This article was provided by the AXIS Cyber Squad. This article is sponsored by AXIS Insurance.
These days, cyber insurance is a necessity, not a nice to have. Cyber risk is increasingly one of the greatest threats facing businesses. At AXIS, we support businesses in becoming more resilient to cyber threats. Enabling them to function without interruption. Prepare, Protect, Respond is our three-pronged approach to helping businesses confidently embrace technology by providing cover for the cost of cyber incidents while reducing their likelihood and impact through a comprehensive list of pre and post incident services.
To prepare for cyber threats, start by imagining what happens to a client when an unauthorized person gains access to their systems. Perhaps they hack into their customers’ data via their website. Now think about the potential outcomes – whether the client was prepared and spotted the intrusion early versus the attack being undetected for weeks, or even months.
It’s why we recommend having an Incident Response Plan not only prepared, but practised regularly. Clients should also implement cyber security controls, which, at a minimum, include, Multi-Factor Authentication, off-site back-up, and the ability to recover business-critical data and systems in under 10 days. It is important to back this up by providing cyber security and awareness training to all staff. They’re the first line of defense and should be empowered to spot the signs of a cyber incident and know how to respond.
A business is likely to struggle with their website or internal systems out of operation. The consequences can range from reputational harm to serious financial loss. That’s why it’s essential to have the right insurance cover and support in place. Cyber insurance can play a major role in improving business resilience and minimizing business interruption. As well as covering the common cyber risks, cyber insurance provides access to specialist response services. These can be the difference between a business getting back up and running quickly following an incident, or not at all.
Start by thinking about the specific risks your client faces. Ensure they select a product that addresses those risks. The best way to do that is to partner with a strong insurer. One that has proven cyber experience, particularly when it comes to paying claims. It’s also important to integrate cyber insurance and risk management to minimize the impact of a cyber incident.
At AXIS, we offer more than insurance. We share our expert insight. We provide training and thought leadership to boost cyber awareness and readiness. The better prepared a client is, the better they can respond. It’s why we offer a range of cyber risk management services to help businesses reduce their risk and increase their resilience.
When cyber incidents occur, we guide businesses to quickly navigate and respond, assisting recovery beyond just claims. The first step is to invoke the Incident Response Plan. Then notify the insurance agent, broker or insurer of a potential claim – always remember that time is of the essence. The sooner they know, the faster they can take the appropriate action. For example, if they are provided in their policy, a client can access specialist advisors and services, such as IT forensics, to understand how the incident happened, and PR crisis communications to manage any public-facing message.
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Prepare, protect and respond. The three key stages to unlocking the secrets to being cyber resilient. To find out more and discover how we can help your clients be more cyber aware and ready for potential threats, follow the link.