Prevention: Develop a
Plan to Prevent a Breach
When developing a plan to prevent data breaches, it’s
crucial to consider technology and education. In regard to technology, you may
choose to encrypt all devices that your employees use, such as smartphones,
tablets, and laptops, to prevent unauthorized access in the event that the
device is lost or stolen. In many cases, cyber liability insurance does not
cover unencrypted devices, so be sure to check with your insurance agent to
determine whether you need to encrypt your company’s devices.
Another aspect that plays an important role in data breach
prevention is education. Educate all of your employees about phishing and
pharming scams, and make sure you remind them to never click on anything that
looks even slightly suspicious.
Analyzing your cyber risks from both technological and
educational perspectives will help you identify where you may have gaps in your
security. Once you’ve finalized a prevention plan, be sure to revisit and
revise it regularly, as new cyber risks are constantly emerging.
Disclosure: Know Your
Responsibilities
Did you know that if you experience a data breach, you may
be required to notify certain people? If your company is publicly traded, for
instance, you must report cyber security incidents to stockholders, even if
your business is only at risk of an incident, in order to comply with
guidelines issued by the Securities and Exchange Commission. These
guidelines advise timely, thorough and accurate disclosure about risks and
incidents that would be important for investors or clients to know.
When
releasing this information, it’s crucial to carefully consider how much detail
should be disclosed. Notifying a larger group of people than required could
cause unnecessary concern among those unaffected by the breach. In some extreme cases, you may be required to go beyond
disclosing this information, and actually destruct or alter the affected data
depending on its sensitivity.
Crisis Management
& Response
When establishing your cyber risk management program,
preparedness is key. In the event of a data breach, you will be expected to
respond in a timely and appropriate manner, which is why it’s crucial to have
an effective crisis management and response plan in place.
First, you will need to determine when and how the data
breach occurred, what information was acquired, and how many people it
affected. Next, evaluate the risks you face as a result of the breach, and how
you plan to mitigate these risks. It’s important to keep your clients informed
about your actions as you manage the crisis, while being careful to not
disclose too much information. It’s best to focus on improving future actions
to help rebuild trust among your clients and stakeholders.
If your company has in-house lawyers and an IT department, you
should work with them while creating, reviewing, and revising your plan. This
way, everyone will know their responsibilities and be prepared to act quickly
in the event of a breach.
Protect Your
Business’s Data with Cyber Liability Insurance
An important aspect of your cyber
risk management program is cyber liability insurance coverage designed to suit
your business’s specific needs. This type of coverage addresses the risks that
accompany modern technology, which other types of commercial insurance policies
typically do not cover. The amount of coverage your business requires depends
on its individual operations and exposures it faces, so it’s best to work with
an independent insurance agent who will take the time to assess your needs and
help you secure the right coverage at the lowest possible rate.
At Hunkins & Eaton Insurance Agency in Littleton, NH, and Lisbon, NH, the protection of your business is
our priority. To learn more about cyber liability insurance and how you
can protect your business from a data breach, call us today at 800-427-3975 or
visit us online at www.hunkins-eaton.com.
You can also find us on Facebook, Twitter,
and Google+.
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