What you need to know about cyber Insurance
Most organizations are strategically focused on being lean and efficient to operate at normal capacity. As they integrate technology to streamline processes most cyber strategy becomes second thought. By this we mean organizations are building applications to suit their needs, then thinking about how they can protect it later. Unfortunately, when security becomes second thought it can become patchy and unable to do what it was intended to do. Insurance professionals promote cyber products to help with proactive and reactive measures. Not only do we point out critical system or process flaws but we help clients recover in the event of a security crises. Here are some important points to consider during a security crisis:
Money: Understand getting an issue figured out immediately during a cyber breach is very important. Hiring a freelance IT consultant in university will not do the trick and does not give promising results. Time is money when it comes to a cyber breach, and you will need lots of money to ensure you have the resources to get yourself back up and running in a timely manner.
Understanding what you know: If something is wrong make sure you write it down and be specific. One suggestions might be to chart out the 5 W's (Who, What, When, Where, Why and How). This exercise will help all stakeholders understand the ongoing situation a little bit better.
Understand your communication strategy: What message will you deliver to the public, employees and upper management? It is important to understand your verbal positioning after a cyber breach.
Some insurance products are designed to help with all these three points. Insurance can provide businesses with the capital required to hire a qualified and professional team to deal with the situation. Most insurance products have developed enough to provide ongoing assistance with the organization and the public through communication expenses. It could be beneficial to talk to an insurance professional about cyber and consider including them in organizational cyber strategy meetings.
What do you think?
The Base Team
Insurance made easy. How we can make insurance better for you?