Steers Insurance Blog

As employees continue to work remotely and spend a lot of time online, it may come as no surprise that cyberattacks continue to worse as the pandemic continues. Increased cyber losses mean businesses have a lot to learn when it comes to protecting their data and need to be proactive in understanding the financial impact a cyberattack can have.

If your company stores data and information digitally, you should have a cyber risk management program that addresses prevention, disclosure, crisis management and insurance coverage in the event of a data breach. Good cyber risk management requires the planning and execution of all four of these components.

Your company has developed a website and conducts business online. Your information technology department has taken the usual security precautions, and ensures you have the fastest website available, but is your site secure? Many business owners have a website, but many do not update their websites or regularly check for security risks or vulnerabilities.

As many companies transition to have their employees work from home, policies must be set in place so cybersecurity issues are addressed, and businesses are not the victim of cyber fraud.

Most businesses today send, receive, and store electronic data. While automated data processing has numerous benefits to your business, it also exposes you to an array of cybercrimes. For instance, a security breach could result in data loss, damage, or theft. If the compromised data belongs to your employees, customers, or vendors, you face the risk of getting sued for the damages.