Keeping Clients Compliant - the Ins & Outs of Cyber Liability

Keeping Clients Compliant - the Ins & Outs of Cyber Liability

Cybersecurity advancements have revolutionized breach prevention, but what happens when these protective measures fail? The war against hacking is never-ending, with both sides trying to stay ahead of the other. Although the good side wins a lot of battles, cybercriminals are working just as tirelessly to outpace every new obstacle we throw their way. Even the best cybersecurity systems fail, and that leaves MSPs vulnerable to attack. Or does it?

With cyber liability insurance, MSPs can set up a safety net to protect their business in the aftermath of a cyberattack. Get the help necessary to get back on track

Cyber Liability: Get Your Business Back on Track


Imagine that your worst nightmare just happened: Hackers have breached your secure network and launched denial-of-service attacks followed by theft of files, accessing the company bank account and sending out phishing emails to your entire customer list. Your team of cybersecurity experts get right to work and recover everything, but by the time you’re back up and running, the business has sunk hundreds of thousands of dollars into the recovery effort. At least the business is safe, right?

The bad news might not end when the breach is fixed. Between recouping the damages, redoing work and thanking the I.T. experts, small to medium-sized businesses lose an average of $25K to $50K per cyberattack. It’s more than just about the immediate damages to the company, but the long-term effects too. 60% of small businesses will fail in the half year following an attack. MSPs need financial protection to keep them afloat as they recuperate from the damages.

That’s where cyber liability insurance comes in. When you need to pay for lawyers, to check your credit, pay fines and generally recover from the attack, cyber insurance is there. It protects, not just your business, but also your customers’ privacy and peace of mind.

De-Risking Your MSP

Cyber liability insurance focuses on mitigating the aftermath of the attack. Not only are you recovering professional data, but you’re de-risking every customer in the company database too. Cyber insurance doesn’t only help restore you back to your previous bustling success; it can also send updates about the situation to clients for transparency, go toward restoring their information and privacy, and help with the expenses of recovering their stolen data.

Customer relationship management is crucial to regaining their trust after a breach. Loyalty is everything. If they lose faith in your ability to keep their identifying information locked tight, they will go elsewhere for their business. Honesty is crucial, because it’s always better to learn what you’re doing to fix the situation directly from the source.

There are a lot of domino effects that occur after a cyberattack, all of which contribute to the relatively high closure rates after a hack. Making sure your customers feel secure in your prevention and reaction responses goes a long way toward cultivating positive relationships they know they can rely on. Keep in mind: Many U.S. states mandate companies to reach out to customers if a breach compromises their information. Cyber insurance helps cover these necessary costs that will be coming out of pocket, anyway.

And yes, we mean when. Every technological development that makes MSPs safer incentivizes the dark side of the web to get creative, too. This is why the cyber war never ends. It’s better to assume the worst and be prepared in an emergency than find yourself in the middle of the recovery period without a life raft.

Cyber Security and Insurance, Together

The best cybersecurity considers every stage of an attack, including the long-term. Good prevention strategies minimize the damage you’ll need to recoup after an attack, and a strong tech team speeds up the process so the criminals have less time inside your system, therefore giving them a smaller window of opportunity to act. Prevention, reaction and recovery all work together to keep the business, and its clients, secure as possible when the worst occurs.

Author Bio:


Al Alper is Founder and CEO of Absolute Logic, Inc., an MSP based in Connecticut, and CyberGuard360, a channel-only company providing advanced cybersecurity platforms to MSPs, MSSPs, and IT Service Providers. He is a serial entrepreneur, having founded several successful companies. Absolute Logic and CyberGuard360 are his 5th and 6th ventures. Al is passionate about security and compliance. He can be found proselytizing about culture as a primary driver of security and compliance to international CEO's at NASDAQ, in the halls of Harvard Business School and MIT, and in myriad boardrooms around the count

References

SEO for MSPs PPC for MSPs
Definition Optimizing your website to rank organically in search engine results pages (SERPs) without paying for clicks. Paying for advertisements that appear at the top of SERPs, and you're charged each time someone clicks on your ad.
Cost Generally, lower cost as it's based on time and effort to optimize your website. Can be expensive, as you pay for every click on your ads, and costs can add up quickly.
Time to Results Takes time to see significant results, often several months to gain visibility in organic listings. Provides immediate results; your ads can start generating traffic and leads as soon as your campaign is live.
Sustainability Sustainable over the long term if you consistently maintain your SEO efforts. Reliant on a continuous budget; traffic stops when you stop paying for ads.
Click Quality Usually, it has higher click quality as users find organic results more trustworthy and relevant. Click quality can vary, and not all clicks may lead to conversions, potentially leading to a wasted budget.
Competition Competing with other websites for organic rankings, but the playing field can be more level. Competing with other businesses for ad placements can be fierce, and costs can rise in competitive markets.
Targeting Options Limited control over specific keywords that drive traffic; relies on keyword optimization. Precise control over keywords, demographics, and location targeting, allowing for more precise audience reach.
Performance Tracking Tracking and measuring results can be challenging, but tools like Google Analytics can help. Easily track and measure performance with detailed metrics and conversion tracking tools.
Long-term Strategy Builds a strong online presence and brand authority over time. Effective for short-term goals and promotions but doesn't contribute to long-term organic growth.
Click Costs No direct click costs; traffic is "free" once you've optimized your site. Direct click costs are associated with each visitor who clicks on your ad.
Advertisements vs. Organic Results Focuses on achieving high rankings in organic search results. Focuses on paid ads displayed above organic results.
Keyword Research Important for optimizing content and targeting relevant keywords. Crucial for selecting the right keywords and managing bidding strategies for ad campaigns.
Keeping Clients Compliant - the Ins & Outs of Cyber Liability
Keeping Clients Compliant - the Ins & Outs of Cyber Liability

