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Cyber Insurance: A layer of security against cyber breaches

Peter Sparkes, Symantec Senior Director, Cyber Security Services,APJ | Aug. 16, 2016
To avoid being hit by cyber breach, business leaders need to start reconsidering their approach towards cyber security.

Incident responses can minimize potential damage

Incident Response is a major part of every cyber insurance claim and should be set well in place, in case of a major breach. A well-built and regularly tested Incident Response program is an important component of a comprehensive risk management plan, and can mean the difference between a minor incident and a major breach. The Incident Response program ensures an organized, live response and minimizes potential data and monetary loss.

Crisis communications in a data breach event

When a cyber breach occurs, companies have many different audiences and stakeholders they must reach in their communication ladder. What many companies tend to overlook is that cybersecurity and breach response is fraught with legal and regulatory landmines that, if not careful, may result in lawsuits. Engage the help of a crisis communications professional to create a crisis communications plan. Being well prepared in advance will help avoid panic in times of crisis.

Interestingly, originally cyber insurance was for major enterprises, however, we are now seeing the emergence of policies to cover costs for owner-operator businesses with only a few employees. By some estimates, 60 per cent of small businesses will close within 6 months of a material cyber security breach, which means there is a real need for insurance against cyber threats.

By investing in cyber insurance, organizations of all sizes can protect themselves from privacy liabilities, theft resulting from cyber attacks, damaged physical assets, and class action lawsuits. While it is important for organizations to ensure that comprehensive security systems are in place to prevent attacks, it is equally important that they have a contingency plan in the event of a security breach. In today's business landscape, it is the new normal that organizations must plan proactively but prepare for the reactive. 

 

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