With more and more Canadian organizations adopting hybrid work arrangements, it's crucial to have cyber insurance in place, regardless of industry. A hybrid remote work environment can heighten your organization's risk of cybersecurity threats, leaving businesses more vulnerable and opening the door to increased phishing and cyber-attacks.
Coverage with Cyber insurance
Cyber insurance, also known as cyber liability insurance or cybersecurity insurance, is a type of insurance policy designed to help organizations mitigate the financial and reputational risks associated with cyber incidents and data breaches. The specific coverage provided can vary from one policy to another, but typical components of cyber insurance coverage may include:
- Data Breach Response
- Data Restoration and Recovery
- Legal and Regulatory Support
- Business Interruption
- Cyber Extortion and Ransomware
- Third-Party Liability
- Networking Security Liability
- Public Relations and Reputation Management
- Multimedia Liability
- Employee Training and Risk Management
It's important to note that policies may have specific limits, exclusions, and conditions that can vary significantly between insurance providers. The level of coverage an organization needs depends on its size, industry, and the nature of its data and online operations. It's essential for organizations to carefully evaluate their cyber insurance needs and work with insurance professionals to select a policy that suits their specific requirements. Additionally, cybersecurity best practices and risk management are essential alongside cyber insurance to reduce the likelihood of a breach and its potential impact.
Get the coverage you need to secure your business.
In addition to Cyber insurance, here are some cybersecurity tips to consider to keep employees—and your business—safe from cyber threats while working remotely:
- Develop a remote work policy. Consider developing a new, written work-from-home policy, which can account for all special considerations that differ from your original policy.
- Connect to a virtual private network (VPN) if possible. A VPN can connect directly to the organization's regular applications, similar to if the employee connects directly to the organization's network. A VPN can hide the user's IP address, encrypt data transfers in transit, and mask the user's location. If the organization already has a VPN, ensure it can handle the number of remote users you have.
- Ensure the software is updated. Keep all work devices secure with up-to-date firewall, antivirus, anti-malware, and data encryption software.
- Enforce basic cybersecurity practices. Reinforce the importance of basic cybersecurity practices, such as using strong passwords and connecting to a hot spot or encrypted web connection instead of public Wi-Fi.
- Train people on how to detect a phishing attack. Educate staff on recognizing a phishing attempt, such as emails that request private information, use a generic introduction rather than your name, have spelling errors, or use a suspicious email domain.
- Avoid using removable media. Removable media such as USBs, SD cards, and discs may expose valuable resources to malware and virus replication, theft, and hardware failure. Keep removable media to an absolute minimum, and never use it as the sole storage location of valuable data.
- Enable multifactor authentication. In addition to a strong password, employees must enter a code they receive separately (such as via a predetermined mobile phone number) to decrease the risk of unauthorized access.
- Limit employee access. Rather than allowing employees access to all programs and resources, grant them access only to those essential to their duties.
- Send contact reminders. In the event of stolen materials or identifying a malicious link, remote work may create uncertainties regarding how to contact the IT or cybersecurity team. Send your employees a reminder with the proper contact information for IT-related questions or concerns.
Cybersecurity is vital to your organization and employees. Recognize potential vulnerabilities and take steps to prevent cyber-attacks and data breaches. No matter the size of your company, we can help you secure your business and develop a cyber insurance solution that works for you.
