Databranch Monthly Tech Talk
IT Solutions for the Workplace

January | 2023

What's Inside?


01 - Monthly Update from Mike

02 - The 2023 Security Awareness Training is Available!

03 - Changes in the Cybersecurity Insurance Market

04 - Mobile Malware has Increased

Did you know:


Linux is named after lead developer Linus Torvalds


The 2023 Annual Security Awareness Training is Available!

Why is Cybersecurity Awareness Training important?


1. It only takes one weak link to cause a catastrophic security breach

2. Cyber threats from phishing emails, phone scams, and password exposures will continue to rise

3. Breaches can be expensive, time-consuming, and can damage your company’s reputation


Let’s find out how strong your human firewall can be with the right tools and support!


Respond to this email to learn more about the set-up process and investment.

Monthly Update from Mike

Do you make a technology strategy ahead of time, or do you tend to address things only as they come up?


Your accounting person starts complaining about how slow and problematic the system has become.


So, you figure that it’s time to replace it.


Doing technology ad hoc isn’t the best way to ensure you have an efficient and productive IT-enabled workflow.


So much of how a business operates depends on technology.


If you want your business to run well, you need to plan and strategize your IT.


This means thinking ahead for the types of applications your business needs.


You want to ensure your systems are fully integrated to enable automation.


Digital security is also a big consideration when choosing technology components.


If you’d like a roadmap and expert guide to get you started, we can help.


You can reply to this email or give us a call at 716-373-4467 x 115 to speak with one of our experienced team members.



Regards,

Mike Wilson

President - Databranch

What’s Changing in the Cybersecurity Insurance Market

Cybersecurity insurance is still a pretty new concept for many SMBs. It was initially introduced in the 1990s to provide coverage for large enterprises. It covered things like data processing errors and online media.


Since that time, the policies for this type of liability coverage have changed. Today’s cyber insurance policies cover the typical costs of a data breach. Including remediating a malware infection or compromised account.


Cybersecurity insurance policies will cover the costs for things like:

  • Recovering compromised data
  • Repairing computer systems
  • Notifying customers about a data breach
  • Providing personal identity monitoring
  • IT forensics to investigate the breach
  • Legal expenses
  • Ransomware payments


Data breach volume and costs continue to rise. 2021 set a record for the most recorded data breaches on record. And in the first quarter of 2022, breaches were up 14% over the prior year.


No one is safe. Even small businesses find they are targets. They often have more to lose than larger enterprises as well. About 60% of small businesses close down within 6 months of a cyber incident.


The increase in online danger and rising costs of a breach have led to changes in this type of insurance. The cybersecurity insurance industry is ever evolving and businesses need to keep up with these trends to ensure they can stay protected.


Here are some of the cyber liability insurance trends you need to know about.

 

Demand is Going Up


The average cost of a data breach is currently $4.35 million (global average). In the U.S., it’s more than double that, at $9.44 million. As these costs continue to balloon, so does the demand for cybersecurity insurance.


Companies of all types are realizing that cyber insurance is critical. It’s as important as their business liability insurance. Without that protection, they can easily go under in the case of a single data breach.


With demand increasing, look for more availability of cybersecurity insurance. This also means more policy options, which is good for those seeking coverage.

 

Premiums are Increasing


With the increase in cyberattacks has come an increase in insurance payouts. Insurance companies are increasing premiums to keep up. In 2021, cyber insurance premiums rose by a staggering 74%


The costs from lawsuits, ransomware payouts, and other remediation have driven this increase. Insurance carriers aren’t willing to lose money on cybersecurity policies.


Thus, those policies are getting more expensive. This is at the same time as they are more necessary.

 

Certain Coverages are Being Dropped


Certain types of coverage are getting more difficult to find. For example, some insurance carriers are dropping coverage for “nation-state” attacks. These are attacks that come from a government. Many governments have ties to known hacking groups.


So, a ransomware attack that hits consumers and businesses can very well be in this category.


In 2021, 21% of nation-state attacks targeted consumers, and 79% targeted enterprises. So, if you see that an insurance policy excludes these types of attacks, be very wary.


Another type of attack payout that is being dropped from some policies is ransomware. Between Q1 and Q2 of 2022, ransomware attacks increased by 24%.


Insurance carriers are tired of unsecured clients relying on them to pay the ransom, so many are excluding ransomware payouts from policies. This puts a bigger burden on organizations. They need to ensure their backup and recovery strategy is well planned.


If a cybersecurity incident occurs, does your business have a recovery plan? If not, reach out to Databranch today to get started.

 

It’s Harder to Qualify


Just because you want cybersecurity insurance, doesn’t mean you’ll qualify for it. Qualifications are becoming stiffer. Insurance carriers aren’t willing to take chances. Especially on companies with poor cyber hygiene.


Some of the factors that insurance carriers look at include:


  • Network security
  • Use of things like multi-factor authentication
  • BYOD and device security policies
  • Advanced threat protection
  • Automated security processes
  • Backup and recovery strategy
  • Administrative access to systems
  • Anti-phishing tactics
  • Employee security training


You’ll often need to fill out a lengthy questionnaire when applying for insurance. This includes several questions about your cybersecurity situation. It’s a good idea to have your IT provider help you with this.


This can seem like a lot of work that you have to do to qualify for cyber insurance. As you review the questions, your IT partner can identify security enhancements. Just like other forms of insurance, if you take steps to reduce risk, it can often reduce your premiums.


