Cybersecurity insurance is still a relatively new product for many companies, but that is rapidly changing. In the event of a cyber attack including ransomware and data breaches, the insurance assists organizations in recovering from the attack. The idea is simple: if a company is targeted by hackers, the insurance policy provides financial assistance to help the company with the expenses arising from such an event. And in order to be eligible for this protection, businesses must demonstrate their commitment to implementing robust security measures.
Reliable backups are essential for all enterprises, because they ensure that even in if the worst happens, you can recover fast, get your business up and running again, and avoid significant disruptions or losses.
Why Reliable Backups Are Crucial for Cyber Insurance
Insurers anticipate that organizations will implement more robust security measures in response to the growing cyber risks. The significance of maintaining reliable backup systems cannot be overstated for the following reasons:
- Data Recovery: In the aftermath of a cyber attack, operational continuity is ensured by the ability of organizations to recover their data without the need to pay ransoms, which is facilitated by effective backup solutions.
- Protection Against Data Loss: Regular backups are essential for preserving data integrity by preventing data loss due to accidental deletions, hardware failures, or cyber threats.
- Compliance and Lower Premiums: If companies implement reliable backup solution, insurers see them as a lower risk customers and this will lead to reduced premiums and better terms on their cyber insurance policies, as the risk is perceived to be much lower.
A recent incident at Casio, in which insufficient backup measures resulted in considerable data loss, underscores the importance of implementing robust backup solutions. Organizations need to have reasonable and efficient backup strategies that will enable them to easily recover without expensive disruptions.
How Bareos Stands Out as a Reliable Backup Solution
Bareos is an open-source backup solution that assists businesses in fulfilling the requirements of cybersecurity insurance by providing robust, flexible, and secure backup options. Here are the advantages that Bareos offers to organizations:
- Open-Source Flexibility (AGPLv3 License):
As an open-source solution licensed under the Affero General Public License version 3 (AGPLv3), Bareos imposes no vendor restrictions. This feature enables organizations to access their data at any time without being tied to a valid license,, thereby facilitating seamless data retrieval and migration and minimizing potential risks. Furthermore, companies can modify the software, enhance security protocols or integrate it with their existing infrastructure without any limitations. - Reliable and Automated Backups:
Bareos includes automated scheduling capabilities, ensuring that regular backups occur without the necessity for manual intervention. This feature is essential for keeping backups up-to-date and ensuring they meet insurance requirements. Companies can depend on these backups to keep their data secure, consistent, and recoverable when necessary, thereby supporting business continuity. - Encryption and Compliance:
Bareos provides advanced encryption to protect data from unauthorized access and potential breaches, ensuring compliance with standards like NIS2, SOX, and GDPR. Encrypted backups help reduce risks, supporting businesses in meeting cyber insurance requirements and industry regulations. - Regular Updates for Security:
Insurers require businesses to consistently update their software to defend against the latest security threats. By utilizing supported versions of Bareos, organizations benefit from regular updates that enhance their protection against vulnerabilities and ensure compliance with essential requirements. Regular updates are critical for maintaining adherence to standards such as PCI DSS, SOX, NIS2, and others.
Conclusion
In modern digital world, effective and dependable backups are a must. For enterprises, Bareos offers a scalable, open-source solution that secures sensitive information while avoiding the limits of vendor lock-in. Bareos offers encryption, automated backup procedures, and timely updates, all of which are essential for companies to meet insurance requirements, maintain security, and cut down operating costs.
Using Bareos, organisations are able to enhance their cyber resilience and show their insurers that they are serious about their responsibilities towards data protection and employ good practices.