The Fundamentals of Cybersecurity and Risk Dissected
You’ve heard it before and you’ll continue to hear it again – everyone (no matter your industry, business size or brand visibility) has either been impacted or will be impacted by a cyber security attack. The question then becomes, how should businesses mitigate risk, if the inevitable is bound to happen?
- The insurance coverage available to help safeguard business should training and prevention fail.
- The areas of your business with the greatest exposure and vulnerability.
- The properties (both intangible and tangible) you need to protect.
- How to handle threats, potential extortion and ransomware breaches.
- The role of the Internet of Things, and the risks associated with internet-connected devices.
- The best methods for mitigating cyber exposure.
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Cybersecurity is a huge problem. We know the problem is not new, and it’s likely not going away anytime soon. The issues, risks, and vulnerability that surround cybersecurity are keeping leaders and technology professionals up at night. Everyone is working to ensure that organizations are protected and cyber exposure is limited. But even with the work that goes into protecting against cyber threats or breaches, questions still arise:
- What areas of my business have the greatest exposure and vulnerability when it comes to cybersecurity?
- What plans are needed to protect my business against threats, extortion and ransomware breaches?
- How you limit risk with the ever-growing number of internet-connected devices?
Fortunately, we’ve got the answers you need. After this webinar that dived deep into cyber risk management and the insurance policies available to protect against cyber damages, we’ve pulled together…
The Top 10 Takeaways You Need To Know To Better Protect Your Business And Your Employees:
- When thinking about cyber risk management, the primary objective is to avoid risk as much as possible, without ever thinking you or your organization is bulletproof. The best option is to put a plan in place to protect the business, and have a cybersecurity insurance policy in your back pocket should the worst happen.
- Training employees is a fundamental element of security. Employers must actively communicate and train employees, to help them understand what to look for, and what to expect. If employees know what to be cautious about, the company can be better protected, and the likelihood of intrusion into the system can be decreased.
- While training and caution are important, primary elements of eliminating cyber exposure, it cannot stop there. Companies must also have plans designed around prevention and control. If you are unable to find a way to control what is happening, then you’ve got to find a way to mitigate the problem.
- Having the right technology professionals in place is no longer optional in today’s business climate. All leaders must understand the level of risk and vulnerability, and partner with a team that can safeguard and prevent improper access into your organization. With the right technology team in place, companies can rest easier, knowing network access is controlled, suspicious activity is being monitored and regular backups are being conducted.
- When it comes to cybersecurity, the best defense is a good offense. Anything you can do to safeguard your business and mitigate your risk is putting money in the bank.
- All cyber policies are not cyber policies. The problem today is that there are 120 cyber insurance coverage options available in the market. While the volume of options is one issue, the other issue is that there is no standard form and regulation around the policies themselves. Theoretically, there are 120 different policies available, so trying to compare policies is a daunting process at best, and almost impossible.
- When evaluating cyber insurance policies it’s important to know what you are selecting between. The most important differentiator to look for is liability. If the term “liability” is in the title of a policy, it represents protection for payments to a third party, should damages occur. If the term “liability” is not in the title, then it’s a first-party impact, meaning insurance companies would then pay you for any damages or losses that occur.
- Historically a breach was considered when someone who doesn’t have access to private information, accesses that information and has the potential to use that information in a way that would cause adverse impacts on the business or customers of the business. Most businesses have important information that is proprietary to them, and today most of that information lives in a digital form.
- Direct damages come in the form of liability for either breaches or for programming errors. Should a customer’s information get in the wrong hands, and used in the wrong way, businesses may legally be held responsible for the damages.
- Indirect damages come in the form of a cost to the business itself. That cost can cover any of the following: the cost of credit monitoring, crisis management, customer notifications, business activity interruption, public relations support and mitigating reputational damage.