So, it pays to do a cybersecurity review before applying for cyber insurance. You can save yourself time and money. It can also fortify your defenses against cyberattacks.

 

Need Help Making Sense of Cybersecurity Policies?


Cybersecurity coverage and insurance applications can be complex. If you answer wrong on a question, it can mean paying hundreds more in premiums than you should. If you’re considering cybersecurity insurance, don’t go it alone. Contact us today at 716-373-4467 x 115 or info@databranch.com, we can explain the policy details and provide guidance.


 




Article used with permission from The Technology Press.

Mobile Malware Has Increased 500% - What Should You Do?

Cybersecurity researchers uncovered an alarming mobile statistic. During the first few months of 2022, mobile malware attacks surged by 500%. This is alarming both in scale and because many people aren’t yet protecting smartphones.


For years, mobile phones have become more powerful. They now do many of the same functions as a computer – just with a much smaller screen. Yet, people tend to secure their computers better than they do their smartphones.


This is a behavior that needs to change. Over 60% of digital fraud now occurs through mobile devices. That makes them highly risky if proper safeguards aren’t followed.


Many of these are the same types of protections you have on your computer. It’s time to start thinking about your smartphone as a mini-computer and keeping it just as secure.


Tips to Improve the Security of Your Smartphone


Use Mobile Anti-malware


Yes, your mobile phone needs antivirus/anti-malware too! Malware can and does infect smartphones and tablets. You need to ensure you have a reliable mobile anti-malware app installed.


Beware of those freebies. Freebies are great when you’re talking about food, but not security apps. These apps are ironically supposed to make you more secure. Malware is often hidden inside free apps.


Don’t Download Apps from Unknown Sources


Only download mobile apps from trusted sources. Do not download outside a main app store. Trusted app stores include places like:

  • Apple App Store
  • Google Play
  • The Microsoft Store
  • Amazon Appstore


You also should research the app developer online. Make sure they have a good reputation. Once you download a dangerous app to your phone, it can infect it with malware. That malware can remain behind even if you delete the app later.


Don’t Assume Email is Safe


Many people prefer checking email on their phone rather than PC because it’s so handy. But they have a false sense of security about the safety of emails when viewed on a mobile device.


You can’t assume an email is safe just because you’re not on your computer. Be just as wary about unexpected emails and scam emails masquerading as legitimate.


It’s difficult to hover over a link without clicking when on a smartphone. If you see something questionable and want to check the link, open the email on your PC where you can do that.


Our DataGuard Email Management provides industry leading protection against spam, viruses, and phishing along with web-based, real-time, customized reporting.


Beware of SMS Phishing (aka “Smishing”)


In March of 2022, text spam outpaced robocalls. Unwanted text messages rose by 30%, ten percent higher than robocalls and many of those spam texts are smishing.


Smishing is the text version of phishing. These texts usually contain malicious links where a hacker can potentially breach your device if you click them. The message may also ask you to text back personal information.


Be on the lookout for text messages that don’t quite make sense. For example, getting a shipping notification when you haven’t ordered anything. Also, beware of texts from unknown sources.


Phishing via text message is a growing concern. It’s also one that most people aren’t aware of yet, so they often get caught in its trap.


Visit our website here to learn more about Smishing and how to avoid it.


Remove Old Apps You No Longer User


Approximately 2.6 million apps haven’t had an update in a year or more. Apps often get abandoned by the developer which can leave security vulnerabilities on your device. Hackers seek out these types of vulnerabilities to exploit. If they aren’t addressed, then they remain a danger.


Go through your device and remove old applications that you're no longer using. Additionally, look at the time of the last update. If it’s over a year, then you may want to consider replacing that app with something more current.


App updates often include security-related items. It’s not good when a year or more goes by without the developer making any type of update to the app.


Keep Your Device Updated


Speaking of updates, you also need to keep your device's operating system updated. Are you using the current version of Android or iOS? Not installing updates can mean your phone has vulnerabilities which allow hackers to breach your data.


Automate updates if possible. Need assistance for the devices in your companies IT environment?


Databranch offers our DataGuard Patch Management solution which automatically detects and updates applicable devices behind the scene. This ensures that your company is always up to date on the latest security patches.


Use a VPN When on Public Wi-Fi


Public Wi-Fi is dangerous. Most people understand that, but many connect to it out of necessity anyhow. You may worry about going over your data plan allotment or your mobile carrier reception may be slow.


You can connect to public Wi-fi with less risk if you use a VPN application. VPNs stands for Virtual Private Network, and acts as a barrier between your device and the internet.


A VPN will route your data through a secure server. This keeps it away from prying eyes that may be lurking on that public Wi-Fi.


Mobile Security Solutions to Prevent a Data Breach


Don’t wait until your phone is infected with malware to secure it properly. We can help you with automated solutions that protect your devices, accounts, and data. Contact us today 716-373-4467 x 115 or info@databranch.com to schedule a consultation.



 

Article used with permission from The Technology Press.

Technology Trivia


What did Nokia originally sell?


The first person to email us at info@databranch.com and give a correct answer gets a $25 Amazon Gift Card!

Need a Laugh?


Why do astronauts love using computers?


Because they are into space-bars!

If you were forwarded this email from one of our great Databranch clients and would like to receive future updates, reply to this email and we will add you to the list!

Databranch  www.databranch.com

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