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Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they\u2019re on the prowl for vulnerable companies. These criminals typically strike at random \u2014 doing damage to not only a business\u2019s ability to operate, but also its reputation.<\/p>\n
One way to protect yourself, at least financially, is to invest in cyberinsurance. This type of\u00a0coverage is designed to mitigate losses from a variety of incidents \u2014 including data breaches, business interruption and network damage. If you decide to buy a policy, here are\u00a0five tips to help make the application process a little\u00a0easier:<\/p>\n
1. Be detail-oriented when filling out the paperwork.<\/strong> Insurers usually ask an applicant to complete a questionnaire to help them understand the risks facing the company in question. Answering the questionnaire fully and accurately may call for input from your leadership team, IT department and even third parties such as your cloud service provider. Take your time and be as thorough as possible. Missed questions or incomplete answers could result in denial of coverage or a longer-than-necessary approval\u00a0time.<\/p>\n 2. Establish (or fortify) a comprehensive cybersecurity program.<\/strong> Your business has a\u00a0better chance of obtaining optimal coverage if you have a formal program that includes documented policies for best practices such\u00a0as:<\/p>\n Before applying for coverage, either establish such a program if you don\u2019t have one or strengthen the one in place. Be sure to generate clear documentation about the program and all its features that you can show\u00a0insurers.<\/p>\n 3. Create and document a disaster recovery plan.<\/strong> An effective cybersecurity program can\u2019t focus only on preventing negative incidents. It must also include a disaster recovery plan specifically focused on cyberthreats, so everyone knows what to do if something bad\u00a0happens.<\/p>\n If your company has yet to create such a plan, establish and implement one before applying for cyberinsurance. Put it in writing so you can share it with insurers. Review your disaster recovery plan at least annually to ensure it\u2019s up\u00a0to\u00a0date.<\/p>\n 4. Prepare to be tested.<\/strong> Some insurers may want to test your company\u2019s cyberdefenses with a \u201cpenetration test.\u201d This is a simulated cyberattack on your systems designed to uncover weak points that hackers could exploit. Before applying for cyberinsurance, conduct a thorough assessment of your networks and, if necessary, train or upskill your employees to follow protocols and be wary of \u201cphishing\u201d schemes and other threats.<\/p>\n 5. Consider a third-party assessment.<\/strong> To better uncover weaknesses that could result in a denial of coverage or unreasonably high premiums, you may want to engage a third-party consultant to assess your cybersecurity program, as well as your equipment, network and users. Doing so can be beneficial before applying for cyberinsurance because some IT security firms maintain relationships with insurers and can help streamline the application process.<\/p>\n Like most types of coverage, cyberinsurance is a risk-management measure worth exploring with your leadership team and professional advisors. Contact us for help determining whether buying a policy is the right move and, if so, for assistance analyzing the costs involved and developing a\u00a0budget.<\/p>\n \u00a9 2023<\/em><\/p>\n <\/body> Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they\u2019re on the prowl for vulnerable companies. These criminals typically strike at random \u2014 doing damage to not only a business\u2019s ability to operate, but also its reputation. One way to protect yourself, at […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,14,10],"tags":[8,11,12],"class_list":["post-16670","post","type-post","status-publish","format-standard","hentry","category-articles","category-business","category-news","tag-articles","tag-news","tag-updates"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=16670"}],"version-history":[{"count":1,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16670\/revisions"}],"predecessor-version":[{"id":16671,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/16670\/revisions\/16671"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=16670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=16670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=16670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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