POV: The Incredible Anxiety of a Cyber Attack

As someone who helps businesses with the placement of their insurance policies and with risk management advice, this video from Travelers Insurance hits powerfully when I watch it.

I’ve experienced this exact situation first-hand at least several times. A client calls in terror because their computer network was breached. They are either shut down to a point where not a single employee can get on the network to function. Alternatively, a hacker breaches their network and steals hundreds of thousands of dollars from their accounts.

The incredible fear and anxiety it creates is off the charts. This video is a true personification of this very circumstance.

My biggest piece of advice is please don’t think that your business is invincible to these types of circumstances. This CAN happen to any business, large or small.

The most crucial step a business can take to avoid a cyber attack is to establish a robust cyber security culture. This culture should include consistent employee training. Educate all team members on cyber hygiene practices. Teach them to recognize phishing emails. Encourage them to use strong, unique passwords. Additionally, ensure they secure their devices. Human error is one of the leading causes of data breaches. Employees who are aware of and actively follow security best practices can significantly reduce the risk of an attack.

Whether you have an internal IT team managing your computer network, or utilize a MSP (Managed Service Provider), ensure they have the proper protocols in place. These protocols should mitigate breaches within your computer network.

Also, don’t overlook a cyber insurance policy. It can help manage the costs of a cyber attack with both “1st Party Coverage.” This coverage focuses on your own losses and expenses directly resulting from a cyber incident. It also includes “3rd Party Coverage” to focus on liability to third parties affected by the cyber incident. This includes legal and regulatory costs.

The cyber insurance market is competitive as of the date of this post. This means rates are low for the coverage offered. Underwriting is also relatively soft. It’s not difficult to secure a robust policy with a low annual premium.

If you have questions about the above, reach out today. You might want to know about a recommended MSP (Managed Service Provider) for your business. Or you may have questions about the cost and terms of a cyber insurance policy.

-JK