Is Cyber Security Insurance a Get Out of Jail Free Card?

Jeri MorganBlog, cyber securityLeave a Comment

We have been having a lot of conversations with Business Owners in the Denver area regarding Cyber Security Insurance recently.  One thing that we have really been struck by is this perception that if you have Cyber Security Insurance that it is a Get Out of Jail Free card for your business.  This it certainly is not.  You need to be taking reasonable and appropriate measures to protect your business.

Should I Have A Cyber Security Insurance Policy for My Business?

 

 

Yes.  This is absolutely a requirement in this day and age.  However, any Business Owner that has filled out a Cyber Security Insurance policy will tell you the application is most certainly much more intensive than a standard insurance policy.  If you go through that policy and just check the boxes you could be putting your business at risk.

As a Business Owner you should be putting these things into place BEFORE purchasing Cyber Security Insurance for your business.

1.  Identify a Head of Security as it relates to I.T for your business.  This person should have a direct line of communication to your executive team.

2.  Training.  You need to put a plan into place to provide your employees with ongoing Cyber Security Training.  The biggest weakness in any organization is the people and they need your help to make good decisions in relations to Internet and Email use.

3.  Network Auditing.  There needs to be a formal plan in place to regularly test and audit the security of your Network.

4.  System Policies.  There needs to be policies in place to ensure that security patches are being applied to every single device across your Network.

5.  Disaster Recovery Plan.  There needs to be a formalized Disaster Recovery Plan in place for the company.

6.  Written Security Policies.  There needs to be a policy in place regarding general security policies such as password management.

7. Mobile Device Management.  There needs to be a formalized policy in relation to Mobile Devices.

Why Is This Important?

If you purchase a Cyber Security Insurance Policy but are not taking reasonable and and appropriate measure that may be deemed as the Insurance company and negligent or worse case scenario fraudulent.

If you have a Cyber Security Insurance Policy in the Denver area but are not sure if you are in compliance or are in the process of looking into obtaining coverage give us a call at Code Blue Computing we can help you make sure you get all the pieces in place to best protect your business.

 

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