5 Ways to Prepare Your Business for Cyber Liability Insurance

Cyber liability insurance is one of the things that can help businesses cover the costs arising from cybersecurity issues. With increased cyberattacks, small businesses need cyber liability insurance to protect themselves from such risks. Let’s find out how.

What is cyber liability insurance?

Cyber liability insurance generally covers your business against losses from data breaches. That’s when your clients’ sensitive information gets into unauthorized hands. It could be their social security numbers or credit card numbers.

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  1. Authentication, Identification, and Rights Standards
  2. Anti-virus/Anti-malware/Endpoint Detection/Other Endpoint Security
  3. Supportable Hardware/Software + Patch Management
  4. Security Awareness Training
  5. Sensitive Data Identification and Policy

1) Authentication, Identification, and Rights Standards

Cybersecurity risks like data breaches, poor password standards, and non-encrypted storage devices put your business at risk. For that reason, it’s essential to add features like authentication, identification, and rights standards to mitigate the risks.

  • Authentication: Use a multi-factor authentication feature to boost data security
  • Identification: Add complex passwords with a combination of various characters
  • Access Rights: Ensure that every staff’s level of access aligns with their roles

2) Anti-virus/Anti-malware/Endpoint Detection/Other Endpoint Security

Installing commercial anti-virus software on your computer and server is a reliable way to protect your computer system from virus and malware attacks. The level of endpoint protection your business needs depends on factors such as.

  • Your budget
  • Kinds of cyber threats facing your business
  • Scope and size of your technology infrastructure

Tools like Endpoint Detection and Response (EDR) are more aggressive to stop threats such as ransomware than conventional anti-virus solutions.

3) Supportable Hardware/Software + Patch Management

Prepare a timeline to support, upgrade, or replace obsolete software and devices to ensure that the manufacturers support them. Also, ensure that you have up-to-date security patches for your hardware and software to avoid business interruption.

Besides lowering the security risks in your organization, keeping your software and hardware up to date will make it easy to obtain cyber liability insurance.

4) Security Awareness Training

Lack of security awareness among your staff poses more risks to your business. So, it’s crucial to train your staff about the potential threats that compromise sensitive data in your organization. Examples of such cyber threats include ransomware and phishing.

Ensure that all the staff members understand what to do whenever a security incident occurs. That’s because their actions during the attacks will bring a significant impact on the overall outcome. Thankfully, security awareness doesn’t need rigorous education.

5) Sensitive Data Identification and Policy

Your primary objective should be to protect your organization’s data, especially the ones you consider sensitive. Such data could be your trade secrets, personally identifiable information (PII), or any other information you don’t want to leak to the public.

To implement this strategy, you need to consider the kind of data you collect daily, where you store it, and how you back up the data. You also have to consider the people authorized to access the data. Most importantly, define how you would use the data.

Being Prepared for Cyber Liability Insurance

Implementing the tips mentioned above can help you protect your system from potential cybersecurity threats and acquire cyber liability insurance quickly. Get insurance quotes from several companies to get the best and most affordable cyber insurance coverage. Enstep Technology Solutions offers managed security services for businesses of all kinds. 

Connect with us to learn more cybersecurity practices to protect your sensitive data.