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Debunking Cyber Insurance Myths

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Cyber Insurance Risk Assessment

Your business faces an ever-increasing array of cyber threats. Beyond protections, cyber insurance is an essential component of a robust risk management strategy. Therefore, understanding cyber insurance realities is necessary for you to make sound security and business decisions. In this post, we focus on debunking common cyber insurance myths.

1MYTH: Cyber Insurance Policies Offer the Same Level of Protection

In reality, policies vary significantly with respect to coverages and services. Opting for bundled policies generally results in coverage gaps, as most general liability policies treat cyber coverage as an add-on.These gaps leave your businesses vulnerable to liabilities and losses.

Standalone cyber insurance policies, provided by financially strong carriers, offer comprehensive protection tailored to the specific needs of your business. They address unique risks associated with cyber threats given your industry, business size, and other risk factors. Standalone policies also often include coverage of forensics, temporary resources, and other recovery needs. Dedicated coverage helps you respond more effectively to a cyber incident.

2MYTH: Your IT Security Measures Dictate Your Premiums.

While robust security practices can positively impact premiums, broader industry trends and company-specific factors play a more significant role in determining pricing.

Industry-wide loss ratios have a substantial impact on insurance costs. Peer group averages impact premiums as well. Insurers assess the risk profile of businesses within sectors. As insurers issue more policies and analyze claims, insurers refine actuarial, incorporating additional factors and risks.

3MYTH: Cyber Insurance Policies do Not Pay Out

Many businesses hesitate to buy standalone cyber insurance policies out of fear that their policy will not pay out in the event of a claim. Reputable cyber insurers with strong financials rarely deny claims with a valid cause..

Inaccurate, or fraudulent, applications are the most frequent reasons for claim denials or reductions. 

Your application must accurately reflect your cyber insurance risk profile. The information you provide on your cyber insurance application should reflect a thorough review process. Cybersecurity tools offer verification of your security profile.

4MYTH: Cyber Insurance is All You Need

Many businesses, including yours, may need additional layers of protection for specific cyber risks. These additional coverages may not be available within a traditional cyberinsurance policy.

Cyber warranties offer additional layers of protection by covering these specific elements of cyber risk. Combining cyber warranties with cyber insurance creates a more comprehensive safety net. This approach bolsters your overall security strategy and ensures appropriate coverage.

5MYTH: Robust Cybersecurity Measures Eliminate the Need for Cyber Insurance

Investing in strong cybersecurity defenses provides crucial protection for your business. No security profile or system, however, will stop every cyber attack, data breach, or data loss incident. Cyber threats continually evolve. Even the most secure systems fall victim to sophisticated attacks.

Cyber insurance serves as your financial safety net. Beyond covering direct financial losses, better policies help you recover from incidents that slip through the cracks of your security measures. These resources include forensics, data recovery, customer relations, legal expenses, and more. Cyber insurance protects you financially if and when a cyber attack gets past your defenses.

6MYTH: Obtaining Cyber Insurance is Complicated and Time-Consuming

The thought of obtaining cyber insurance deters many businesses from seeking the coverage they need. Horror stories of complex applications, surveys, and audits create anxiety and fear of the process. 

Unfortunately, this myth can come true. Businesses that apply through general insurance agents and fail to leverage knowledgeable IT resources often run into issues during the underwriting process.

Cumulus Global partners with cyber insurance specialists that offer streamlined application processes and non-committal quotes. Our partners work with more than two dozen carriers, ensuring you have options to choose the policies that meet your business needs and budget. Non-biased policy reviews help you understand your coverages and make informed decisions.

Related Information

Cyber Security Requirements for Cyber Insurance (eBook)

5 Questions for Lower SMB Cyber Insurance Premiums (Coffee & Clouds)

Security CPR (Cloud Burst)

Security CPR Managed Security Services (Service Overview)

Your Next Step 

Avoid falling prey to cyber insurance myths. Contact us and let us introduce you to our cyber insurance partners.

We can provide you with a Cyber Insurance Risk Assessment and help you assess your cybersecurity profile.