Keeping Clients Compliant - the Ins & Outs of Cyber Liability

Banner image of ins and outs of Cyber liability

Cybersecurity advancements have revolutionized breach prevention, but what happens when these protective measures fail? The war against hacking is never-ending, with both sides trying to stay ahead of the other. Although the good side wins a lot of battles, cybercriminals are working just as tirelessly to outpace every new obstacle we throw their way. Even the best cybersecurity systems fail, and that leaves MSPs vulnerable to attack. Or does it?

With cyber liability insurance, MSPs can set up a safety net to protect their business in the aftermath of a cyberattack. Get the help necessary to get back on track

Cyber Liability: Get Your Business Back on Track


Imagine that your worst nightmare just happened: Hackers have breached your secure network and launched denial-of-service attacks followed by theft of files, accessing the company bank account and sending out phishing emails to your entire customer list. Your team of cybersecurity experts get right to work and recover everything, but by the time you’re back up and running, the business has sunk hundreds of thousands of dollars into the recovery effort. At least the business is safe, right?

The bad news might not end when the breach is fixed. Between recouping the damages, redoing work and thanking the I.T. experts, small to medium-sized businesses lose an average of $25K to $50K per cyberattack. It’s more than just about the immediate damages to the company, but the long-term effects too. 60% of small businesses will fail in the half year following an attack. MSPs need financial protection to keep them afloat as they recuperate from the damages.

That’s where cyber liability insurance comes in. When you need to pay for lawyers, to check your credit, pay fines and generally recover from the attack, cyber insurance is there. It protects, not just your business, but also your customers’ privacy and peace of mind.

De-Risking Your MSP

Cyber liability insurance focuses on mitigating the aftermath of the attack. Not only are you recovering professional data, but you’re de-risking every customer in the company database too. Cyber insurance doesn’t only help restore you back to your previous bustling success; it can also send updates about the situation to clients for transparency, go toward restoring their information and privacy, and help with the expenses of recovering their stolen data.

Customer relationship management is crucial to regaining their trust after a breach. Loyalty is everything. If they lose faith in your ability to keep their identifying information locked tight, they will go elsewhere for their business. Honesty is crucial, because it’s always better to learn what you’re doing to fix the situation directly from the source.

There are a lot of domino effects that occur after a cyberattack, all of which contribute to the relatively high closure rates after a hack. Making sure your customers feel secure in your prevention and reaction responses goes a long way toward cultivating positive relationships they know they can rely on. Keep in mind: Many U.S. states mandate companies to reach out to customers if a breach compromises their information. Cyber insurance helps cover these necessary costs that will be coming out of pocket, anyway.

And yes, we mean when. Every technological development that makes MSPs safer incentivizes the dark side of the web to get creative, too. This is why the cyber war never ends. It’s better to assume the worst and be prepared in an emergency than find yourself in the middle of the recovery period without a life raft.

Cyber Security and Insurance, Together

The best cybersecurity considers every stage of an attack, including the long-term. Good prevention strategies minimize the damage you’ll need to recoup after an attack, and a strong tech team speeds up the process so the criminals have less time inside your system, therefore giving them a smaller window of opportunity to act. Prevention, reaction and recovery all work together to keep the business, and its clients, secure as possible when the worst occurs.

Author Bio:


Al Alper is Founder and CEO of Absolute Logic, Inc., an MSP based in Connecticut, and CyberGuard360, a channel-only company providing advanced cybersecurity platforms to MSPs, MSSPs, and IT Service Providers. He is a serial entrepreneur, having founded several successful companies. Absolute Logic and CyberGuard360 are his 5th and 6th ventures. Al is passionate about security and compliance. He can be found proselytizing about culture as a primary driver of security and compliance to international CEO's at NASDAQ, in the halls of Harvard Business School and MIT, and in myriad boardrooms around the count

References

Keeping Clients Compliant - the Ins & Outs of Cyber Liability