Experts provide advice on the essentials of preventing unauthorized access to data for criminal use. Read on to understand what is included in a comprehensive cybersecurity plan and how every business can affordably secure cyber liability insurance.
Preventing Unauthorized Use
The National Law Review reports that in addition to securing cyber liability insurance, businesses need well thought out cybersecurity plans aimed at protecting networks, devices and data from “unauthorized access and criminal use.” Ideally, an outside expert is involved in developing and reviewing the cybersecurity plan for the business. A solid plan should attend to matters like these:
- Training employees in security principles
- Protecting information, computers, and networks from cyber attacks
- Providing firewall security
- Creating a mobile device action plan
- Making backup copies of important business data and information
- Controlling physical access to computers and creating user accounts for each employee
- Protecting Wi-Fi Networks
- Limiting employee access to information
- Securing credit card information
- Implementing password and authentication protocol
Storing Sensitive Information?
Legal experts remind us that even if we don’t think we are in a “tech field,” we are. In fact, our businesses are likely to pass customer information along in many different ways. Accordingly, experts say “Just about every business, from hospitals to financial institutions to law, accounting, and other professional firms, should have cybersecurity insurance. Indeed, many of these businesses are required to have policies and procedures relating to cyberattacks, including legal obligations to notify regulators, law enforcement officials, or both.”
Importantly, Colonial Surety now makes it easy and affordable for every business to obtain Basic Cyber Liability Insurance which includes breach response services that mitigate damage and ensure implementation of obligatory investigation and notification procedures. Protection against lawsuits and regulatory actions is also included. Colonial’s Basic Cyber Liability Insurance includes $50,000 of coverage for an annual fee of less then $175. Complete the easy, online application in minutes and immediately print or download the policy, which provides:
- Expert-led response services following a data breach.
- Protection from lawsuits and regulatory actions related to the breach.
- Legal services.
- Computer forensic services.
- Public relations and crisis management expenses.
- Notification services.
- Call Center services.
- Credit and Identity monitoring and other personal fraud or loss prevention solutions.
Obtain Protection in Minutes: Basic Cyber Liability Insurance Here.
Pass It On
In addition to securing cyber liablity insurance for your own business, The National Law Review points out that it’s best practice to require the businesses you contract with to also have cybersecurity insurance, noting:
Financial institutions, parties to non-disclosure agreements, licensors of intellectual property, and owners supplying confidential information to contractors and suppliers are just some of the entities that should consider requiring cybersecurity insurance and cybersecurity plans of the parties with whom they have business relationships. If, for example, a borrower, supplier, or licensee is the victim of a cyberattack, their ability to repay the loan, provide critical supplies or goods, or maintain the value of the intellectual property could be greatly compromised.
At Colonial, cyber liability insurance can be purchased on its own, and, for even more value, we are pleased to include basic cyber liability insurance with the first purchase of other essential protections for businesses, such as Professional Liability Insurance. If you have a company sponsored retirement plan, be sure to protect it with our special Fiduciary with Cyber Liability Insurance Pack.
Colonial Surety was founded in 1930 and brings deep experience and market expertise to every product and every customer relationship. Colonial Surety gives its customers the assurance that they, their businesses, and their clients are safeguarded with the right surety and insurance products at all times.
We make it easy for a wide range of industries and professions to buy the bonds and insurance products they need. Colonial Surety is a direct and digital insurer offering products through an online platform supported with exemplary customer service. The company gives customers a simple, direct, and instant service that takes the pain out of buying insurance and bonds. Colonial Surety is licensed in every state in the U.S., rated “A” Excellent by A.M. Best, and listed by the U.S. Treasury as an approved surety.