The number of cyber crimes in the country continue to increase each year. However post-COVID’s shift to virtual workplace and learning environments plus international tensions have dramatically increased exposure to businesses and the world. Insurance carriers are seeing increases in claims related to ransomware, hacked networks, business interruption losses, fines, and reputation management expenses.
This is resulting in much more scrutiny and limitations from insurance companies, with many limiting or not offering coverage unless specific controls are in place.
It is important for all businesses using or connected to any type of technology platform to understand:
• The significant increase of virtual environment risks;
• The enhanced need to have adequate insurance for a specific business network; and
• The major advantages of implementing cyber risk mitigation controls
ALINK Insurance Services® desires to limit exposure by recommending certain measures, however we recommend hiring on a reoccurring basis cyber security experts to further expound and develop implementation steps unique to your specific industry and business in order to keep up with the ever evolving cyber and technology threats.
CYBER MITIGATION CONTROLS
» Educate and train employees, implement tests; the human factor is always the first line of defense against attacks
» Incorporate multi-factor authentication requirements in order to access company systems
» Filter emails to sort out and block malicious attachments and emails
» Implement website security measures to limit access to dangerous sites
» Incorporate segregation of duty principles into system access so only those needing access have access
» Only use verified access portals when interacting with vendors and other supply chain partners
» Keep data backups that are secure, encrypted, and consistently tested
» Add software to continually look for vulnerabilities in your network
» Develop, test and maintain a cyber-incident response plan
Contact us today for a customized business quote.