Cyber liability insurance is critical for any business that uses technology in its daily operations. From the internet to all the gadgets available at our fingertips, technology helps us in many ways. This is especially true for businesses, so having cyber liability insurance is very important. But how do you know if you qualify for cyber liability insurance? Why should it be important to you? This is where our cyber security checklist comes into play!
Cyber liability insurance: What is it?
From online sales to securing your brick-and-mortar shop, maintaining digital protection has never been more crucial. This is because you face the risk of cyber crimes. As technology becomes more complex, so do the threats that your business faces. Combining a proper cyber security plan with a cyber liability insurance policy will help you plan and mitigate your cyber risks. Cyber liability insurance helps you cover any costs associated with cyber issues at your business. This can range from data breaches and hacking to other cyber attacks. Different costs can include incidents like lost income and recovering any compromised data. Additionally, it can compensate you for repairing the damage to your computer systems or other forms of technology.
So, how does one qualify for cyber liability insurance? Well, your isure broker or insurer will likely have some questions regarding your business. Insurers want to know that you are consistently backing up your data and storing it in a secure location. By checking off everything on our cyber security checklist below, you can ensure that the journey to cyber liability insurance is smooth.
Our cyber security checklist for insurance
When it comes to ensuring your business is practicing safe cybersecurity measures, there are a few areas you should look over. Our cyber security checklist ensures you meet all the requirements for obtaining cyber liability insurance.
☑ Control access
Make sure all of your devices have proper security programs and are only accessible to those who need it.
- Ensure passwords are strong, lengthy and hard to guess. Additionally, you should not use the same password across all programs or platforms.
- Enable Multi-Factor Authentication (MFA or 2FA) is set up on all necessary accounts in case of a password leak.
- Make sure employees working remotely secure their devices through a VPN (Virtual Private Network), if possible.
☑ Have control over your perimeters
Make sure the perimeters of your devices remain secure from any outside threats, such as ways to breach security from the outside. This includes email or your website.
- Implement a firewall and enforce regular maintenance.
- Be sure to regularly filter web content and to block any potentially-threatening or dangerous websites successfully.
- You can detect any attacks using an Intrusion Detection System (IDS), such as Suricata.
☑ Update your software
As a business owner, you’ll need to make sure all applicable software is regularly updated to prevent any data breaches. This includes:
- Operating Systems
- Applications
- Devices
☑ Secure your data!
Any sensitive data relating to your business should be properly secured in a safe or encrypted storage cloud. Other helpful storage tips include:
- Ensure your databases are encrypted.
- Implement backups frequently and transfer data offsite.
- Restoration of backups should be regularly tested in case of an emergency.
☑ Monitor and scan
Your business should be properly monitored and scanned for any loopholes or areas where you may face a cyber attack. Other measures to take include:
- Properly monitor your networks.
- Your shop, applications and devices should be regularly scanned for vulnerabilities.
- Regular tests of your devices will make sure break-ins are not possible.
☑ Have the necessary documentation
Keep any necessary documents secure by having a business continuity and disaster recovery plan in place.
- Your email and internet usage policy should be kept safe and secure.
- Any information regarding the securing of sensitive information should remain out of reach.
☑ Make sure email accounts are secure
Your company email, as well as the email accounts of employees, should be managed on a secure program, such as Outlook.
- Emails should be filtered and scanned for threats and spam
- Secure emails going out and coming in with Advanced Threat Protection.
☑ Train your staff
All employees and staff should have proper training on what to do in the event of a cybersecurity attack or breach.
- Have staff go through cybersecurity awareness training and testing, preferably on a monthly basis. This will keep their security knowledge up-to-date, preventing them from clicking into potential phishing scams, harmful links or providing confidential information to a third party.
- Your staff should also go through the steps on what to do if there is a threat or break-in at a physical location. Have monthly safety meetings or presentations to keep them in the know.
☑ Secure your devices
Make sure all devices being used in your business are properly secured.
- Install virus and malware protection on all devices, servers and workstations. This is especially important for remote workers!
- Mobile devices are all secured and only used by those with the authority to do so.
Cyber security checklist: Final thoughts
At the end of the day, following our cyber security checklist will ensure the protection and security of your business. Additionally, you now have all of the right tools and information in the event of a cybersecurity threat. Not adequately protectes? Contact us or request a Cyber Liability Insurance quote today.
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