Cyber Liability Insurance

Keeping workplace technology up and running is vital to any organization’s success. Unfortunately, the task is becoming more difficult each year as cybercriminals expand their reach. It’s not enough to protect workplace technology with software and security protocols. It’s critical for organizations to educate themselves on, and protect against, cyber exposures related to ransomware attacks, social engineering schemes and similar threat.

Cyber liability insurance is specifically designed to address the risks of using modern technology.  The level of coverage your business needs is based on your operations and can vary depending on your range of exposure. As such, the first step will be to conduct a cyber risk assessment.  The assessment will help identify if the cyber security controls you have are appropriate to the level of risk your organization faces.

Working with a broker/partner that can help you create a more data secure work environment can help make cyber insurance coverage more affordable.

Tips for Insurance Buyers

• Review your employee handbook and related policies. Ensure you have all appropriate policies in place,
• Identify an internal cyber-security officer who can respond quickly to any cyber incidents.
• Work with your insurance professionals to understand the different types of cyber coverage available and secure a policy that suits your unique needs.
• Take advantage of loss control services offered by insurance carriers to help strengthen cyber measures.
• Focus on employee training to prevent cybercrime from affecting your operations. Employees should be aware of the latest cyber threats and ways to prevent them from occurring.
• Establish an effective, documented cyber incident response plan to minimize damages amid a cyberattack.
• Consider supply chain exposures when establishing your organization’s cybersecurity policies.