Cyber attacks are now a “when”, not an “if”, and Cyber security is a pressing management issue. With costs spiralling, Cyber Insurance is a no-brainer – but it’s not enough on its own.
TOP TIP: as well as Cyber Risks Insurance you need separate coverage for Crimeto give financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.
If you don’t already have Cyber Risks and Crime Insurance, talk to us as a matter of urgency – my advice is always free and without obligation.
6 BASES TO COVER IN PREP FOR A HACK OR DATA BREACH
The majority of small businesses have had their digital defences breached in the past year. It’s vital to protect your intellectual property, business information and customer data against online theft and exploitation. Read on for a basic checklist on preparing for a cyber attack:
- Risk assessment on security and the “what ifs” for your business
- Security controls: maintain, regularly update and stress-test them
- Incident response plan: create and share it, and make sure you have the right professional help at the ready
- External back up systems in place
- Educate and train all staff to reduce human error
- Cyber Risks AND Crime Insurance:
- If you don’t yet have Cyber Risks Insurance, just try quantifying the potential costs of a hack or breach. Even with well-trained teams and systems in place but it may still happen to you. With data breaches, hacks, ransomware and human error – you need to make sure you’re covered and have a team of experts on hand to resolve the issue.
- If you do have Cyber Risks Insurance, check your coverage and limits are still adequate, and that you have access to emergency response teams.
- Make sure you ALSO have Crime Insurance: financial protection for theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.
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