{"id":4293,"date":"2021-03-29T07:55:09","date_gmt":"2021-03-29T12:55:09","guid":{"rendered":"https:\/\/www.stratospherenetworks.com\/blog\/?p=4293"},"modified":"2021-03-26T16:22:23","modified_gmt":"2021-03-26T21:22:23","slug":"how-cyber-insurance-companies-can-help-clients-avoid-data-breaches","status":"publish","type":"post","link":"https:\/\/www.stratospherenetworks.com\/blog\/how-cyber-insurance-companies-can-help-clients-avoid-data-breaches\/","title":{"rendered":"How Cyber Insurance Companies Can Help Clients Avoid Data Breaches"},"content":{"rendered":"

\"AIt seems that not a day goes by without newly discovered hacking incidents making headlines. Typing \u201cdata breach\u201d into Google News<\/a> yields millions of stories about all kinds of companies, from banks to healthcare providers to local governments. Cybercriminals are relentlessly assailing a wide range of targets with ransomware<\/a> as well as leveraging phishing messages<\/a> and other methods to infiltrate private networks.<\/p>\n

With hackers constantly cooking up new schemes, it\u2019s exceedingly difficult for businesses to keep track of novel threats that traditional anti-virus solutions and defensive measures won\u2019t recognize. If an organization experiences a data breach<\/a>, the incident can result in significant damages: The global average total cost of a breach reached $3.86 million in 2020, according to the Cost of a Data Breach Report<\/a> from IBM Security.<\/p>\n

The report \u2013 which draws on interviews with more than 3,200 people with knowledge of breaches at their organizations \u2013 also reveals that 70 percent of study participants feel remote work<\/a> would inflate data breach costs, meaning that the pandemic and many companies\u2019 decision to transition their teams to working from home has potentially made security incidents more fiscally devastating.<\/p>\n

If you\u2019re a cyber liability insurance provider, you might wonder what you can do to help your clients effectively fend off cyberattacks and lower their chances of suffering a data breach. Given how quickly the threat landscape changes, it makes the most sense to partner with a managed cybersecurity service provider<\/a> that can keep risk levels low for your clients (and, by extension, you as an insurer) with advanced IT security tools and expertise.<\/p>\n

Going Beyond Traditional Defensive Measures: How Businesses Can Effectively Combat Hackers<\/h2>\n

Due to the rapid emergence of new malware and hacking tactics, businesses can\u2019t properly secure their networks with defensive and reactive strategies alone. To achieve the best possible security posture and keep risk levels as low as possible, they must adopt a comprehensive approach to cybersecurity with multiple layers, including advanced IT security solutions and a team of experienced analysts to manage those platforms, interpret their findings and respond to threats.<\/p>\n

In our experience working with our partners in the cyber insurance industry, we\u2019ve found that the following IT security products and services prove the most advantageous for providers seeking resources for their clients.<\/p>\n

Full Managed Security Service Provider (MSSP) package: <\/strong>This offering involves a third-party partner handling everything so the client can relax and focus on other aspects of running their business. This end-to-end security solution includes a wide range of next-gen tools and services to ensure the highest level of protection against new and emerging threats, including the following:<\/p>\n