Cyber Liability and Prevention Planning are Essential in Halting Data Breaches

Every year, businesses large and small experience increases in data breaches and incidences of computer hacking. Any business that conducts operations with computers is at a great risk of dealing with a data breach. However, a survey conducted by The Hartford found that many small businesses believe that data breaches are unlikely, even though small businesses are increasingly being targeted.

A data breach is when your company’s sensitive, confidential, digital information is lost or stolen by an unauthorized party. Any unauthorized party having access to customer, employee, or trade information can result in catastrophe for your company. A few simple procedures can assist in curbing your chances of experiencing a cyber-security breach. Below are eight “data protection best practices” to implement at your business.

1. Lock and secure sensitive customer, patient or employee data

2. Restrict employee access to sensitive data

3. Shred and securely dispose of customer, patient or employee data

4. Use password protection and data encryption

5. Have a privacy policy

6. Update your systems and software on a regular basis

7. Use firewalls to control access and lock-out hackers

8. Ensure that remote access to your company’s network is secure

By implementing these basic security procedures your chances of dealing with a data breach are significantly lowered. Backing your business up with a cyber-liability policy is also not a bad idea. Typically, a cyber-liability policy covers: copyright & trademark infringement, unauthorized access, introduction of a virus, and any activities involving your business’ use of the Internet.

Mason & Mason determines your cyber liability insurance needs by discussing your business’s scope of Internet activities, the breadth of coverage (such as named peril or “All Risk”), whether the coverage should include professional liability, and the amount of the coverage deductibles or coinsurance. We will also decide if your business should arrange excess levels of coverage, and if your business operations extend beyond the U.S., coverage should consider the need for global protection.

Data breaches are serious business and every company is at risk of experiencing one. If you believe that your business would do well with cyber liability, contact Mason & Mason today. We will discuss where your business’s cyber vulnerabilities lie and how cyber liability will protect you in the event of a data breach.