“Data is the new oil of the world.” Not only businesses are storing their intellectual property, proprietary, and confidential information in digital format but also the personal and sensitive personal data of their employees and clients. The question is, are they taking enough measures to secure the data and their liabilities and risks associated with it? As reported in 2019 Scalar Security Study, the average cost of responding and recovering from cyber security breaches has increased from $4.8m to $5.8m for Canadian businesses.
As businesses are investing in the latest cyber security management tools such as firewalls, antivirus, leakage protection, intrusion detection systems, and employee training, cyber crimes are equally evolving. It is becoming highly critical now for businesses to put in additional physical measures to protect their programmable electronic devices and communication networks including hardware, software and data or in other words, their cyber assets. Data must be protected with specific security standards and requirements. These are the practices we employ through people, processes, and technology to protect information and minimize the potential of a data breach. Below are some of the physical exposure risks your cyber assets face and how to mitigate those risks.
Cyber security policy and education
Train your employees about cyber security principals and ensure they practice these policies diligently. Employees should have their user accounts and also limit access to essential and sensitive data.
Secure your workplace
Workplace security helps to provide confidentiality, data integrity, data availability and authentication. It includes measures through which employees can protect their workstations assigned to them as appropriate, such as by using a cable lock and adhering to the company policies to protect any sensitive information to which they may have access.
Secure your IT infrastructure
This includes a regular update of antivirus, anti-spyware, and intrusion detection software, secure WiFi network, and use of a firewall. Secure practices for remote access to organizational data.
Regular back-up of data
Plan to back up all information including operating system, applications, software, and data on a regular basis.
Customer sensitive information can be thrown in the trash without knowing the consequences. Printed documents with confidential information should not be left unattended. Organizations should have strict rules around document printing procedures. Also, any material with such information has to be either securely placed under locks or disposed of safely and responsibly.
What is your cyber threat contingency plan?
While it is vital for businesses to come up with a mitigation plan for the risks associated with the cyber assets’ protection, it is equally important to come up with contingency plans as not only the cyber attacks disrupt the business, but it can also get extremely costly and hurt the reputation in the long term. The damage can be contained if companies will design their cyber security plan. Cyber Risk Insurance is a vital part of this contingency plan.
Cyber Risk Insurance is a type of general insurance that covers businesses and individuals against internet-based liability and risks such as data breaches, business interruptions, and network damage. Cyber security insurance has two categories of cyber liability coverage: first-party and third-party. While first-party coverage includes direct losses to a business or individual, the third-party coverage involves claims and legal actions taken by clients.
Cyber threats are getting more advanced; cyber security insurance products are increasingly being purchased alongside IT services. There is significant growth in cyber security insurance policies in the last two years.
At Bryson Insurance, we support business leaders by assessing their data security to advise how much cyber insurance coverage they need to survive a potential cyber risk and design customized cyber security insurance policies for them.