These days, cyber insurance is not an option, rather it has become a necessity to all businesses irrespective of their sizes. But most companies often have scant knowledge and they don’t know what to look for while purchasing a cyber insurance policy. First, you need to know what comes under a cyber insurance policy and how your business will benefit from those policies. Even some insurance firms don’t know how to underwrite cyber-insurance policies. Here, we are mentioning the 5 steps that you should consider before purchasing cyber insurance for your business. These 5 steps will not only improve your buying experience but also help you to run your business in a hassle-free way.
Check your industry-specific cyber risks
Though cyber threats are common for all industries, still, some threats are augmented in specific industries. First, you need to understand what types of cyber threats your business may experience so that you can choose that type of insurance policy that will provide you with adequate coverages and limits. You can learn more about what makes your industry susceptible to cyberattacks. You also need to consider whether you are using the cloud to store all insensitive information of your company or not? Does your company prefer secure transactions like wire transfers? Evaluate all these parameters and check what cyber risks your industry has? Then, purchase the best policy plan for your business.
Perform an individual cyber risk assessment for your business
Now, you need to perform a risk assessment for your business. Because every company uses separate digital footprints and employs different technologies for their betterment. This means a unique risk profile with unique exposures to cyber threats. So, you need to identify security weaknesses and then, find insurance policies that will address these threats.
Many eminent insurance providers offer tools and services for every organization to understand their risks. They also offer suggestions so that the IT and security teams of an organization can improve their risks.
Ensure that basic security measures are in place: Every organization recruits employees who will keep the business secure when operating online and also working remotely.
· Are all employees exclusively connecting through a secure network: When employees are connecting through public Wi-Fi, this can enhance the risk. If cybercriminals share the same network as you, they can easily penetrate your systems. Thus, employees should connect to work through secure and private networks.
· Have employees activate Multi-factor Authentication everywhere: Most online services encourage Multi-factor Authentication (MFA) for all users. What is MFA? It requires you to confirm a log-in on a device through another device. Suppose you log into your bank’s website on your PC. The website will then send a code via text message or email that you will have to enter to access your account. Every company should opt for MFA to protect their digital assets.
· Do employees know to not click on links from senders they don’t recognize: Very often cyber criminals are sending sophisticated malicious emails that appear authentic to a broad audience. Then, these criminals will try to establish a connection by imitating someone who you know well or even they can create an urgent situation. So, you should train your employees on how to recognize malicious emails and online services.
Know how often you need to back up your system
It is a prudent decision to take backups of all your imperative data and systems to avoid the threats of cyberattacks. It would be great if you take backups at least bi-weekly, preferably weekly, and store the backup in a separate system that is not connected to the internet.
Know your responsibilities
Before purchasing a cyber insurance policy, you should know what are your responsibilities under the cyber insurance policy that you have picked up. You should know who to inform if there is a breach in security. If you have discovered that someone has been infiltrating your system for a long time – what do you do? So, you should be aware of your responsibilities before purchasing an insurance plan.
So, these are the top 5 steps that you should consider before purchasing a cyber insurance plan.
Surewise is a reputed insurance firm that offers a plethora of insurance policies including builders’ insurance, construction insurance, cybers insurance and many more. But before purchasing a cyber insurance policy, read the policy properly and understand what it covers if there is a security breach.
By visiting the official website of Surewise, you will know more about various insurance policies and their coverages.