Cyber Attacks! Do you know how to protect your business?
Businesses small and large need to ensure that they have adequate protection in place, before a potential cyber-attack or data breach occurs.
Regulators across the UK are now getting to grips with cyber liabilities and we expect that, sooner rather than later, regulatory action will be stepped up. This means that there will be significant penalties incurred for businesses who have failed to protect themselves adequately.
How can the right Cyber and Data Breach Insurance help if an attack occurs?
If you have the right cyber and data breach insurance cover in place, you will benefit from the following processes that could help reimburse funds, restore your business capability, and help you to get back in business swiftly. Here are the main elements that you need to ensure are in place.
Reimbursement of funds from a cyber-attack
Loss of funds can come from:
- An unauthorised electronic funds transfer
- Theft of money or other financial assets from your bank by electronic means
- Theft of money or other financial assets from your corporate credit cards by electronic means
- Any fraudulent manipulation of electronic documentation whilst stored on your computer systems
- Any phishing, vishing or other social engineering attack against any employee or senior executive officer that results in the transfer of your funds to an unintended third party
Theft of Personal Funds
In addition to the reimbursement of funds to the business, your cyber and data breach insurance cover should also reimburse any senior executive officer for personal financial loss as a direct result of any third party compromising the company’s network security, including:
- The theft of money or other financial assets from a personal bank account of the senior executive officer
- Identity theft of the senior executive officer as a result of a privacy breach suffered by the business
After a cyber-attack or data breach has occurred, expert forensics can determine what has been affected and how it can be contained, repaired or, if possible, restored.
Legal and PR
Expert legal and PR consultants can formulate a plan to contain and restore any damage to your business reputation.
Customers who’s records and data have been affected by a data breach can be notified and monitoring can take place to prevent further losses.
Fines and Investigation
If you are subject to any investigations, a cyber and data breach insurance policy will cover payment of insurable fines and penalties imposed upon you and your business.
The following defence costs and damage liabilities are also covered:
- Any breach of personal or corporate data
- Contaminating someone else’s data with a virus
- Theft of a system access code
- Theft of hardware containing personal data
- A negligent act or error by an employee
Cyber-attacks; do you know your risk?
Now is the time to make sure that this doesn’t happen to your business and the place to start is to know your risk and understand your enemy.
We know that no two hackers are alike. So, to prepare for an attack, you must understand the attack methods and the motivations of the enemy you face.
- Assess your systems
Determine which of your servers, applications and databases contain sensitive data. Run a scan across your systems and identify any which have critical vulnerabilities. These need to be your priority!
- Outmaneuver your attacker!
Monitor and analyse security alerts. Look for unusual activity and attack patterns indicative of a breach, by monitoring and analysing your security alerts. Then, adjust your policies based on the nature of the attack.
- Build up your defences
Install a web application firewall to stop threats targeting your high-value applications and data assets and ensure that they are secure.
- Call the professionals!
Call in the professionals to assess your application infrastructure for weakness and make recommendations for bolstering your defences.
Here are some top tips to ensure that your business stays safe and as secure as possible, to prevent a cyber-attack:
Make sure that you and your staff verify any links sent to you!
Don’t open links or attachments unless you know they’re safe and if you are unsure, always navigate to a website directly
Always back up and encrypt data and essential records.
If your business holds data or sensitive client records, ensure that all business-related data is encrypted to prevent any unauthorised access
Protect your Passwords!
Create hard to guess and different passwords for each service and every website that you use. Stay away from memorable dates like birthdays!
Always keep software and settings up to date
Ensure that you maintain your security settings and when prompted, upgrade your software.
Protect your mobile devices by keeping your Bluetooth set as undiscoverable
Make sure that your information is stored securely
If you have confidential or sensitive information to store in the Cloud, make sure that you understand and are happy with the terms and conditions of the service provider.
Only connect to networks when it is safe to do so, when transmitting over open and public wireless networks, and use VPN software when conducting business.
The best way to protect your business against a cyber-attack or a data breach is to prevent them in the first place, but that is not always possible, regardless of the security measures you may take.
To ensure that your business is covered if a cyber-attack or data breach happens to you, make sure that you have the right cyber and data breach insurance cover in place, before it’s too late.