How can Cyber Insurance help your business

Have you considered the implications of a cyber breach?

Cyber insurance has become a necessity when operating a business. If your business works with personal client or employee information, online transactions, or stores confidential information on a computer or mobile device, you are at risk of a cyber breach.

There are many ways to help protect your business from cyber risk:

• Internet Policy: Set out a firm internet usage policy for your employees. Block websites that could be potentially harmful and increase risk.

• Email Policy: An email policy should be enforced to prevent personal email usage, thus lowering the risk of incoming spam mail.

• Social Media Policy: Similar to your internet policy, staff should not be able to access harmful social media sites.

• Device Security: For employees using mobile devices such as cell phones or laptops, ensure that these devices are secured in the event that they are stolen.

• Cyber Safety Education: Educate your staff. Explaining examples of what a phishing text, email, or phone call could be. Discuss procedures for what to do in the case that one is received by an employee. Explain why it is important to have secured networks, strong passwords, and limited accessibility. This knowledge will help employees be more aware ahead of time.

• IT Department: Work with a professional IT department that is able to instal the proper software to keep your network secure.

• Cyber Insurance: Implement cyber insurance to have your business be prepared for the potential case of a cyber breach.

There are numerous ways Cyber Insurance can be an effective solution. Imagine an employee loses their company laptop that has unsecured access to personal client information. Or there is an employee phishing scheme where an employee opens an unsecured email causing their computer to be hacked. These are just a few examples of how a cyber attack can affect your business. Educating your staff and setting up policies will help with prevention, and cyber insurance will assist in the event that your practices are unsuccessful.

For more tips on promoting Cyber Security in your workplace visit GetCyberSafe.ca and contact your broker at Leibel Insurance Group to learn more about the benefits of Cyber Insurance.