The rising number of cyberattacks each year.
In 1999, there were just four known cyber attacks per day. That number has grown to over 3 million per day in 2019.
The cost of damages from cyberattacks has skyrocketed: It was $11 billion in 1999 and has now reached a whopping $1 trillion (with a T) in 2019! And it is only growing, higher and higher as time progresses.
This increase is due to many factors; however, one prominent factor is the increased reliance on technology by businesses and individuals alike. With so much sensitive information being stored online, it is only natural that hackers WILL exploit this weakness to get access to sensitive information or install malicious software onto devices they control—which could lead to theft or damage of data stored on those devices.
So how would you handle any breach? Is there going to be an investigation? Who will do it, and how long will it take them? What about lost data—how much do we want or need back? And finally: Do we want all our employees trained on specific response procedures if something goes wrong in the future?
How companies protect themselves from cyberattacks.
There's no question that a cyberattack can be devastating for any organization. But the immediate aftermath of an attack is only the beginning of a company's challenges. The most significant liability is often not what happens in the immediate wake of an event but how well your organization prepares for and recovers from it.
There are three main areas where companies should focus their efforts: prevention, detection, and response when it comes to cybersecurity.
These elements are all essential to any cyber resilience strategy because they reflect three different types of potential damage:
- Direct financial losses (as with ransomware).
- Reputational damage (as with data breaches).
- Indirect costs related to downtime or other issues stemming from disruption caused by malware or other malicious software (malware).
How to recover after a cyberattack.
It's not as easy to recover from a cyberattack as you might think. Cyber attacks are among the most complex, challenging, and lengthy types of insurance claims that insurance companies handle, and they require specialized knowledge and teams to assess damages.
But there are steps you can take if you find yourself in this situation:
- Have a disaster recovery plan in place before an attack happens! Disaster recovery plans are a crucial part of any business's security strategy. A disaster recovery plan is a document that tells you whom to contact and what steps to take when something goes wrong with your system or network.
The first step in developing a disaster recovery plan is identifying all the possible types of disasters (fire, flood, break-in, etc.) and determining who would be affected by every kind of disaster and how many people might need assistance at once.
If hackers have targeted your business, it's essential to have a recovery plan ready so that you can act quickly when time matters most. The first step is identifying what data was stolen or corrupted so that it can be restored as soon as possible. This will help get your business back on track quicker than having no plan—but only if it's done right! - Keep up with technology trends in cyber security, so you know what protections are available today versus five years ago (or even 10 years ago). In addition, don't rely solely on technology alone—people make mistakes too! It's essential to have someone who knows what they're doing at every step along this journey; otherwise, things could get messy very quickly...and expensively
What kind of businesses are affected by cyber attacks.
If you're a small business owner, it might be time to ask yourself: Do I have the resources to deal with this? The answer is probably not. But don't worry! There are plenty of resources that can help you navigate your way through recovery after a cyberattack.
And if you're now thinking that maybe it's better to avoid getting hacked at all, don't worry! Cyber security insurance is here to save the day!
Now: Cyber insurance and a True BDR System can play a role in protecting your business.
- With a True BDR system (also known as a Backup and Disaster Recovery Appliance system), you can recover data from a single device or multiple devices. If your business is hit by a ransomware attack (or any other type of malicious software), you'll be able to get back up and running quickly because all of your critical data will already be backed up on the cloud.
- You also have access to comprehensive network security tools through a True BDR system's Threat Detection Center, which monitors incoming traffic for anomalies or suspicious activity to eliminate any potential threats before they become problems for your company.
- In addition, this BDR system would offer its customers full disaster recovery capabilities through its CloudBDR solution. This means that even if something catastrophic happens at one of your physical locations (such as an earthquake or flood), all of the servers can be moved over to another location without missing a beat—and without losing any of their data along the way!
- Having cyber insurance is like wearing a seatbelt in your car — if you get into an accident and someone else hits you from behind because they didn't have one on and can't afford to fix the damage.
- That being said, cyber security attacks are becoming more commonplace across all industries. Even if your company doesn't work with sensitive data outside of its systems (which many do), hackers sometimes try to target companies based solely on their size or perceived value as potential victims. So while these pieces go hand in hand and are critical, doing something is better than nothing. Many companies feel that they cannot afford to take on additional insurance coverage while still trying to maintain productivity within their operations; however, we highly recommend having these earlier mentioned tools in place, so you can be proactive with your network security.
In conclusion
That is why cyber security insurance has been put in place. It is a way to protect your company from the cost of a data breach. It can and will also help protect you from the fallout of a breach by covering the cost of public relations and legal fees that may arise after such an event. Many different types of coverage are available, including policies that cover both personal information and business assets (such as servers). As time goes on, we are sure more coverages will be added, in the near future.
As you have read, doing something is better than doing nothing. We at KRS encourage our friends and followers to be proactive. And if by chance, you did experience a breach within your network, at least you have the comfort of knowing you were prepared for these untimely events. This is a personal choice, obviously, but we highly recommend and encourage having these earlier mentioned tools in place. At KRS we cannot stress it enough, to at least be proactive with your network security. The most important thing to remember is the future of cyber security is right around the corner and forever changing. Threats will get more sophisticated, and in turn, our industry will need to be ready to combat that with our own solutions. If there ever may be a time that you have concerns or any questions in regard to these topics or your network security, we would be happy to assist. A live tech assistant can assist you via phone at, 201-402-1900 . We can also be reached at info@krsit.com