Do not underestimate the threat. All companies are hackers targeted, and size doesn't matter! Smaller businesses often don't have an "IT" Department and are often unable to get the best cybersecurity, making it a much easier target.
Cyber Liability Insurance is usually an Add-on
A common misconception is that standard business liability insurance policies cover the scope of cyberspace obligations. This is not true. If you want your business to be saved, you need to add cyber liability insurance to your policy.
Insurance Agents Are There to Help
Shopping for insurance can be incoherent, plus policies aren't all the same. The difference in how the two policies define "computer fraud," for example, can cost businesses thousands of millions of money. A good insurance agent will help you find a policy with the protection your business needs. Look for agents who understand your business and have clients in your industry.
Get Retroactive Coverage
Cyber insurance policies usually limit coverage for violations that occur after the specified retroactive date. Because cybersecurity violations may not be found for some time before a claim is made, ask your insurance agency for a retroactive date that is earlier than the start date.
Get Coverage for Vendor Actions and Omissions
Many corporations outsource some, or all, of the processing and storage of their data to third-party vendors. Your cyber insurance policy must cover claims against you as a result of violations caused by your data management vendor.
Understanding "Panel Conditions and Approvals"
The insurance provider can ask the investigator, lawyer or anyone who is used to respond to a claim, to be approved in advance by them. Do this while your policy is being prepared.
Have a Clarity About What Cyber Liability Insurance is NOT
Virtual liability insurance is not a prison-free card that frees your company from maintaining a high level of cybersecurity. Businesses still need to protect their data.
Maintain Adequate Security and Internal Control Standards
It is important to understand the terms of your cyber insurance policy. Insurance providers require businesses to take reasonable steps to maintain minimum and adequate security standards to protect their data. Your claim can be rejected if your business fails to do so.
Security Measures Your Company
Implement a Cyber Security Training Program
Don't assume your employees are educated about cybersecurity. Practice all aspects of data and cybersecurity. Make them responsible and do continuous training.
Update Your Software
Install the up-to-date antivirus software and update it regularly. Install a good spam filter, firewall, and intrusion detection and prevention (IDS / IPS) system.
Secure your WiFi
Protect your router with strong encryption and passwords. Hide your WiFi network by setting your router not to broadcast the network name (or SSID).
Overwrite Deleted Files
Make sure your information is completely deleted by overwriting it.
Use a strong password
Don't reuse passwords. Don't use common words, simple passwords (like "passwords"), family/birthday names, or general number groups like "123". Make at least 8 characters, with uppercase, lowercase letters, and symbols.
As dependence on technology continues to increase, new exposures continue to emerge. Don't get caught not ready to handle the consequences of cyberattacks.
If you have questions about cyberspace liability insurance and would like to speak with our Lehigh Valley cyber liability insurance agent, please contact us. We can design a cyberspace liability insurance program that can help provide peace of mind knowing that your business is better equipped to handle the effects of cyberspace attacks.