The need for Cyber Security is nothing new. For as long as the internet has existed, so has security to keep the data and systems connected to it safe.
There is, however, something that is new. An unseen force is severely affecting cyber security across the nation and around the world right at this moment: COVID-19.
80% of [cyber security] firms have seen an increase in cyberattacks.
Fintech News
And with more and more Texas business owners opting to set employees up for remote work because of the pandemic, it’s now more important than ever to be prepared for any and all threats and attacks that exist online.
Don’t Let This Happen to You...
A construction firm partnered with a third-party cloud service provider in order to store customer information. While this service helped the company save on server costs, the third-party firm suffered a data breach.
As a result, the construction firm had to notify 10,000 of its customers and was forced to pay nearly $200,000 in incident investigation costs. The incident was made worse by the fact that the firm did not have a document retention procedure, which complicated the incident response process.
These situations are far too common. When you entrust data to a third-party provider, there’s always risk involved. But that doesn’t have to be the end of the story…
As a business owner, you can protect your company with cyber liability insurance. This goes far beyond a normal liability policy and is specifically designed with data breaches, cyber threats, and online attacks in mind.
Prevent Cyber Attacks
Even if you don’t currently have the resources to bring in an outside expert to test your computer systems and make security recommendations, there are simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack:
- Train employees in cyber security principles.
- Install, use, and regularly update antivirus and antispyware software on every computer used in your business.
- Use a firewall for your internet connection.
- Download and install software updates for your operating systems and applications as they become available.
- Make backup copies of important business data and information.
- Control physical access to your computers and network components.
- Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden.
- Require individual user accounts for each employee.
- Limit employee access to data and information, and limit authority to install the software.
- Regularly change passwords.
Benefits of Cyber Liability
There are several benefits to investing in cyber liability insurance. Cyber liability insurance policies are tailored to meet your company’s specific needs and can offer important benefits including the following:
- Data breach coverage - Any potential breach needs coverage. But this is especially true as it relates to identity theft since it not only involves a business but their customers as well.
- Business interruption loss reimbursement - Cyber liability policies can cover the cost of business expenses when companies have to temporarily shut down due to cyber attacks.
- Cyber extortion defense - Malicious software is designed to steal and hold data until a steep fee is paid. Cyber liability policies can help recoup any losses suffered.
- Forensic support - Following a cyber attack, your company will need to investigate the source which takes time, resources, and money - all of which can be covered with insurance.
- Legal support - Likewise, after a threat or attack, you may seek legal assistance which can be costly if not for a proper liability policy.
- Coverage beyond a general liability policy - Insurance policies may not always extend to cyber threats or data breaches. With the right coverage, a policy made just for you and your business, you can ensure that you are properly protected on and offline.
Protect Your Business from Cyber Attacks
Cyber exposures are on the rise. And while we can offer tips on how to protect your business from cyber risks, the best protection is, without a doubt, strong cyber liability insurance.
With a solid policy in place, you can protect your business against a data breach or cyber attack, even as staff works from home. To learn more about getting cyber liability insurance and protecting your business, contact us today!