Cyber Liability Risk
Every business is at risk for a cyber breach. Even the White House has experienced a cyber breach. Cyber breaches are now a fact of life, and every state now has mandatory requirements for data breach notification. Statistics show 41% of all cyber incidents affect businesses with fewer than 100 employees. If you store data, including private information on computers, use e-mail, generate revenue online, or use your computer to control production, manufacturing, or inventory, your company is at risk!
Best Practices For Cyber Risk
While cyber liability insurance should be considered by every business, in addition, we also recommend specific procedures and defensive programs to limit or reduce your risk.
- Make sure you comply with all state and federal laws
- Have a written cyber breach policy
- Follow all HIPAA laws
- Hire an IT Director, or make one person responsible for network security
- Focus on using long passwords (longer than 13 characters) and change frequently
- Develop notification procedures
- Do not open emails or open attachments from email addresses you do not recognize
- Train employees on the use of laptops and out of office access
- Invest in the latest anti cyber software
- Verify that all your vendors comply with laws and statutes
Cyber Liability Insurance
Most business large and small now purchase cyber liability insurance which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure.