Do You Have CYBER INSURANCE? If not, get it NOW!

Updated: May 28, 2019

One of the biggest mistakes business leaders make is passing on cyber insurance. Think about everything that is saved in cookies, cloud, drive, cache, etc.. Hacker rings across the world are targeting small businesses. Every business is sitting on a hacker's goldmine. Hackers are not only grabbing your proprietary information and financials, they are snatching your clients' information (or should I say ex-clients now) as well as your employees' personal information. These breaches are not just a hinderance or a business delay, the effects can be devastating.

What can I do to prevent my business from being a victim to these tech savvy low lives??

Step 1: Contact your insurance broker now!

Hopefully you will take every precaution and avoid cyber disasters, but hackers are intelligent and constantly evolving like the flu epidemic, so it is important to get cyber insurance coverage just in case. Ask your broker for first party and third party coverage. The first party coverage does first degree damage control. It alleviates the expenses your company incurs, including but not limited to - legal expenses, repairs, lost income, and public relations services. Third party coverage involves the extensive fall out this breach caused. Clients and other outside parties will be seeking compensation for their losses and inconveniences.

Step 2: Follow your risk managers instructions.

Every business needs an enterprise risk management expert consultant who keeps constant tabs on the dangers in the cyber world. Below is a list of precautions your company should take: (it is also important to be under constant advisement of a risk manager because once something is published it is quickly outdated)

1. Train employees in security principles

2. Protect information, computers, and networks from cyber attacks

3. Provide firewall security for your Internet connection

4. Create a mobile device action plan

5. Make backup copies of important business data and information

6. Control physical access to your computers and create user accounts for each employee

7. Secure your Wi-Fi networks

8. Employ best practices on payment cards

9. Limit employee access to data and information, limit authority to install software

10. Passwords and authentication

(adapted from the FCC)

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