Issue link: https://viewer.e-digitaledition.com/i/1421339
With Five Critical Cyber Measures BY JENNIFER NEGLEY, VICE PRESIDENT, RISK STRATEGIES COMPANY SAFEGUARD YOUR BUSINESS FROM THE CYBER CRIMINALS AIMING STR AIGHT AT HE ALTH CARE H E A L T H C A R E HA S been a favorite target of hackers for years. In fact, from 2015 to 2019, ran- somwa re attacks accounted for 28% of all known healthcare breaches. Any size practice is at risk. For years, many malpractice carriers have included some type of complementary cyber liability coverage. But with the rapid shift in the types of threats we're encountering, you need to beware of what your policy does not cover. It is always advisable to seek a stand-alone product, which in almost every case, provides more comprehen- sive coverage. RANSOMWARE TRENDS Si nc e 2 018 , r a n somw a re i ncident s increased 150% with 70% of involving a data exfiltration threat and an average 21 days of downtime. Due to these troubling trends, carriers are leaving the market, cur ta iling coverage or non-renewing insureds. To help control costs while maintaining comprehensive coverage, R isk Strateg ies Nationa l Cyber R isk practice recently identified five critica l measures to consider when navigating a cha llenging market. + Mu lt i-f a c t o r A ut h e nt i c a t i o n : H i s t o r i c a l d a t a s h o w s a d i r e c t c or r e l a t ion b e t w e en c y b er i n c i- dents a nd t he lack of mu lti-factor authentication (MFA). A ll users in a company, regardless of their level of access, should have MFA , a sig n-in method that requires users to confirm their identit y through two or more separate mechanisms, such as facia l recognition or verification code. This is especia lly impor ta nt for remote a nd hy br id work for c e s . W it hout MFA , someone logging in with your credentials could gain access to email, company networks and key applica- tions with sensitive data. + E n d p o i n t D e t e c t i o n a n d Monitor ing: Endpoi nt det ect ion security systems monitor data in real time to determine if there a re a ny ongoing active threats. Automatic monitoring and a lert-generation is a crucial security measure, and it works best if there is a security operations center staffed in-house or via a man- aged service provider to monitor alerts 24/7. + Security Tra ining: Ma king sure employees undergo security aware- ness tra ining is essentia l. Hav ing up-to-date enterprise technolog y is great, but your employees are your first line of defense. Specia lty insurance brokers can be very helpful in finding vendors that provide security aware- ness a nd phishing testing, provide analysis on the results and implement a plan to improve when necessary. + Backups: Not backing up your data ma kes a ra nsomwa re at tack ex po- nentia l ly more dif f icu lt to recover from — a nd much more ex pensive. A l l or g a n i z a t ion s s h ou l d h a v e a c a r e f u l l y c on s i d e r e d pr o c e s s i n place to restore their net work with minima l disruption. Backup systems a lso need to be frequently tested to determine eff icacy. + Regular System Patching: Software and hardware require regular patches to reinforce security vulnerabilities. R a nsomwa re is a lways looking for the holes that patches are designed to fill. Make sure you're staying current w it h you r vendor 's latest updates and have a regular patching cadence with immediate action taken on high priority issues. Wit h t he volat i l it y of t he cu r rent cyber market, having a specia lty team available to walk you through products, ser vices a nd best practices ca n ma ke a ll the difference in securing the best policy terms. n For more information on insurance options, contact Jenn Negley at 267-251-2233 (cell) or jnegley@risk-strategies.com Protect Your Practice M D N E W S . C O M /// M D N E W S C E N T R A L N E W Y O R K ■ 2 0 21 1 7