The cyberattack that shut down the Colonial Pipeline caused a chain effect that companies throughout the East Coast were not fully prepared for, signaling a warning for business preparedness in cybersecurity.
Perhaps.
Could the impact have been reduced? Yes.
In-depth investigation into what happened and how spotlights our business infrastructure vulnerability to cybercrime. Eric Goldstein, executive director of the cybersecurity division at the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) best sums it up:
“[The attack] underscores the threat that ransomware poses to organizations regardless of size or sector. We encourage every organization to take action to strengthen their cybersecurity posture to reduce their exposure to these types of threats.”
These are the latest additions to business insurance that are vying for your attention.
You may have already heard of them. It’s also likely you had one of two strong reactions to them:
It’s the biggest reason business owners think, “I don’t need that right now.” After all, your budget determines everything, right?
What if we told you cyber coverage can be infused into your existing policy in many ways? For example, umbrella coverage can be a viable tool to expand protection while reviewing better, more precise safeguards and brokering a deal for the best price.
Business insurance serves to protect your company from financial disaster and even destruction. It can save it from ruin of internal human error and outside criminal activities that you have no control over.
Conducting business online—whether by buying and selling or sharing data—opens your business to new risks. The number of cyber criminals committing cyberattacks is growing, and it does not matter whether your business is small, medium, or large. If it exists online—even just for inner-company data sharing purposes—it is a visible and potential target.
According to the Cybersecurity Guide, there is an “exponential growth in attacks” that is only expected to expand in the years to come. This is simply one of the unavoidable dangers of the new landscape in which we conduct business.
The gas pipeline shutdown was a visible example of how impactful a successful cyberattack can be and how an infrastructure interruption can potentially cause your business to experience downtime or even shut down.
Your business needs to strive for cyber resiliency.
How? It starts with four vital steps:
It’s likely you already have an inventory of your traditional and tangible assets. How well do you know your less traditional and cyber related assets? Map them out. Then, review and update your map regularly to ensure all assets are identified.
Now that you have all assets in one basket, you need to put a plan to protect them in place. Crafting a protect plan involves everything from risk evaluation to detailed action plans. Much like step one, you will want to regularly review and reevaluate.
In other words, cast a wide net. A beefy protection plan will do little without an equally stout detection grid. You will need to find and use the tools that best detect a breach and trigger the action plans you created in step two.
Sometimes, even the best defense suffers a damaging hit. It’s therefore important to establish a clear recovery plan in case a cyberattack is even partially successful.
Today. Not tomorrow.
Cybercrime doesn’t take a day off, and neither do we.
Our trusted advisors are ready to help you increase your business protection and keep it all in budget. Don’t spend another second sitting overly vulnerable to cyberthreats.
Call 855-INSURED or complete the form below.
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