Why Are Cyber Liability Companies Requiring This Before They Provide Coverage?

Are You Providing Security Awareness Training To Your Employees?

Recently, I posted an article about cyber liability insurance and the requirements that now exist. Last week, I discussed one of the changes in regards to Email Security. This week, I wanted to dive into another requirement cyber insurance companies are now expecting their clients to implement: Security Awareness Training.

What is your business doing to ensure that security awareness training is provided to each employee and team member? Some businesses provide training once or twice a year which has proven to be ineffective. Cyber criminals are constantly finding new weaknesses to take advantage of, therefore offering once or twice a year training simply will not cut it for your organization. Low security awareness among employees is the top barrier for organizations establishing effective defenses. 

85% of Data Breaches Are Due to the “Human Element”

The number of publicly reported data breaches so far this year has already surpassed the total for 2020. Keep in mind that 85% of data breaches have been due to the “human element.”  With cybercrime increasing daily, security awareness training for employees must be consistently reinforced in order for it to be effective, bolster protection, and reduce risk. For a moment, think of how simple it can be for cybercriminals to get paid when they are targeting a business that has neglected to educate their team on security. A simple phishing email link clicked in error can not only lead to a huge amount of stress, but lost time and money for your business. 

And, let’s not forget about how this has affected cyber liability insurance companies and who they will cover! Insurance companies providing cyber liability coverage to businesses in today’s market are more often requiring awareness training consisting of regular phishing simulations as part of their conditions. These simulations, which may or may not be known to the employees when utilized, test a team’s ability to recognize a phishing scam and whether they take steps to prevent or report the incident. Many businesses are not conducting these simulations as part of their security awareness training – but they need to in order to ensure coverage in the event of a cyber attack.

Security Awareness Training Is No Longer Optional For The Success Of Your Organization

There was a time not so long ago that installing credible antivirus software into your office network was enough to prevent the vast majority of cyber attacks. Businesses small and large could keep an eye on important updates and, for the most part, notice when spam emails showed up in inboxes – likely because the grammar and spelling were abysmal.

Now, however, threat actors are always finding new vulnerabilities in systems and selling them as toolsets to a larger community of hackers. These cyber criminals have become more adept at making their fraudulent methods appear legitimate, thereby making it easier for unsuspecting employees to click on the link and give their credentials.

Prevention of attacks has become the responsibility of good-thinking, security-focused and safe behaviors in regards to technology. In order for a team of employees to act as the first line of defense for their business, they must be educated on the threats that exist as well as how to handle them.  For this reason and many others, security awareness training in the workplace is imperative to fully keep your data and information safe from predators. Although no single solution will prevent a cybercriminal from abusing your network, having a layered approach that includes several preventative measures in place will reduce your risk (and that of your employees) of becoming the next victim.

So, Get Ready! Cyber Liability Insurance Companies May Choose Not To Renew Your Business Policy

Cyber liability insurance companies cover businesses in regards to cyber attacks. In the event that a cyberattack or phishing scam succeeds, your cyber liability insurance company might choose not to cover you if you did not fulfill your obligations to train your team. It is imperative that you discuss this with your insurance company as well as read all of the fine print to be certain you have met every requirement needed to protect your business.

Interested in learning more about security awareness training and other security solutions for your team? We can prepare your team for the successful prevention of phishing scams and cybercrime – as well as ensure your organization meets all of your liability insurance requirements. We will be glad to give you details on our Strategic IT assessment of your organization as well. Reach out for a conversation with a member of our team today at ask@optistartech.com or visit our site at www.optistartech.com.

Be sure to visit our blog page for the first two articles in the cyber liability insurance series as well as other cybersecurity related articles!

Your Company’s Cyber Liability Insurance Is About To Change

Cyber Liability Insurance And How To Secure Your Email

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