With October being Cyber Security Awareness Month, the preparedness and response strategies for such attacks are a hot topic. Many initiatives are underway to educate and raise awareness, including a survey from Advisen and The Hartford which shed light on the strategies of businesses with revenues up to about $1 billion.
Cyber risk is a major concern of businesses in the middle market, with 90 percent of companies in the survey saying senior management is—at minimum—moderately concerned. The survey was taken by risk professionals, with 66 percent of respondents expecting their respective companies to spend more in 2016 on cyber risk than they did in 2015.
With concern at a high level, and cyber risk spending on the rise, the survey came up with a list of recommendations for companies to follow so that money is well spent on a proper contingency plan should a cyber attack occur. The recommendations are:
- Build a security-aware organization. Make sure everyone in your organization is aware and participates in cyber risk education and company policies.
- Establish security safeguards. Midsize businesses are often targets of cyber attacks as they lack the depth of security of a larger business. Implement some baseline measures to help guard your sensitive data.
- Prepare for the worst. Make sure you have an incident response plan (IRP). The IRP can limit damage and reduce cost and recovery time.
When it comes to cyber risk, it is much better to be proactive than reactive. These basic steps can help mitigate risk for your small to midsize organization.
Call Lockton Professional today to get your Cyber coverage – 866-386-2544