5 Key Cybersecurity and Cyber Insurance Terms You Need To Know

Bookmark This; You’ll Need It!

Wherever you are in your cybersecurity process, there are several key terms you’re bound to encounter over and over again if you’re investigating cyber insurance policies. 

Having a solid understanding of what you’re looking for can mean a world of difference: informed choices can save you millions of dollars, either by protecting your data, saving you lawsuit fees, or being able to secure a worthwhile investment. 

But aren’t there different needs for different industries? 

Yes! Depending on your industry, business size, and current security posture, some solutions will be more or less applicable, and legal requirements may also change. Many concepts are universal, but keep an eye out for industry-specific resources in the list below, too. 

1. Network Security 

What it is: Network security encompasses all the steps taken to protect the integrity of a computer network and the data held within it. 

A network is composed of interconnected devices, such as computers, servers, and wireless networks. All devices in the network, and the connections between devices, are susceptible to potential attackers. Network security involves the use of a variety of software and hardware tools, like routers and firewalls, to protect the devices and the data. 

Who needs it? Every business with a digital presence! Businesses of all kinds—from financial firms to local municipalities, and from car dealerships to grocery stores—use computers, wifi, and often specialized equipment like a Point of Sale system. In all these circumstances, you need network security. Keeping your data safe from cyber attacks is a basic starting place. 

2. Cloud & Cloud Security 

What it is: simply put, the cloud is the Internet—more specifically, it’s all of the things you can access remotely over the Internet. When something is in the cloud, it means it’s stored on digital servers instead of your computer’s hard drive. Cloud security refers to the processes protecting the data you’re storing in the cloud. 

Your business might already be using the cloud without really realizing it—through Microsoft Office 365 (cloud), Google Drive or Gmail, or Dropbox, for example. The cloud is great for file sharing, backing up data, and for file storage, because you can access everything from any computer or mobile device with an internet connection. 

Who needs it? Any business using cloud services should be aware of how their cloud provider manages their security. Financial industries, developers, healthcare or healthcare-adjacent businesses, should pay particular attention, as companies that hold personal data on the cloud are more readily targeted by attackers. 

3. Endpoints

What it is: Endpoints are physical devices that connect to and exchange information with a computer network, including smartphones, computers, digital assistants like Google Home devices, security systems, servers, and more. 

Internet of Things devices (more on those in #5) like cameras, lighting, refrigerators, and thermostats—are also endpoints.

Who needs it? Everyone! If you have devices (which you likely do, if you’re reading this) you need to protect them. The more endpoints you have, the more vulnerabilities exist—so endpoint security is especially important for businesses with large numbers of devices and/or employees, or businesses who employ a lot of contractors. Do you know all the devices that connect to your network, or to your cloud resources? If you have employees who log in from home, or mix personal and professional boundaries, you better be sure you know how to protect all the entry points… and you have to know what you have, so you can protect it. 

4. Internet of Things

What it is: The Internet of Things (IoT) describes the network of physical objects—“things”—embedded with sensors and software for the purpose of exchanging data with other devices over the internet. 

As noted above, each device is an endpoint, meaning each device is an entry point into the network. IoT devices range from ordinary household objects like smart speakers and digital thermostats, to sophisticated industrial tools. Industrial IoT (IIoT) refers to the application of IoT technology in industrial settings—devices might include smart power grids and connected logistic functions. 

Do you need IoT security? There are a lot of benefits to having IoT devices in use in administrative offices, across industries. For those in communication, management, or marketing, smart devices can be excellent tools—but they present dangers around privacy and data protection too. 

5. Application

What it is: An application (app for short) is a type of software that allows you to perform specific tasks. 

Whether you’re downloading applications for your computer or for your smartphone, you need to know whether they’re trustworthy or not. There are thousands of apps—anyone can build one—so you need to ensure you’re installing something that isn’t already infected with malware. 

Who needs it? Application security is important for employees in many industries, particularly ones utilizing specific or purpose-built apps. 

As you navigate security solutions, keep these terms in mind, and know building a defensive posture is the first step in obtaining cyber insurance

And no matter what industry you’re in, know Stratti has your back. We provide all of these security solutions, depending on what’s right for your business. We’ll help you take everything into consideration: what data you collect, how threat actors might target you, and how to protect your business, employees, and customers. 

Ready to get started? Call us at (888) 455-3939 OR (530) 342-8999.