Get your Digital Ducks in a Row Before a Cyber Insurance Audit
Increasingly, cyber insurance is viewed as an essential component of an organization’s overall IT strategy. Cyber insurance can protect against losses incurred from a variety of sources including data breaches, malicious code and viruses, theft, intellectual property infringement – even defamation.
The added layer of protection cyber insurance offers may provide you with peace of mind, but it may not come cheap!
Insurers are smart, in evaluating your eligibility and your premiums they will take into account a wide variety of factors: Do you handle credit card or debit transactions? Do you store large amounts of personal information? Social Security Numbers? HR data? How is this information stored? How do you dispose of it? How are your systems designed? Are they secure against digital intruders? Do you have rigorous information handling policies in place for your employees? Have you had data breaches in the past?
If your systems and policies fall below industry standards, you may find this critical insurance hard to come by, or impossibly expensive. In order to militate against this risk, you need to have all of your digital ducks in a row.
One important, and often over-looked, criterion for affordable cyber insurance is a well-established information governance policy. A well-structured policy outlines the processes by which data in your organization is collected, managed, exploited and destroyed. It also describes who is accountable at each stage of the cycle and outlines training requirements for employees.
Adopting an effective information governance policy will not only reduce your cyber insurance premiums, it will help improve your internal processes and prevent losses in the first place!
Before going through a cyber insurance policy audit, give us a call or send us an email. We can help you create an information governance policy that works. Not only that, we can help identify and address any issues in your existing system which may negatively affect your premiums.