What is cyber liability insurance and why is it important?

It covers you for liability that you may endure because of somebody hacking into your system also covers you for first-party issues. That’s your stuff.

If somebody infiltrates a virus in your system and enables it to operate, or if somebody hacks in and transfers money from your bank account erroneously, those are the things that cyber liability covers.

We know many times clients of ours may not be able to allocate additional funds to insurance. As we all know, insurance can be costly.

We wanted to give you some tips that might insulate yourself from an attack, so here are 10 tips to help you reduce the likelihood of sustaining a cyber attack.

1. Train Your Staff

First and foremost, train your employees on the importance of cybersecurity and what could happen to your business if you sustained a cyber attack, data breach or hack.

2. Install Security Software

Next, make sure you have antiviral and anti-spyware software on your system and make sure it’s updated regularly.

We’d also caution you here in this environment to make sure your employees have that as well on their laptops or their connections when they’re working remotely.

It’s critical right now during the pandemic that we all take the extra step to make sure that our security that we have in our businesses is extended to all these home offices that we all now have that we didn’t have in the past.

3. Have a Firewall

The same applies to a firewall. It’s critical to make sure you have a firewall that covers all of your computers and again, your remote employees need to have a firewall as well.

4. Back Up Your Data Regularly

Backing up data is extremely important. It sounds simple, but so many people forget to do it. So, that should be done regularly.

5. Update Your Software

Software updates on your operating systems should be done regularly as well. Most times the updates contain enhanced security.

6. Control Physical Access

Controlling physical access to your computers is also very important. You want to do what you can to prevent strangers or unwanted people from getting into your building and possibly turning on your computers

7. Make Your WiFi Network Secure

Having access to a secure Wi-Fi network is also critical. We know it sounds kind of like common sense, but sometimes you’d be surprised at how many people don’t have that.

Or again, more importantly, your employees, when they’re working remotely for you, make sure they know they have to work on a secure network.

8. Provide Employees With Their Own Logins

Each individual employee should have their own login and password to all the sites they access on your behalf. If everyone shares a login, it increases the likelihood of a damaging cyber attack.

9. Limit Who Can Install New Software

You also need to limit the people that have the ability to install software. This should be limited to the business owners and maybe the operational manager.

10. Change Passwords Regularly

And last but not least, this is an easy one. You want to make sure that you and your employees regularly change passwords.

Taking these steps will definitely help make your business more secure. However, in no means do we think having these steps can replace the importance of a cyber liability policy.

We would strongly suggest you reach out to your broker and talk to them about it, or reach out to us.

We’d love to talk to you and give you further detail about this coverage. It protects you tremendously and the coverage is less expensive than you’d think. Don’t be frightened by another policy…