Facts About Cybersecurity

Cyber Insurance & Cyber Risk Management

What is Cybersecurity Risk?

Cybersecurity is making sure your organizations data is safe from attacks from both internal and external bad actors. It can encompass a body of technologies, processes, structures, and practices used to protect networks, computers, programs, and data from unauthorized access or damage. The goal of any cybersecurity strategy is to ensure confidentiality, data integrity, and availability.

There are several primary means by which cybersecurity issues can affect (or even destroy) an organization and its reputation. There is the risk that a hacker might obtain sensitive information such as bank account or credit cards details. There are open markets for such information on the “dark web”. If others access such sensitive information, the organization might find its banking or credit card facilities withdrawn or in breach of privacy laws. Each month high-profile security breaches impacting individual data are reported globally.

A second but related issue is that when a hacker obtains sensitive information about the organization it may find its reputation ruined. Few small organizations can survive the damage to its reputation that such lost data might cause. The damage to reputation and goodwill might be more crippling than the actual data loss itself. Loss of customer data may result in legal or regulatory action against the organization. A third party might file a suit against an organization as they have themselves incurred a loss. Organizations might also be subject to significant penalties and/or legal action arising from breaches of the privacy laws in many jurisdictions.

Cybersecurity Governance

A cybersecurity governance and risk management program should be established which is appropriate for the size of the organization. Cybersecurity risk needs to be considered as a significant business risk by the owners and directors. This should be at the same level as compliance, operational, financial and reputation risks with suitable measurement criteria and results monitored and managed.

People and Documentation

Every organization should establish a plan to mitigate the risk of key people being unavailable in the event of a system failure. Keep a list of contact details for backup technicians. Document the configuration of hardware and software applications and keep this up to date so that a new technician can quickly rebuild the system.

Insurance

Adequate insurance should cover the cost of replacing damaged infrastructure as well as the labor costs to investigate the incident, rebuild systems and restore data. Consider also insurance for productivity loss resulting from a major system failure or catastrophic event.

Crestway Group Cyber

The Crestway Group has alliances with Risk Management partners together we are able to customized suite of products and services helps ensure that your organization can protect against potential cyber incidents. Learn more about the latest risks and trends to better protect your business and minimize losses should one occur contact the Crestway Group.