How to control your cyber risks

The cyber threat landscape is ever-changing, leading to both cyber security providers and insurance companies having to continually assess and adjust their defenses and fine-tune their products. Mark Laudrum of BrokersOnline writes.

For insurance providers, there is a range of approaches being taken from the ultra-conservative to the more progressive, all of which will want to dive deeper into your cyber protection and prevention practices.

In order to obtain broad insurance cover, insurers will expect you to have some or all of these controls in place and if they are not, then cover will likely be limited or not available from some insurance providers:

Regular offsite back-ups that are regularly tested Firewall technology at all internet points An incident Response or Business Continuity Plan in place which covers network security incidents Anti-malware software installed and enabled on all desktops, laptops, and servers Advanced endpoint protection for malware detection Multi-factor authentication (MFA) across all major systems Penetration tests that are conducted at least annually Password policies and procedures that outline strong password requirements Processes to verify new customer or supplier bank account information At least two members of staff review and authorize any transfer of funds/signing of cheques Direct call back procedures to verify and authenticate requests to change supplier or customer bank account details

While many larger Members will be managing their cyber security strategy internally, smaller agencies are less likely to have the in-house expertise to keep on top of the ever-changing cyber threats that cybercriminals are continuing to develop.

There are many dedicated cyber security specialists within Australia and all members, regardless of their size, should be considering working with such firms to obtain an independent opinion of their cyber security arrangements but also to ensure they are kept up to date with the latest cyber-attack prevention strategies.

One firm that BrokersOnline has been partnering with, Cyber Indemnity Solutions, offers monitored cyber security solutions for SME’s and larger enterprises, with their capabilities being recognized by insurers as a key risk management quality, leading to preferential insurance cover.

With the cyber insurance landscape continually evolving and insurers becoming more and more vigilant in the businesses they will insure and at what price/terms, having a comprehensive cyber security strategy and plan in place will not only save you money on your insurance spend, it will ensure your business is better protected and therefore less likely to be impacted and affected by a cyber-attack or crime.

No business wants to be hacked and have to rely on their insurance provider to get them back up and running.

Doing your utmost to prevent a hack from ever occurring must always be the first line of defense.