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3 steps to effective Cyber Liability Risk Management Planning

3 steps to effective Cyber Liability Risk Management Planning
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In today’s technology driven world, it is almost guaranteed that your business stores data and information digitally.  This could be customer and client information, payment information, personal files, bank account details, etc. As such, you need to have a cyber risk management program that addresses prevention, response management, and cyber insurance coverage in the event of a data breach.

However, creating this program often seems overwhelming, especially if you don’t consider yourself to be a “tech savvy” individual. By breaking down the process into 3 steps you will find that tackling this task is not as daunting as it seems.

Develop Prevention Strategies

Prevention is always the best policy when it comes to risk, and just as you can take steps to mitigate risks at your physical business, you can take steps to mitigate risks in your digital business as well.

  1. Analyze your business. What kind of data do you have, and how is it accessed and protected and who has access to the data.
  2. Create layers of security. Relying on only one level of security, such as a password, is likely not enough to stop cyber criminals. By layering different types of security, such as encryptions, firewalls, and multifactor authentication, you’ll have a better chance of preventing data breaches.
  3. Control access to sensitive data. If someone does not need access to the data as part of their function at the company, then do not give it to them. 
  4. Train employees on cyber security procedures. This should include identifying email scams, only visiting secure or approved websites, only downloading files from trusted sources, strong password creation, and limiting what devices can be connected to the network or plugged into connected devices.

For more detailed information on proactively protecting your business against cyber threats you can Download our Cyber Security Prevention Guide which is designed to help employers protect their business, information, and customers from cyber threats.

Data Breach Response Plan

When a data breach occurs knowing what steps to take next is key to limiting the damage done. The Federal Trade Commission provides an excellent guide for businesses.  Steps include:

  1. Securing Operations,
  2. Fix Vulnerabilities, and
  3. Notify Appropriate Parties

You can view the guide online or download a PDF version from their website: https://www.ftc.gov/business-guidance/resources/data-breach-response-guide-business

Protect your business with appropriate Insurance

Cyber Liability Insurance provides coverage that fits your business needs and is specifically designed to address the risks that come with using technology that are often excluded from other liability policies.  By talking with an experienced independent insurance agent, you can identify the cyber risks for your company and develop a cyber liability insurance program based on the unique needs of your operations and range of exposure.