Updated in March 2021
As technology has a more significant role in the business world, so too does the threat of cyber security attacks. Unfortunately, identity theft, fraud, hacking and internet scams are all very real threats which can threaten business security. These can have an even more devastating effect if your clients’ information is also compromised, as your company can be at risk of a professional indemnity claim. Fortunately, there are steps you can take to protect your company against cyber security threats.
- Conduct regular security and risk assessments
One of the first steps you should take to protect a business against cyber security threats is to conduct a risk assessment. Essentially, your company needs to determine what data requires protection, what security already exists, and if there are any gaps in this. Once this has been completed, you can then develop a plan to protect the most important information, as well as identify the software, protocols and other steps you’ll need to implement in order to safeguard your business.
- Keep security software up to date
Though it may seem like a simple measure, keeping security software up to date is something many firms forget to do. This doesn’t just include making sure any software subscriptions are renewed, but also modernising your anti-virus software and any other security measures whenever possible. After all, cyber threats continue to become more sophisticated, making up to date software and firewalls essential to guard against new threats and keep your business’s information secure.
- Develop a company security protocol
Once you have security protocols in place, it’s time to educate your staff on how and why they should adhere to these. Inform staff regarding warning signs of malicious software or account takeovers, as well as how to respond to any suspected security threats. It should also be company policy that strong passwords are used, which are unique to their work accounts, and that no record of these is kept.
Additionally, a ‘clean desk environment’ should be implemented, wherein no confidential files are left exposed. Instead, they should be locked away in filing cabinets when not in use. Another key security measure all staff should take is to ensure not to work on confidential files on anything other than company devices, which should not leave the building without managerial permission.
- Take out cyber insurance cover
Though having security measures and protocols in place protects your data, it’s important to also take steps to safeguard your business in case your information is compromised. That’s why every company, large or small, should take out comprehensive cyber security insurance. Cyber insurance protects against a number of risks, such as data liability, administration obligations, as well as any risks to your company’s reputation for security through slanderous accusations.
For full protection, ensure that your cyber risk insurance policy also includes liability coverage for claims that may occur due to your data vendors’ errors and omission, as well as any accidental loss of data.
Keep your business protected against cyber security threats
For more information on keeping your business secure from cyber threats, contact OBF today. Our expert team of underwriters are always available to discuss how your cyber insurance policy can be tailored to provide total financial protection.
Other useful cyber insurance news items: