Security Blog | Cyber Insurance

If you’re like most, you know you should do more, focus more, and understand more about what it takes to combat cybercrime and secure your organization, but might not know exactly where to start.

As security has taken to top headlines, news stories, and talks within your organization, understanding how to approach it can be troubling. You can have the right technology in place, but have it implemented incorrectly. When this happens, it doesn’t matter how good your tech is, it’s still a hazard. We are routinely asked to assess client tech stacks for this very reason. Knowing what technology solutions you currently have access to in your licenses is a great starting point for identifying where you can optimize your security and add solutions to make your environments to thwart cybercrime events.

Technology Review + Secure Score + Assessment = Roadmap to Security Planning

Though it may seem like a straightforward path, security is a winding journey that must be supported by a team dedicated to the success of exceeding your security goals and securing your operations. In today’s landscape, it is becoming increasingly harder for organizations to find and keep IT security experts on staff and has created the need for advanced, expert-led security managed services.

“The first challenge is a skills gap. 80% of organizations tell us they have a hard time finding and hiring security professionals and 71% say it’s impacting their ability to deliver security projects within their organizations.” – Peter Firstbrook

At Forsyte, we specialize in providing security support and recommendations for IT professionals in charge of maintaining security operations. We work with clients to identify and explain technology solutions currently owned and turned on, as well as understand the holes and potential risks associated with IT environments.

Something as simple as enabling MFA (free with Microsoft Security solutions) can prevent 99% of credential theft.

– Microsoft

As you step through your security landscape and examine all the possible technology solutions and workloads to deploy, a great benchmark could be looking at your insurance policies and answering questions on your insurance questionnaire. Insurance is deeply embedded in business risk management and cyber insurance has become a logical extension to protect your organization’s valuable assets.

If you can’t say “YES” to having the solutions in place required by your insurance companies, they have the right to say “NO” to either not offering you insurance or raising your organization’s insurance premiums.

As a Microsoft Gold Partner specializing in security managed services, our team is dedicated to providing the latest AI-driven tools and 24×7 monitored security. We lay the foundation for protection and work with you to understand vulnerabilities, mitigate risks, and help to keep you insured.

Cybersecurity statistics continued from 2021 into 2022:

  • Cyber insurance premiums continue to go up and policyholders expected a 20-50% increase for coverage throughout 2021.
  • By the end of this year, global ransomware damage costs are predicted to reach $20 billion.
  • At this time, Cybersecurity Ventures expects that a business will fall victim to a ransomware attack every 11 seconds – making ransomware the fastest growing type of cybercrime.
  • 91% of workers surveyed have felt pressured to compromise security for business continuity.
  • Cybercrime will cost companies worldwide an estimated $10.5 trillion annually by 2025.
  • 64% of companies worldwide have experienced at least one form of a cyberattack.

To learn more about working with a security managed services team, schedule a 30-minute call to see why organizations everywhere are talking about the difference Guardian 365 has made in their everyday security management.

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