Cybersecurity crime amounts to around $200,000 per second, which can devastate businesses. Due to the increase in cybercrime, business insurance now requires more network security measures, which will also benefit your business.
Business insurance requirements now include network security. You might find you need additional cyber insurance depending on company risks. However, these are some of the requirements most business insurance policies require.
1. Multi-factor Authentication
More than ever, employees are working remotely, with 18% of the workforce remotely working full-time. You need to have ways to establish secure out-of-office network connections, and multi-factor authentication (MFA) is one procedure.
MFA provides multiple authentication methods, such as a password and then a text code to a phone, to prevent unauthorized users from accessing your network. You can also control who has access to parts of your network to increase protection against attacks. After all, not all employees need the same level of access.
2. Device Protection
Your devices need the right software installed to protect against breaches to your network security and keep it up to date. Anti-virus software and a firewall may be sufficient, but now Endpoint Detection and Response is considered one of the more efficient security measures. It can help detect if there is a breach on a specific device, no matter what environment it is in, which helps protect the ends of your network.
3. Cybersecurity Training and Policies
Insurance also wants to ensure you actively seek solutions in the face of cybersecurity risks. Having the latest software is useless if staff do not understand how to use it. Your employees are one of the most significant risks to your network security due to remote working and vulnerability to attacks such as phishing emails.
Providing cybersecurity training demonstrates you care about your network security and are actively taking steps to protect it. Implementing a cybersecurity policy ensures all staff are on the same page, and you can evidence this when liaising with your business insurance company.
4. Business Data Backup
Data loss is one of the highest costs to businesses after a network security breach. This can be a devastating consequence, costing your business and reputation. Business insurance policies want to ensure you are taking active steps against this risk.
You should regularly back up data to a cloud service or an external device. You need to ensure any devices or cloud services are secure. By doing this, you reduce the risks if a network breach does occur.
Managing Network Security Measures
Meeting business insurance requirements can feel overwhelming, but there is help out there. You can hire an IT team to manage your network security measures. Pegasus Technologies offer this solution for organizations that do not need a full-time IT department.
We offer a range of services to keep your business network secure. We can help build an IT security plan that meets all your business and insurance needs. Contact us today to speak to one of our experts and learn more about how we help your business technology run more smoothly.