With new threats to computer systems and data emerging every day, it pays to be prepared. Even if your business or organization has taken steps to maintain the security of your data, you may not be keeping up with today’s increasingly sophisticated threats. Slade & Collins can help – with cyber insurance solutions that protect your business or organization and help you sleep a little better at night.
What’s at stake?
Your data. Your customers. Your bottom line. And your reputation.
What you can do.
Step 1: Know your data
Create an inventory of all data and information – digital or physical – along with where it is stored, including:
Customer records, including account numbers and passwords, credit card data, social security numbers, private health information, etc.
Business financial information
Step 2: Evaluate your cyber exposure
Understand which information and systems are most critical to protect. Then, determine the ramifications of a cyber attack on each. Consider the following:
What is the nature and sensitivity of the data?
Different types of data will require different levels of protection. All companies collect and store data – make sure you determine what level of information your company has by conducting an inventory.
How is data collected, stored, used, shared and destroyed?
Maintain critical oversight of all data related policies and procedures to ensure every link in the chain is secure. Consider any third parties involved in your processes.
Is your company required to protect its data?
Most likely it is. There are a variety of federal and state statues as well as regulations requiring companies to protect private data. And if data is compromised cyber insurance can help cover many of the legal and regulatory costs associated with a breach.
What would a cyber attack cost your company?
Consider all expenses that would result from a cyber attack or data breach, including:
Forensics and investigations
Retrieval or restoration of data
Loss of customers
Is your company susceptible to a cyber attack or data breach?
Yes, even the most sophisticated systems have vulnerabilities and the human element of lost laptops, misplacing a paper file or opening an email attachment can effect your company. As no system is fool proof there is a need for cyber insurance to cover expenses associated with a breach.
Step 3: Cover your assets
No risk management plan is complete without cyber insurance. Cyber insurance solutions are robust, scalable and designed to address the broad array of exposures in today’s digital world.