Cyber Liability Coverage
With carriers increasing rates and deductibles, reducing limits, and adding coverage restrictions, the cyber liability market has hardened significantly. Despite this, there are several actions you can take to mitigate your cyber exposure and cyber liability insurance costs.
For starters, you want to be sure your cyber liability insurance will respond to security and privacy infiltrations within a remote desktop environment. With much of the American workforce now working remotely, the importance of this coverage should go without saying.
For Organizations
There are many steps that an organization can take to ensure they’re protected from cyber liability claims – and yes, even during a pandemic. Here are some best practices for employers to consider:
- Be cognizant of employee privacy. This is especially critical during the pandemic with the abundance of sensitive health information being stored digitally.
- Enhanced security for remote employees. Requiring a Security Application Gateway or VPN (Virtual Private Network) is essential to encrypt internal internet traffic; thus, making it undecipherable for cyberhackers who intercept it. Additionally, utilizing multifactor authentication (MFA) is a great extra measure to ensure your employees are safe – this can be a text or email confirming your employee’s identity.
- Review contracts with mobile conference system providers (Skype, Zoom, etc.). Teleconferencing is being used more than ever. With that in mind, it’s imperative to ensure your system providers have dependable security safeguards in place.
- Be aware of false unemployment claims and where this data could be coming from. It is suspected that governmental agencies have been breached and/or data is being obtained through PPP phishing attacks in recent months.
- Conduct tests to ensure your safeguards are working appropriately. Performing routine penetration testing of your systems will allow your organization to track the strengths and potential weaknesses in your cyber defense.
- Implement an employee training program. Employees are the weakest link in any security system; therefore, it’s critical that all members of any organization is subjected to formal training to alleviate this.
As cyber liability claims continue to pose as a major threat for organizations across the globe, it’s critical for employers to act fast to mitigate this risk. Contact a member of the ‘A’ Team to learn more about what Assurance can do to help.