Hackers are becoming more of a problem than ever before. Each generation becomes increasingly more tech savvy and can often break into networks that are thought to be secure. Any type of business—large or small—is at risk. There are a few things that you can do to lessen your company’s chance of becoming a victim of cyber exposure.
Many cyber-crimes are crimes of opportunity. For instance, a laptop is left unattended and is stolen from a coffee shop. Suddenly, the thief not only has an expensive piece of computer equipment but also has access to employee’s social security numbers. Or, a network password isn’t encrypted and a hacker takes it from cyberspace. You get the idea. In order to protect your company from security breaches such as these, you should do the following:
- Encrypt your data
- Secure hardware
- Require passwords to access network
- Install anti-virus software
- Educate employees about potential threats and proper protocol
- Purchase cyber exposure insurance
What Is cyber insurance?
This type of insurance protects companies from third party liability damages as well as direct costs that occur from a privacy or network security breach. It doesn’t matter if the breach occurs on or off campus, you will be covered. Comprehensive policies are available that cover things such as:
- Notification costs
- Credit monitoring
- Reputational damage coverage
- Cyber hostage coverage
- Fines and penalties
Depending on the nature of your business, you may want to have a cyber exposure policy customized to fit the unique needs of your company. Either way, this type of insurance is essential in today’s mobile, global society.