Since many businesses have recently established “work from home” arrangements for their employees due to COVID-19, the threat to technology systems has increased. As businesses become more reliant on remote network connections, cyber criminals are finding new opportunities to target systems and take advantage of people.
A data breach can be devastating for a business and can severely impact its long-term financial viability. it is important that businesses be prepared.
How to protect your business
A network’s greatest vulnerability is often its own employees. People working remotely must be more vigilant than ever. Here are some things you can do to protect your business:
- Review network security and privacy policies to make sure they are current and include remote working protocols. Strong security policies may already exist, but it is important to review them and ensure they are adequate as your organization transitions to having more people working from home and potentially using personal devices.
- Use strong passwords, as they remain the frontline defense for accessing critical data and applications. Encourage employees to update their passwords regularly and include a maximum of 12 characters with a mix of numbers, letters and symbols.
- Secure online meetings by using only verified online conferencing platforms, and taking advantage of all security features provided in these platforms.
- Take care when clicking links; do not click on links or open attachments in emails which you were not expecting to receive or come from an unknown sender. Remind your family – including children – how to stay safe on-line.
- Report cyber-crime immediately to your organization’s Chief Information Security Officer and/or call your insurance broker, who can connect you with specialists ready to assist in the event of a cyber incident.
How to mitigate the impact of a cyber attack
Even with security measures in place, businesses are still vulnerable to network security and privacy breaches. Businesses need to be prepared by protecting their assets and acting quickly to mitigate loss. Here are a few things you can do to ensure you are prepared:
Obtain Cyber Insurance
Most businesses have an insurance policy that will cover risks such as damage to property and interruption to their business due to named perils or crime. However, traditional insurance policies typically exclude or provide only limited coverage for cyber-related exposures. Cyber liability insurance coverage provides you with access to resources and experts to help you mitigate loss from a cybersecurity incident, and give you peace of mind.
Confirm your existing Cyber Insurance covers your needs
As businesses move their workforce to remote working environments, your current cyber policy may no longer cover certain risks. To ensure you are protected, check with your broker to confirm your coverage. Consider asking your broker:
- Does our cyber insurance policy address “Bring Your Own Device” exposures?
- Does our cyber insurance policy cover business interruption related to a cyber-attack or system failure?
- Does our cyber insurance policy (or crime insurance policy) cover potential exposures due to social engineering fraud?
For more information or to get a quote, contact Derek May.