As the number of cyberattacks increases, more and more insurance companies require small businesses to purchase a cyber insurance policy. However, before you secure a policy, you must understand what requirements your small business needs to have in place for a claim to be accepted.
Cyber Attacks are on the Rise, Are You Protected?
First, you need to have a robust cybersecurity system in place. This system should include firewalls, anti-virus software, and intrusion detection. A plan for responding to a breach is also necessary, including whom to contact and what steps to take.
Policies and Procedures
Second, it’s vital to have up-to-date cybersecurity policies and procedures. These should be well-documented and regularly reviewed and updated. Make it a requirement that all employees are trained on these policies and procedures.
Put it in Ink
Third, you must keep detailed records of all your cyber security measures. Documents will include everything from your software to your policies and procedures. In case of a breach, these records will be essential in proving to your insurer that you took the necessary steps to protect your business.
Finally, should a breach occur, knowing how to recover is more achievable with a step-by-step plan while reducing stress and ensuring timely access to your essential data. That’s why we recommend having backups of all your data and systems and knowing how to restore them. We highly recommend being able to access at least one copy of your data remotely. External hard drives are a good secondary backup, but remote software doesn’t fail like they do!
All of these steps can feel overwhelming at times. However, having a partner who understands the insurance requirements and how to help implement and monitor your cyber systems can be invaluable. Talk to your IT expert to ensure you have the proper measures in place, know how to submit claims accurately, and have the processes documented to recover quickly.