As a business professional, you likely know the threat of a cyber breach to your business and how cyber-crime affects companies regardless of industry or size. While you can take steps to improve your company’s data security and enforce rules around portable devices, it is important to include a cyber liability policy in the mix.
Cyber Liability policies are designed to mitigate loss from a variety of cyber incidents, such as malicious destruction of data, virus, malware, accidental damage of data, human error, IT system failure, cyber extortion threats and much more.
This policy also provides broad coverage of the associated costs arising from security and privacy breaches when handling sensitive and personally identifiable information of others in your business.
What to do after a Breach:
Despite preventative actions, a breach can still occur. Luckily, most Cyber Liability policies give you access to first party breach response services and third party privacy liability and information security liability exposures.
- Assess the situation – Is it a glitch or a server acting up? Once it situation is verified, take the necessary action. Try to minimize damage by implementing firewalls or blocking intruder activity. Switch to backup servers, if you have them.
- Notify the necessary parties – Many cyber liability policies include access to response services in the event of a breach. In addition to educational and loss control information, these services can include notification services, credit monitoring and more. If you don’t have access to these services, you will need to notify the necessary parties yourself. The parties include, but are not limited to, your insurance company, law enforcement, Department of Homeland Security, employees and clients.
- Investigate and Monitor – After notifying the right people, they can help you plan your next steps, including conducting a thorough investigation, reporting regulatory documentation and implementing improvement plans.
While a breach can be frustrating and feel like an invasion of privacy, Lockton Professional and the resources you have access to will help get your company back to its every day routine.