About the Author

Bill Seybolt bio pictureBill is a Senior Cloud Advisor responsible for helping small and midsize organizations with cloud forward solutions that meet their business needs, priorities, and budgets. Bill works with executives, leaders, and team members to understand workflows, identify strategic goals and tactical requirements, and design solutions and implementation phases. Having helped over 200 organizations successfully adopt cloud solutions, his expertise and working style ensure a comfortable experience effective change management.

Picking the Right Google Workspace Subscription for Your Business

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Google Premier PartnerTo meet widely varying customer needs, Google offers five core subscription options spread over two tiers. For larger organizations with frontline and deskless information workers, Google offers additional, specialized license options. If you are looking at a Google Workspace subscription for the first time, considering an upgrade, or looking for Gemini AI features, you’ll want to choose the subscription and licensing that meets your needs without overpaying.

Subscription Tiers

Business Tier

Businesses with fewer than 300 employees typically select one of the Business Tier subscriptions– Workspace Starter, Standard, and Plus. These subscriptions limit the number of users and focus on the features and security most appropriate for smaller organizations.

Enterprise Tier

Larger businesses, as well as those requiring more advanced capabilities and security, often opt for the Enterprise Tier subscriptions– Standard and Plus. The Enterprise Tier also includes specialized license versions for frontline workers and knowledge workers with other email services.

Selection Criteria

When selecting a subscription, most businesses focus on a few key capabilities, such as:

  • Storage capacity and shared drives
  • Vault archiving/e-discovery
  • Google Meet features
  • Select security capabilities

With AI now integrated into all Google Workspace subscriptions, you should take time to understand the Gemini features included in each plan. A deeper review of security features can also help guide your selection.

Here is a deeper look at key selection criteria.

Storage

Since September 2024, all Google Workspace subscriptions use pooled storage.

Vault, the compliant archive/e-discovery service, covers Gmail, Drive, Groups, Chat, and Calendar, is available for all Enterprise Tier subscriptions and Business Plus.

The amount of storage, allocated per user and pooled, is as follows:

Business Tier

  • Starter = 30 GB
  • Standard = 2 TB
  • Plus = 5 TB

Enterprise Tier

  • Essentials = 1 TB
  • Standard = 5 TB
  • Plus = 5 TB

Meet

Google Meet is a robust meeting and collaboration system that generally negates the need for third party solutions.

Google Meet with Business Standard and Plus

Meet Features in Business Standard and Plus Subscriptions

All Google Workspace licenses include a core set of features:

  • External participants
  • Secure meetings
  • Screen sharing
  • Mobile app
  • Dial-in (US & international)
  • Digital whiteboard
  • Hand raising
  • Reaction

At the Business Tier, Meet features scale up  as noted in the table.

The Enterprise Tier includes live streaming and additional security features with all licensees.

Participant limits increment as follows:

  • Essentials: 250
  • Standard: 500
  • Plus: 1000

Gemini AI in Google Workspace

The following matrix summarizes the Gemini AI features in each of the core Google Workspace subscriptions.

Google Workspace Gemini AI Features

Security

Google Workspace provides a comprehensive set of security features and tools. With too many settings and options to list here, we published a Google Workspace Security Feature Matrix as an eBook. 

Review security features against your regulatory, industry, and business requirements.

Selection Process

When evaluating Google Workspace subscriptions, it’s essential to assess the details. Part of your selection process should include determining whether selecting a higher subscription tier or upgrading is more cost-effective than integrating third-party tools to provide the functionality you need.

For example, while Google Workspace’s Standard Data Protection includes email sandboxing, the feature does not offer the same capabilities– such as QR code analysis– as many third-party email threat protection services. 

In many cases, upgrading your Google Workspace subscription provides the needed capabilities at a lower cost than using a third-party tool. This is often true for Google Meet compared to third-party web meeting tools like Zoom.

For other capabilities, however, a third-party integrated solution may still be required.

Your Next Steps

For help assessing your needs and options, please contact us or schedule a brief intro call with a Cloud Advisor.

