Skip to main content
Business InsuranceSpecialty Insurance

How is your cyber security?

Is your company protected from data breach? How is your cyber security?

By Bryan Nafrady

It is totally amazing just how many creative ways I am bombarded with potential breaches into my personal life. I even received a call the other day from my phone number stating that I need to provide them information as my account had been breached.  No name, no account, no source  but MY number was being used to call me. WOW!! This is just one of the many breaches I hear about regularly from my clients, on the news and friends. It seems like these are running rampant and there is no letup, even from international attacks!! I am sure you have been hit as well. I am just confused on how and what to do when it happens.

When a data breach or other cyber event occurs, the damages can be significant, often resulting in lawsuits, fines and serious financial losses.   What’s more, cyber exposures impacts businesses of all kinds regardless of their size, area of focus, or status as a private or public entity. For organizations to truly protect themselves from cyber risks, corporate boards must play an active role. Not only does involvement from leadership improve cyber security, it can also reduce liability for board members. To help oversee their organization’s cyber risk management, boards should ask the following questions:

Does the organization utilize technology to prevent data breaches?  Every company must have robust cyber security.

Has the board or the company’s management team identified a senior member to be responsible for organizational cyber security preparedness? Organizations that fail to create cyber-specific leadership roles could end up paying more than those who do.

Does the organization have a breach response plan in place?  Even the most secure organizations can be breached.

Has the organization discussed and formalized a cyber risk budget? How engaged is the board in terms of providing guidance related to cyber exposures?

Has the management team provided adequate employee training to ensure sensitive data is handled correctly? Make sure you are training monthly sharing information with your team, keeping your company safe.

Has management taken the appropriate steps to reduce cyber risks when working with third parties? It’s paramount to be working alongside third-party vendors if your data is compromised.

Does the organization have a system in place for staying current on cyber trends, news, and federal, state, industry and international data security regulations?  Your current insurance broker should be able to provide you with these items.

Has the organization conducted a thorough risk assessment? Has the organization purchased or considered purchasing cyber liability insurance?

These are questions we all must ask in today’s marketplace and Synergy Insurance can help you initiate the process of providing a security plan for your data and personal information with the tools and direction you need. We are here to help ensure your peace of mind so you can sleep knowing things are in place to protect you when this should happen, and it will.

Call our office at 574-258-5555 and let us help answer questions.  We’d be happy to provide you with a complete Cyber Risk Assessment guide. IT IS YOUR INFORMATION KEEP IT YOURS!