Cyber Insurance Tips

Tips for Cyber Insurance Buyers

• Work with your insurance professionals to understand the different types of cyber coverage available and secure a policy that suits your unique needs. Start renewal conversations early.
• Take advantage of loss control services offered by insurance carriers to help strengthen your cybersecurity measures.
• Focus on employee training to prevent cybercrime from affecting your operations. Employees should be aware of the latest cyberthreats (e.g., AI-powered attacks, cyberwarfare, ransomware and business email compromise scams) and how to mitigate them.
• Keep organizational systems secure by utilizing a virtual private network, installing antivirus software and endpoint detection and response solutions, implementing firewalls and email authentication technology, restricting employees’ administrative controls and encrypting all sensitive data.
• Store backups of critical data in a secure, offline location to minimize losses in the event of a ransomware attack.
• Update workplace software regularly to ensure its effectiveness, and consider using a patch management system to assist with updates.
• Establish an effective, documented cyber incident response plan to remain operational and minimize damages in the event of a data breach or cyberattack. Test this plan regularly by running through various scenarios with staff. Make updates to the plan as needed.
• Conduct thorough cyber risk assessments of third-party vendors before entering a partnership. Review their cybersecurity practices, ask about their data protection protocols and ensure they meet your company’s standards for safeguarding sensitive information.
• Consult insurance professionals and legal counsel to determine your organization’s regulatory exposures regarding applicable data protection and cybersecurity laws. Make compliance adjustments as needed.
• Develop workplace policies prioritizing cybersecurity, including an internet usage policy, a remote work policy, a bring-your-own-device policy and a data breach response policy.
• Be sure to consider potential nation-state threats when establishing your organization’s cybersecurity policies and protocols.

If you’re ready to shop your commercial cyber insurance, contact us for a free insurance review and quote.