Cyber security is becoming more and more essential for every business and organization, and even more so, cyber security insurance policies. Here are some commonly asked questions and answers to help you better understand what is, why you need it and how we can help!
What is a cyber security insurance policy and why does my business need one?
A cyber security policy is an insurance policy that serves to protect the sensitive information and network integrity of a business. No matter the size of an organization, every company that transacts business has sensitive information (employee information, client/customer information, SS/EIN numbers, physical addresses, email addresses, bank account numbers, etc.) that you are responsible for. When there is any sort of network breach, data theft or ransomware/malware attack, the costs of safe-guarding your business can grow rapidly. A cyber policy will help cover these costs and minimize your loss by enacting a team of trained industry professionals to act quickly and with expertise.
What cyber security coverage is needed within my cyber security policy?
Some coverages that should be considered are: Crisis Management Expense, Fraud Response, Forensic and Legal Expense, Ransomware Loss, Telecommunications Theft Loss, Social Engineering Fraud Loss, Extortion Threat Reward Reimbursement, Extortion Loss.
What is a cyber security incident response plan? How do I create one?
A Cyber Security Incident Response Plan is a plan on how to respond to a breach or other cyber security attack. It spells out who is responsible for different actions and how the organization will respond and coordinate resources, such as the cyber insurance policy and breach coach.
Click below to download our Cyber Security Response Plan: Creation & Implementation Tool Kit.
My business uses multi-factor authentication - isn't that good enough?
The simple answer is no. Multi-Factor Authentication (MFA) is no longer seen as an added security, but instead the new normal and basic cyber security essential. Your business should use Endpoint Monitoring. How is it different than MFA? Endpoint monitoring is a continuous scan on all network devices tracking activity and risks, whereas MFA is used to authenticate/verify user access into sensitive resources and information.
Do you need a cyber security insurance policy? Or need help developing a cyber security incident response plan? Or just want to learn more about it in general? Reach out to our expert team! Menicucci Insurance is a trusted resource for you and your business. Call us at (505) 883-3683 or visit our contact page at www.mianm.com/contact