08/01/2018

Keeping yourself (and your business) safe on the web

Isn’t the internet great? We can tweet, chat, and share information so quickly. Not only that, we don’t have to be anywhere special to do it! We can be virtually anywhere and still communicate with anyone we’d like. We can look up the latest scores for our favourite sports or have the answer to a quiz at our fingertips. There are no limits for the internet!

Easy access to internet and email has made business highly efficient and interactive. The medical industry can perform operations remotely, photos can be sent electronically, we can participate in video conferences, and we can make must-have purchases online with a credit card, all with a simple click.

Your information and the information collected based on your internet activity is either stored on your computer, the cloud or on a storage device. We don’t want that information to fall into the wrong hands, now do we? Keep the bad guys out by securing and protecting your network from breaches that could cause downtime, incur significant costs to repair, and potentially attract negative media attention.

We’re all familiar with the importance of insuring our assets against physical damage. We’re also encouraged to purchase liability insurance to protect ourselves in the event that we get into some hot water. Cyber insurance is for those intangible, yet extremely important, instances where the internet or computer networks are involved.

Things to consider regarding cyber protection:

• Confirm with your computer programmer or IT person that you have sufficient security on your system to reduce the risk of lost or harmed data
• Never leave a laptop unattended or visible in a vehicle – theft of this device can allow others to use any information being stored there in a harmful manner
• Have staff change passwords periodically
• Don’t print passwords or leave them posted near devices
• Ensure that all staff agree to your privacy and computer use protocol
• Do not open emails from unknown senders
• Report any unusual activity or emails to management
• Get a cyber audit done to reduce the risk of an occurrence

Cyber insurance can be secured in varying levels of protection. Coverage against losses stemming from data destruction, extortion, theft, hacking, and denial of service attacks may be included, along with liability coverage indemnifying companies for losses to others caused by failures to safeguard data.

Coverage can include:

• Protection from privacy liability or network liability
• Extortion from a hacker that shuts your system
• Loss of income due to downtime
• Repair to a compromised brand image
• Media content (defamation)
• Privacy notification costs
• Regulatory proceedings, and more.

Situations can vary depending on the business you’re in, and we understand that sometimes it’s just better to hear it from the professionals! Give us a call and we will be happy to help you determine your cyber insurance needs.