Cyber attacks on companies are becoming more frequent, and the harm they cause can have long-lasting repercussions. Companies across all industries have to step up their data security initiatives.
Preventative and Reactive Actions
To effectively reduce their risk exposure, they need to use proactive strategies to prevent breaches and devise contingency plans to have at the ready in the wake of a breach.
Create Comprehensive Policies
Companies need comprehensive and dynamic security policies consistent with current best practices. Of course, it is essential to recognize that the best methods to prevent attacks are continually changing. While hackers are using more sophisticated digital weaponry, the defensive technology companies can use to arm themselves is progressing. In general, security advancements aim to resolve vulnerabilities that hackers exploit.
Innovative policies can thwart attacks that take tactical aim at the most common vulnerabilities. Enhanced authentication measures and data encryption, for example, can proactively shield companies’ and customers’ information. Implementing these foundational security policies may be required to qualify for cyber security insurance coverage.
Train Staff
When it comes to preventing cyber attacks, training for employees is crucial. The best technology and policies may not stop a security breach if personnel does not have the necessary tools and information to do their part. In-depth cyber security training should clearly instruct each team member about what they need to do in their day-to-day tasks to prevent problems.
Investigate Breaches Intensively
Cyber security insurance coverage can equip companies to identify the source of an obtrusion. Figuring out what happened may be a necessary first step for companies to restore operating capacity. Also, a clear cause can inform companies to prevent the issue from happening again.
Send Timely Notifications to Customers
When companies react to cyber attacks, the first few days are critical. In some instances, the legal liability and harm to a company’s image that a breach causes are not about the fact that the company allowed it to happen. Instead, companies often fail to take reasonable responsive measures following an attack that imputes culpability.
Recent federal legislation requires companies to send adequate notice to parties affected by a breach within three days of learning that the breach has occurred. Noncompliance with federal or state requirements can subject companies to regulatory fines and civil liability.
Ultimately, companies must be ready to invest considerable resources in cyber security. Even if they have exceptional protection in place, they cannot expect their safeguards to make them wholly immune from a breach. Ultimately, they must be ready to handle the technological and regulatory logistics of effectively responding to a violation.
About Brooks, Todd & McNeil
Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.