About the Author

Bill Seybolt bio pictureBill is a Senior Cloud Advisor responsible for helping small and midsize organizations with cloud forward solutions that meet their business needs, priorities, and budgets. Bill works with executives, leaders, and team members to understand workflows, identify strategic goals and tactical requirements, and design solutions and implementation phases. Having helped over 200 organizations successfully adopt cloud solutions, his expertise and working style ensure a comfortable experience effective change management.

PC Continuity Means Business Continuity

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PC ContinuityIn today’s fast-paced business world, the ability to maintain continuous PC operations is crucial for your business. With limited resources and manpower, you cannot afford to lose data or prolonged downtime. A crashed laptop can take 4 or more days to repair (or replace) and rebuild. The impact on your ability to serve your clients, manage marketing and sales, and invoice will be operationally and financially disruptive.

Backup Covers the Basics

Backup solutions are foundational to business continuity, particularly for small enterprises. A reliable backup service ensures your critical data is secure and recoverable. Having backups off-premise, or in the cloud, extends your protection to physical hazards that can damage local backup systems.

Backups, while essential, come with challenges.  Before you restore, you need to repair or replace damaged equipment. This takes time. Restoring from the cloud is limited by bandwidth. This takes time.  Repair and restore gets you your data back, but slowly. Meanwhile, you will struggle to run your business.

Unique IT Challenges

As a sole practitioner or other very small business, you face unique IT challenges. With limited devices, a single computer failure can bring your business activities to an abrupt and extended halt.

Unlike larger businesses, you likely don’t have the budget to keep spare equipment on hand or to quickly purchase replacements.

As a small business leader, you want, and need, to strike a balance between risk, protection, and budget.


Connect with a Cloud Advisor

A Solution Set for Smaller Businesses

Fortunately, you have service options that help minimize your risk for business disruptions due to PC problems. 

PC Continuity

You can overcome the challenges and limitations of backup/recovery solutions without breaking the bank. PC Continuity solutions enable you to keep your business running while your PC is repaired or replaced and restored.

PC Continuity captures full images of your device multiple times per day. When needed, the image loads and runs on a virtual desktop in a cloud data center. You can access your system’s image from any device with a web browser or a thin client agent.

With PC Continuity, you can return to work quickly. For a small incremental fee above your backup/recovery service, your business keeps running.

Monitoring and Management

Ensuring your computers are current with respect to patches and updates helps ensure optimal performance and security.  Monitoring for system performance can also flag hardware issues before they cause damage or fail.

Remote monitoring and management services track the health of your computer and can alert your IT service team to issues and conditions before they become problems. The service allows for managing system and software updates and can provide remote access to your IT support team when needed.

Lifecycle Management

Larger companies use lifecycle management to manage their computer purchasing and upgrade cycles. For small businesses, lifecycle management focuses on extending the lifespan of your devices and understanding when it is best to upgrade or replace aging systems.

Besides tracking age and warranty status, these services can include extended warranty and accidental damage coverage plans.  These coverages provide repair or like-device replacement.  Having extended warranty and accidental damage coverage reduces the risk of maintaining older systems. In the event of an expected failure or accident, you can avoid early replacement costs.

Some lifecycle management services include certified electronics disposal, helping you avoid e-waste compliance issues and disposal fees.

Your Next Steps

Understanding the risks and impact of PC/Laptop problems, you should decide the value of the various levels of protections.  While protection and continuity services come at a cost, a single incident with your PC or Laptop can cost you in days of lost productivity, damaged or lost data, and thousands of dollars.

To assess your risks, protections, and business continuity needs, please contact us or schedule a brief intro call with a Cloud Advisor.  The assessment is free and without obligation.

About the Author

Bill Seybolt bio pictureBill is a Senior Cloud Advisor responsible for helping small and midsize organizations with cloud forward solutions that meet their business needs, priorities, and budgets. Bill works with executives, leaders, and team members to understand workflows, identify strategic goals and tactical requirements, and design solutions and implementation phases. Having helped over 200 organizations successfully adopt cloud solutions, his expertise and working style ensure a comfortable experience effective change management.