)

Multifactor authentication is a security measure that requires users to provide more than one form of identification when accessing data, thus reducing the chances of unauthorized data access. This can include something that the user knows (like a password), something that the user has (like a security token) or something that the user is (like a fingerprint).

  1. Use a virtual private network (VPN)

A virtual private network encrypts your company’s data and allows you to control who has access to it. This can help prevent data breaches and keep your company’s information safe. However, make sure to choose a reputable provider that offers robust security features.

  1. Deploy single-sign-on (SSO) and password management

A single sign-on solution can make your users’ login process easier by allowing them to log in once to a central system and then access all the other applications and systems they require. This can make the login process more efficient for them.

In addition to SSO, a password management solution simplifies the user login process by allowing them to manage their passwords more securely and efficiently.

  1. Encrypt your data

Data encryption is the process of converting information into a code that can only be deciphered by someone who has the key to decrypt it. It is done to prevent unauthorized individuals from accessing the information. Data encryption is a critical tool in cybersecurity since it can help reduce the exposure of your data to risks and ensure compliance with data privacy regulations.

  1. Have backup and disaster recovery solutions

It is critical to have backup and disaster recovery solutions in place in case of system failure or data loss. Make sure to research the different options and find the best solution for your company. To ensure that your backup and disaster recovery solutions are working correctly, test them on a regular basis.

Collaborate for success

If you’re a small business owner, you may not have the time or expertise to implement effective cyber incident prevention best practices. However, by partnering with us, you can leverage our experience to build a digital fortress around your business. Contact us today to find out how we can help you protect your business against potential cyberthreats.

In addition, click here to download our infographic titled “Is Your Business Prepared for a Cyber Incident?” for a deeper dive into the concept.

Free Internet Access? Don’t fall for this one

Free Internet Access? Don’t fall for this one

One of the popular internet scams that has been doing the rounds since 2017 is the one about “Free Internet”. This scam seems to resurface and somehow manages to claim quite a few unsuspecting victims. Here’s how they catch you.
    • Ads are created on Google, Facebook, popular search engines and social media platforms advertising free internet hours.
    • The ads look professional and show up on general searches and on social media when surfing. This offers a sense of validity.
    • Once you click on the ad, you will be taken to their website, where you will be asked to perform an action, such as
    1. Filling out a form with your Personally Identifiable Information (PII)
    2. Sharing your credit card information, and though you will be promised that your card won’t be charged, you may end up signing up for something or subscribing to a service for which your card will be charged later.
    3. Sharing a few email IDs or phone numbers–basically contacts with whom you will be asked to share the message in return for free internet service.

How to stay safe?
As always, remember no one offers something for free. Whether it is free internet access or tickets to a concert, if it is something of value, then you will be expected to provide some value in return. Steer clear of offers that seem too good to be true. If you receive a message from someone you know and trust, please let them know that their link may be a problem. No matter what, don’t open a link from anyone if you aren’t entirely sure the links are valid.

12 Password Best Practices

With the business world heavily reliant on digitalization in this day and age, the use of technology in your organization is unavoidable. Although technology can undeniably give your business an advantage in increasingly competitive markets, there are many troublesome areas to keep an eye on. This is why interest in cybersecurity has risen in recent years.

Password protection is the best place to start if you want to ramp up your cybersecurity. Setting a password to secure an entity’s data is called password protection. Only those with passwords can access information or accounts once data is password-protected. However, because of the frequent use of passwords, people tend to overlook their significance and make careless mistakes, which could lead to breaches in security.

This makes it imperative for businesses to devise strategies to educate employees about best practices when using passwords.

6 Password “Don’ts”

Protect the confidentiality of your passwords by following these six password “don’ts”:

  1. Don’t write passwords on sticky notes (or in text files)

Although you may feel that writing down passwords improves password protection and makes it more difficult for someone to steal your passwords online, it can make it easier for someone to steal your passwords locally. Many users store their passwords in Outlook notes or Word or Excel files with obvious labeling. This is also not an ideal way to manage passwords, as there are many ways those files could be accessed without your knowledge (phishing is one of the more common). It is much better to use a password manager (see the “Do’s” section below).

  1. Don’t save passwords to your browser

This is because web browsers have traditionally been terrible at protecting passwords and other sensitive information like your name and credit card number. Web browsers can easily be compromised and a wide range of malware, browser extensions and software can extract sensitive data from them. If you’d like to see how exposed you are, type chrome://settings/passwords (or edge:) in your Chrome (or Edge) browser.

  1. Don’t iterate your password (for example, PowerWalker1 to PowerWalker2)

Although this is a common practice among digital users, it is unlikely to protect against sophisticated cyberthreats. Hackers have become far too intelligent and can crack iterated passwords in the blink of an eye.

  1. Don’t use the same password across multiple accounts

If you do so, you are handing cybercriminals a golden opportunity to exploit all your accounts. For example, when LinkedIn was hacked several years ago, millions of passwords were exposed. Many of those passwords are still in use today and can be actively exploited on other sites that use the same username/password combinations.

  1. Don’t capitalize the first letter of your password to meet the “one capitalized letter” requirement

Out of habit, most of us tend to capitalize the first letter of our passwords to conform with the “one capitalized letter” requirement. However, hackers are aware of this, making it easy for them to guess the capitalized letter’s position.

  1. Don’t use “!” to conform with the symbol requirement

However, if you must use it, don’t place it at the end of your password. Placing it anywhere else in the sequence makes your password more secure.

6 Passwords “Do’s”

Protect the confidentiality of your passwords by following these six password “do’s”:

  1. Create long, phrase-based passwords that exchange letters for numbers and symbols

For instance, if you choose “Honey, I shrunk the kids,” write it as “h0ney1$hrunkth3k!d$.” This makes your password harder for hackers to crack.

  1. Change critical passwords every three months

Passwords protecting sensitive data must be handled with caution because there is a lot at stake if they are compromised. If you use a password for a long time, hackers may have enough time to crack it and if it is exposed for whatever reason, your exposed password will be “in the wild” for a longer period. Therefore, make sure you change your critical passwords every three months.

  1. Change less critical passwords every six months

This necessitates determining which password is crucial and which is not. In any case, regardless of their criticality, changing your passwords every few months is a good practice.

  1. Use multifactor authentication

It’s your responsibility to do everything in your power to keep nefarious cybercriminals at bay. One of the best approaches is to barricade them with multiple layers of authentication.

  1. Always use passwords that are longer than eight characters and include numbers, letters and symbols

The more complicated things are for hackers, the better.

  1. Use a password manager

There are many reasons to use a reputable password manager. Here are some of the ones that come to mind:

  • It can relieve the burden of remembering a long list of passwords, freeing up time for more productive tasks.
  • It can generate random passwords of any length for auto-completing in new account sign-up forms.
  • There is some level of built-in phishing protection, as your password manager won’t recognize “micorsoft.com” and input your Microsoft credentials.

Need a password manager? We can help.

Adhering to password best practices requires constant vigilance and effort on your part. As a result, it is best to work with an expert IT provider like us who can help you boost your security and put your mind at ease. Contact us for a no-obligation consultation.