1. Use a Multi-Faceted Approach to Cybersecurity
Take the time to understand where vulnerabilities may exist in your operation. Through cyber risk management tools, you can attend various webinars, execute questionnaires and checklists, and better understand your organization’s data's sensitivity. Do you provide laptops or cellphones to your employees? Those are all potentially open ports for hackers to access. If you use Microsoft Office or Google Workspace, is your two-factor authentication turned on? Multifactor authentication adds another layer of security to your applications and may be considered essential to almost any business operating today.
2. Arm Your Staff with Training & Education
If you’ve heard the phrase “the problem exists between the chair and the keyboard,” then you already know the importance of building your staff’s cyber threat knowledge and awareness. Educating your employees to identify phishing scams and other fraudulent requests and how to develop strong passwords might not sound as impactful as creating new firewalls or downloading new software, but the impact can be significant. In fact, human error causes approximately 95% of cyber breaches. Through cyber risk management portals, like the Security Mentor training available to Selective’s customers, your employees can improve their cybersecurity awareness, and in turn, better protect the valuable data and operations with which you entrust them with every day.
3. Have a Cyber Response Team in Your Back Pocket
A proactive risk management approach to cybersecurity is the best way to protect your business from cyber threats. However, if a cyber event does arise, your insurance carrier, and the experienced personnel it brings, is critical to mitigate against further loss. Selective’s Cyber Liability Insurance and Data Breach Response Coverage provides necessary support and guidance to policyholders through access to a skilled cyber response team to help assess the incident and experienced vendors to assist in resolving the situation. It’s not always the claim's cost but rather the time associated with managing it that you can’t get back. Having the assistance of a knowledgeable team is imperative if a cyber event arises.
Cracking the cybersecurity code involves having the right cyber crime insurance coverage, the proper preparations, and the right insurance partner. It is essential that small business owners continuously evaluate and assess their risks, while building employee awareness and education around evolving cyber threats. Cybercriminals are continually changing their approaches, requiring the rest of us to keep current our cyber risk management solutions. At Selective, we’re working towards developing new solutions that will assist our small business owners in these matters . . . Just another way that Selective provides unique insurance solutions to small businesses.
About the Author
Jeff Weaver, Assistant Vice President, Management Liability Insurance, is responsible for all Management Liability Lines including Directors & Officers Insurance, Employment Practices Liability and Fiduciary liability, as well as Cyber Liability across the company.