Cyber liability coverage is getting a lot of attention after many data breaches which happened in various banks, health insurance companies, retailers, etc. It was overlooked initially. But the growing data breaches proved the importance of Cyber liability. Nowadays, network security is getting into focus of many businesses so as to avoid the breaches. Thus as an employer:
(i) You should have a strong password of good length and special characters which is too complex to replicate. If you are an employee, avoid sharing passwords if it is known that the account or device contains info which is confidential.
(ii) Keep the firewalls on! This will constantly monitor and make sure that everything is safe. This will protect your device from the entry of malwares.
(iii) Only certain individuals who are at good position and trust worthy should be authorized to access. This will result in high privacy. It is not advisable to authorize the access to an employee if he does not have any use with it.
These are some of the major points. But these are not enough and many other things should be taken care of. One of the most important things a company should do is to let the employees use the company’s devices and not their own for office work or projects. This is because it is easy to manage a company’s device than an employee’s device. Usage of personal devices like tablets, laptops, mobiles by employees by connecting them to the office network can cause breach of company’s information.
Companies should take care of employee’s behavior when it comes to office work. An employee’s negligence can cost a lot to the company. What will it cost to the company if some malware was present in employee’s device and he connects it to the office network? Also it is very unsafe to give access to employees when it comes to a company’s private info because someone accidentally can send business’s private info to some other person. It is hard or may be impossible to monitor an employee’s device because of the employee’s privacy issue and there will be many employees working. So this issue should be taken care of so that there won’t be any data breaches due to an employee’s negligence.
These breaches are very disadvantageous to the companies. These breaches affect the company’s financial condition. It will cost a lot to the business depending upon the importance of the data. It can also affect in another way. If your clients find out about the breach, the chances of them continuing the business with you will be very less. In case of banks, if the user whose info is confidential is breached, they will not trust the bank again. This also helps your competitors step ahead and take the lead. The future scope of business goes down and the business crashes. So it is disastrous for a business’s development and profit.
Cyber liability can protect you from a situation you will have to face because of breach – situations like lawsuits coming up due to unauthorized access to private content, invasion of privacy, etc. Some of the problems that cyber liability covers are:
1) PCI fines
2) Regulatory defense and penalties
4) Crisis management and maintaining public relations
5) Media content liability
6) Legal and forensic expenses
7) Notification expenses
Also Read: Protecting Business From Cyber Criminals
Some carriers cover the services like management of complete online database with information, call center service, risk management tools, disclaimers and webinars. Insurance market is changing everyday and is growing rapidly in today’s market. Cyber liability is increasing. So it is advisable that businesses manage things with strict rules and safety measures so that the exposure to private content for unnecessary people is minimized. Make sure that your company’s data is safe and avoid data breaches.