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Five Factors to Manage Cyber Risk of Your Business

Most businesses that reach a significant market cannot afford to avoid liability insurance due to the high legal costs of litigation. Inevitably, the more digital a business becomes, the more odds increase of cybersecurity breaches leading to lawsuits from customers and investors. Cyber threats alone are creating an increasing need for cyber liability insurance. Here are key factors in managing your cyber risk.

Monitor Threats and Risks to Your Digital Assets

One of the most protective steps to manage cyber risk is to invest in a network monitoring system that generates alerts in case of cyber threats. Automated threat detection and response software are reliable for identifying and mitigating cyber threats before they cause damage.

Managers who assume anti-virus software is sufficient for protecting digital assets need to get up to speed. These days, multiple levels of cybersecurity are necessary to build a strong defense against hackers. If your business is unable to hire in-house IT professionals, it’s a good idea to outsource to a team of cybersecurity experts who provide solutions that protect digital assets.

Partner with a Managed Services Provider

A managed service provider (MSP) is an IT consulting firm that provides services such as 24/7 online tech support. Teaming up with an experienced MSP is an important key to modernizing a business and ensuring it’s up-to-date with digital solutions. The best IT teams keep up with the latest cybersecurity news and solutions to reduce cyber threats.

An MSP can help your business design a strong cybersecurity system that includes the following solutions:

  • Multi-factor authentication: Users take extra steps to access their accounts after entering a password.
  • Software Patching: Keeping your software updated will fix bugs and avoid vulnerabilities exploited by hackers.
  • SSL encrypted websites: An SSL certificate protects the privacy of website visitors.
  • Encrypted data: This method is tough for hackers to crack.

Train Employees on Cybersecurity

Every business that allows employees to use its electronic network should provide staff training on cybersecurity issues. One of the most important ongoing security breach trends is that many attacks are due to employee errors, such as opening a suspicious email that turns out to unleash malware. The more employees are trained to watch for and avoid strange emails, the less chance of a cybersecurity breach.

Set a Data Breach Policy

Before letting employees use your business network, make them aware of your overall policy on internet use. It’s essential the policy defines the roles of remote workers. It should clearly define employee roles and responsibilities in how to respond to a cyber threat. This policy should include a data backup and recovery process in the event of a data breach.

Purchase Cyber Liability Insurance

The most reliable way to approach cyber risk is to buy the right cyber liability insurance. Read the policy carefully before signing since every insurance company constructs its own policies. It’s important to be clear about whether certain or all types of cyber breaches are covered. It’s crucial to have the right coverage in place to ensure it will pay for damages and legal costs resulting from a cyberattack.

No organization has bulletproof cybersecurity, as cybercriminals are always learning new ways to breach systems. Getting the right insurance coverage will help you focus on your core business. The experts at CF&P Insurance Brokers are ready to assist you with any questions you have about cyber liability insurance. Contact us today to get a personalized quote.

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