Sometimes it’s difficult to recognize dots, let alone connect them. Here are just three examples:
- Managed IT services and cybersecurity. To us, it doesn’t make sense to offer one without the other. The most effectively functional IT environment on the planet (or in the cloud) is still at risk for cyberattacks. By the same token, without cybersecurity, an investment in an efficiently functional IT environment could be wasted.
- Verifiable cybersecurity and cyber insurance premiums. Cyber insurance premiums are high because losses due to cyberattacks are so prevalent and so costly. But if you work with a qualified, certified cybersecurity vendor that can document and verify the steps you’ve taken to protect yourself from cyberattacks, your cyber insurance premiums will be lower. Simply put, more protection = better rates.
- This one wasn’t so obvious at first. But in December, Barron’s published a post called, “Fueling a New Cybersecurity Arms Race”. The post said this in part:
Ransomware is booming, with Bitcoin at the heart of it. Attacks have surged in recent years, often using Bitcoin and other cryptocurrencies for ransom payments and trafficking in stolen data. Attacks hit a wide range of targets, including large and small companies, hospitals, schools, and government entities.
What’s Up with That?
Cyber criminals often specify cryptocurrency in their ransom demands because they think they’re protecting anonymity; although, according to bitcoin.com:
Transactions are digitally signed using cryptography and sent to the entire Bitcoin network for verification. Transaction information is public and can be found on the digital ledger known as the ‘blockchain.’
Nevertheless, businesses should make sure their cyber liability insurance policies cover things like having to pay in cryptocurrency or crypto losses — since crypto transactions are different and separate from other financial transactions — as well as data recovery and fines. To hedge against worst-case scenarios, businesses should also have plans for acquiring cryptocurrency should they have to pay ransoms in that currency. But in the best case, they’ll avoid such situations altogether by making sure they have appropriate cybersecurity policies, procedures, and tools in place.
Better Safe Than Sorry
As the saying goes, “You don’t know what you don’t know.” Because that’s true, it makes sense to find a cyber security vendor whose business depends on knowing what you might not and has the experience and the expertise to protect you from obvious threats and to anticipate the not-so-obvious ones. If you can find a cybersecurity vendor that also offers managed IT services, all the better.
For all your IT and Cybersecurity needs, Rhodian is here to help.
