e-Guide: Cybersecurity Best Practices & Risk Mitigation for Businesses

Cyber threats are no longer a concern only for large corporations—businesses of all sizes are at risk. Whether you run a small startup, a mid-sized company, or a multinational enterprise, the reality is that cybercriminals are constantly seeking vulnerabilities to exploit. Data breaches, ransomware attacks, and social engineering schemes can cause severe financial and reputational damage, often with long-lasting consequences.

On February 27, 2025, Tooher-Ferraris Insurance Group hosted the Business Insurance Cybersecurity Webinar. Industry-leading experts shared insights on current cyber threats, effective prevention strategies, and the critical role of cyber insurance.

Expert Panelists

Deryck Ali, CIO, CorCystems – IT and cybersecurity expert dedicated to enhancing security postures and infrastructure resilience.
Abad Cabassa, Cybersecurity & Infrastructure Security Agency (CISA) – Cybersecurity advisor providing best practices for securing business systems and mitigating risks.
Matthew Wischnowsky, Amwins Brokerage – Cyber insurance specialist offering insights on coverage options and risk mitigation strategies.
Geoff Knapp, Tooher-Ferraris Insurance Group – Industry leader in business insurance and risk management, helping businesses navigate cybersecurity challenges.

This e-Guide delivers a detailed analysis of the webinar’s key insights. It offers practical steps businesses can implement to reduce cyber risks and highlights how Tooher-Ferraris Insurance Group can assist in strengthening their cybersecurity strategy.

If you missed the live event, watch the recorded webinar here to gain important insights on protecting your business from cyber threats.

Preventative Measures: Reducing Cybersecurity Risks

Taking proactive measures to secure your business against cyber threats is crucial in today’s digital environment. Cyberattacks continue to increase in frequency and sophistication, making it essential for organizations to implement strong security protocols. Businesses can significantly reduce their risk exposure by integrating best practices such as multi-factor authentication, employee training, and secure data storage. Below are key preventative measures that every organization should implement.

Implement Multi-Factor Authentication (MFA) – Require MFA for critical systems to add an extra layer of protection.
Employee Training & Awareness – Educate staff on recognizing phishing attempts and social engineering threats.
Regular Patching & Updates – Ensure timely software updates to close security vulnerabilities.
Strong Password Policies – Enforce complex passwords and implement a password management system.
Access Control & Least Privilege – Restrict access based on role requirements to limit potential security breaches.
Backup & Disaster Recovery – Maintain secure, offline backups to restore operations in case of a breach.
Advanced Email Security – Deploy spam filters, DMARC, and anti-phishing solutions.
Network Segmentation – Limit the spread of malware by separating critical and non-critical systems.
Endpoint Protection – Use Endpoint Detection and Response (EDR) tools to monitor system activity.
Develop & Test an Incident Response Plan – Have a structured plan in place for responding to cyber incidents.

Incident Response: Steps to Take Following a Cyber Attack

Despite best efforts, cyberattacks can still occur, making it essential to have a structured incident response plan. The speed and effectiveness of your response can determine the extent of financial and reputational damage. Organizations should establish clear procedures to identify, contain, and recover from cyber incidents while ensuring legal compliance and stakeholder trust. Here are the essential steps to take when a cyberattack happens.

Identify & Contain – Quickly isolate affected systems to minimize damage.
Activate Response Plan – Follow predefined steps, involving IT teams and stakeholders.
Engage Cyber Insurance Provider – Report incidents to ensure coverage eligibility.
Leverage Cybersecurity Experts – Conduct forensic analysis to understand attack vectors.
Notify Relevant Authorities – Report breaches to regulatory agencies when required.
Communicate Effectively – Inform employees, partners, and customers about potential risks.
Assess Business Impact – Determine financial and operational consequences.
Review System Logs & Security Gaps – Strengthen defenses to prevent future incidents.
Restore from Verified Backups – Recover lost data and resume business operations securely.
Conduct a Post-Incident Review – Update security policies and response protocols.

Cyber Insurance: Why It’s Essential for Businesses

Cyber insurance is vital in risk management, providing financial protection and resources to businesses affected by cyber incidents. A well-structured cyber insurance policy can cover various expenses, from ransomware payments to legal fees and business interruption losses. Investing in cyber insurance helps businesses recover faster and mitigates long-term financial and reputational damages. Below are the key benefits of cyber insurance.

Financial Protection from Ransomware Attacks – Coverage for extortion payments.
Business Interruption Compensation – Recovery of lost income due to downtime.
Legal & Compliance Assistance – Support for regulatory investigations and legal fees.
Incident Response Resources – Access to cybersecurity consultants and forensic teams.

Emerging Cyber Threats in 2025

As cybercriminals refine their tactics, businesses must remain vigilant and informed about potential threats. Cyber risks are becoming more sophisticated, from AI-driven phishing scams to attacks on cloud infrastructure. Understanding these risks allows organizations to implement stronger defenses and proactively reduce exposure. Below are some of the most pressing threats to watch for in 2025.

AI-Powered Phishing Attacks – Increasingly sophisticated email scams.
Supply Chain Attacks – Targeting vendors to exploit vulnerabilities in business networks.
Deepfake & Identity Fraud – AI-generated impersonations to manipulate financial transactions.
Cloud Security Breaches – Exploiting misconfigurations in cloud infrastructure.

Resources for Businesses

Accessing the right cybersecurity resources can help organizations strengthen their security posture and respond effectively to cyber threats. Several government and industry organizations offer free tools, assessments, and guidelines to support businesses’ cybersecurity journey. Below are valuable resources that can help enhance your security measures.

CISA (Cybersecurity and Infrastructure Security Agency): Free tools, assessments, and best practices.
NIST Cybersecurity Framework (CSF): Risk management and security controls guidelines.
FBI Cyber Crime Unit: Report incidents and receive investigative support.

How Tooher-Ferraris Can Help

Tooher-Ferraris Insurance Group is dedicated to helping businesses avoid cyber threats by providing tailored risk management solutions. Our team offers:

Cyber Insurance Policies – Custom coverage options to protect your business from financial losses due to cyber incidents.
Risk Assessments – Evaluate your cybersecurity posture and identify areas for improvement.
Incident Response Planning – Develop a comprehensive plan to minimize downtime in case of an attack.
Employee Cybersecurity Training – Equip your team with the knowledge to recognize and prevent cyber threats.
Claims Support & Consultation – Expert guidance in navigating cyber insurance claims and incident resolution.

Conclusion

Cybersecurity is a shared responsibility that requires vigilance, training, and strategic planning. Businesses that adopt proactive security measures, invest in cyber insurance, and maintain a robust incident response plan are better equipped to withstand evolving cyber threats.

Implement best practices today to ensure your organization stays ahead of cyber risks. Watch the recorded webinar to gain more insights.