WHY CYBERSECURITY IS MORE IMPORTANT THAN EVER POST-PANDEMIC

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Why Cybersecurity Is More Important Than Ever Post-Pandemic:

When the COVID-19 pandemic hit, almost every business regardless of industry had to learn how to adapt their infrastructure to a digital space. Among these adaptations was how businesses handle their digital economy. As the world begins to learn what life looks like post-pandemic, it’s important to recognize what adaptations are going back to “normal,” and which ones are here to stay.

According to the Insurance Information Institute: “The Identity Theft Research Center (ITRC), in its annual data breach report, announced that in 2021 there were a record 1,862 data compromises in the U.S., a 68 percent increase over 2020 and 23 percent over the previous all-time high of 1,506. According to the report, 294 million people had their data compromised in 2021 compared to 310 million in 2020.” This leads us to believe that these numbers will only increase in 2022.

Digital forms of shopping and payments were already on the rise pre-COVID and were then drastically accelerated due to the pandemic. With the increase in the digital economy comes the increase of cybersecurity risk. No doubt cybercriminals are aware of this and are looking for chinks in a business’s cybersecurity armor. If you don’t have the proper cybersecurity in place, your business could be vulnerable to a cyberattack.

Refer to the list below to see if your business needs to create or add to your cybersecurity and cyber insurance

Do you currently have cyber insurance? An often-overlooked part of insurance by businesses is cyber insurance. As the world continues to grow more and more in the digital landscape, it’s more important than ever to make sure you have cyber insurance. Tower Street Insurance has all of your insurance needs tailored to you and your business. Contact us today!

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Have you taken a cyber risk assessment in the last year? The only way to know if your cybersecurity still holds up to today’s standards is to assess what may or may not be missing. If you have not conducted a cyber risk assessment within the last 12 months as the pandemic rapidly changed our digital environment, now is the time to complete that assessment.

Are your employees trained and aware of your current cyber security? One of the main ways a cybercriminal seeks to infiltrate a business is through their employees. Be sure that your employees are trained on what to look out for and when to raise a red flag.

Are you compliant with today’s standards? A great place to start is to review your states laws and regulations here under the National Conference of State Legislatures.

Have you tested your current cybersecurity with a penetration test? IT companies, such as IT GOAT, can run penetration tests on your business’s cybersecurity. What’s a penetration test? A penetration test, best left in the hands of an IT professional, is purposefully trying to penetrate a business’s cybersecurity to find gaps that may exist. Then the IT professional works to fix those gaps.

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If you still have questions on whether or not your business needs cybersecurity and cyber insurance, look no further than the cyberattack of supply chain network monitoring platform SolarWinds in 2020. The digital front of your business is more important now than ever, and so is its security.

Learn more about how Tower Street Insurance can help provide the cyber insurance and coverage you need today!