Cyber Coverage Deals With External and Internal Threats

Cyber crimes continue to be a growing concern for industries across the board, infiltrating companies big and small. These threats often come from outside influences, but may well exist inside of an organization. Most crimes are perpetuated with bad intent, but they may also be due to a failure to properly protect valuable information from simple carelessness. In any event, cyber risk insurance is the absolute best way to address any concerns your clients may have.

While many attacks come from targeted, sophisticated hacking attempts, even simple cyber schemes can wreak havoc and expose vulnerabilities. It’s a challenge that many of your current clients may eventually face (if they haven’t already) and part of any cyber crime solution is recognizing where attacks may be imminent and implementing stringent safety protocols.

Defense planning begins with employee training

Companies that have been successful in mitigating attacks have done so with a strategy aligned to their business plan, which includes vigilant and proactive awareness of the threat environment, strong asset identification, and a protection program supported by proper monitoring of any potential threat while enhancing incident response processes.

When an employee, contractor, or trusted business partner perpetrates an incident, it may be with, or without, malicious intent. However the issue arises, companies should do what is necessary to prevent as well as detect any type of suspicious activity and take action immediately. This can go a long way towards reducing any damages or losses sustained.

Any early warning signs of malicious intent should be noted immediately with the realization that security tools may not always be able to detect the issue. Hopefully, an employee or manager will notice and can then respond accordingly. Any potential threat from insiders can be just as damaging as an attack from outside forces and should therefore not be underestimated or dismissed.

Due to a substantial rise in cyber crimes in recent years, any business model must include a comprehensive cyber security plan that includes educating employees to the likelihood of a threat, extensive training of procedures and protocols, quick response time following detection of a cyber crime, and redundant auditing procedures to help mitigate any single point of failure vulnerability.

Businesses must be ready to address privacy and liability issues that arise in the private sector when reporting cyber intrusions. While any bad publicity may be damaging, the loss of privacy to consumers and employees can be costly, both financially and to your client’s reputation. Cyber risk insurance can certainly reduce some of that risk.