Cybersecurity plays a vital role in protecting privacy, freedom and rights. Now, more than ever, and due to the pandemic and the subsequent reliance on digitalization, cybersecurity extended in different vital roles. As a result, more and vital infrastructure is shifting to an online presence and becoming more prone to digital attacks and breaches. Recently, we are frequently seeing data breaches and cyber-related attacks.
According to Forbes, the current average cost of a data breach within a company in the US is estimated to be $8.19 million. That cost significantly drops to $2.6 M by implementing fully automated cybersecurity defenses.
What are some of the recent events of cyber breaches and cybersecurity ordeals?
- According to the Financial Stability Board, remote working causes cyberattacks to skyrocket
- Germany’s first “cyber-catastrophe”
- “Force majeure” cyberattack in South Africa
- Insurance broker Gallagher’s ransomware attack
- A French study titled “Lumière sur la cyberassurance” written by eight brokers with the Association of Corporate Risk and Insurance Management (AMRAE) indicates that the cyber risks in France resulted in a 49% premium increase.
- “Zoombombing” and Zoom’s $85 M privacy settlement
- Chubb CEO addressing the growing threat of ransomware and systemic cyber risk
How can cyber insurance lessen the risk?
Cyber Insurance protects individuals and business from having to deal with the financial consequences of a cyberattack. As previously mentioned data breaches are becoming a regular event and having a cyber insurance policy will protect you against cyber liability among other things
Which technology can be used to ensure data confidentiality?
Encryption is a central technology used to protect confidentiality.
Which type of network poses increasing challenges to cybersecurity?
Mobile devices/Wireless networks are said to pose increasing challenges.
How does FLINK ensure a secure working environment?
- FLINK has a very secure IT environment from infrastructure to the PCs or applications used on every device.
- FLINK operates from clients’ systems, consequently illuminating risks that accompany data migration between companies and systems
- FLINK uses secure VPNs or virtual applications like Citrix or amazon work space with secured credentials, to access your systems or data.
What are the top 5 cybersecurity trends in 2020?
- Artificial intelligence (AI) will play an increasing role in defending cyber-attacks
- Political and economic divisions lead to increased security threats
- More investment in technology that counter false narratives that are linked to political interference also known as political disinformation campaigns
- Investments in training staff on how to prevent cyberattacks and hiring experts with the skills to spot new threats
- Future speculations that link vehicle hacking and their use to access email accounts and other personal information
How do you ensure data confidentiality?
When handling data confidentiality, keep an eye on these recommendations:
- Encrypt sensitive files
- Manage data access
- Physically secure devices and paper documents
- Securely dispose of data, devices, and paper records
- Manage data acquisition
- Manage data utilization
- Manage devices
How do you ensure confidentiality in information security?
They include multi-factor authentication, strong passwords, encryption, segregation of data, and assigning users with appropriate user privilege levels. Switching off phones/networks in the fear of preserving the confidentiality of data is not a proper solution for data confidentiality.
Which protocol would be used to provide security for employees that access systems remotely from home?
A VPN encodes all internet traffic, making it unreadable to anyone trying to intercept it. It is advisable that employees should use the VPN when working
Why do insurance companies need cyber security?
Cybersecurity within the insurance industry is critical, because of the industry’s size and the immense amount of data within companies in this sector. Clients are required to submit contact and financial information along with health and other information in order to be able to purchase an insurance policy. Cyber liability insurance is important for many reasons. One of which is the fact that cyber liability insurance aids companies comply with state regulations that require a business to notify customers of a data breach involving personally identifiable information
What is a cybersecurity insurance policy?
Cyber insurance generally covers your business’ liability for a data breach that involves sensitive customer information. Cyber insurance policies also have specific cyber-risk coverage that aids with the costs that are linked to remediation, including payment for the legal assistance, investigators, crisis communicators, and customer credits or refunds
What is not generally covered by cyber insurance?
Potential future lost profits, loss of value that is associated with the theft of intellectual property and improvements’ cost to improve internal systems, or any software/security upgrades after a cyberattack
What type of insurance is cyber?
Cyber insurance is a specialty lines insurance product intended to protect individuals and businesses from Internet-based risks and risks relating to information technology infrastructure, information privacy, information governance liability and activities
How does cybersecurity insurance work?
Protection will then be provided against a wide range of cyber incident losses that businesses may suffer directly or cause to others, including costs arising from data destruction and/or theft, extortion demands, hacking, denial of service attacks, crisis management activity related to data breaches, and legal claims
Who is FLINK?
FLINK Solutions is an Insurance BPO (Business Process Outsourcing) company based in Egypt. We leverage our immense experience in insurance outsourcing, to deliver a variety of BPO Services for our clients in USA & Canada, What distinguishes FLINK Solutions is our guaranteed steady growth and amplification for our clients in the insurance industry.
With outsourcing your employees will then have the time to focus more on improvement and enhancement of your core business functions, with FLINK taking care of the rest. This way, you would be getting a 24 hour service to your insurance business.
