You wouldn't go into a battle without armor, so why would your company take the same risk online? With the rise of digital crime and hackers and the wide availability of information online, cybersecurity is of the utmost importance. By establishing security practices and policies, investing in cybersecurity insurance, having minimal compliance requirements for your employees and looking into comprehensive IT security services, you can minimize security threats to your company.
What policies should you have in place?
To prevent incidents, you should have security policies and processes in place, and you must train employees to properly adhere to them. These security measures help prevent identity theft, unauthorized access and other risky issues. Every company is different, but there are hard and fast rules when it comes to what to include in your cybersecurity policies. Be sure to include these essentials when establishing your business' policies.
As a starter, here are several common security standards (or mini policies) as recommended by CSO:
Considered the cornerstone of security IT policies, this practice outlines how and who can use hardware and software. Acceptable use compliance can expand beyond preventing security breaches to cover behavior and how that behavior reflects or affects the company.
One of the most critical yet most overlooked security features, this process ensures that data is classified so it can be properly used, stored, transacted and treated. By establishing and enforcing a proper data classification policy, your company's management is making major strides to prevent security issues.
With many businesses shifting to fully remote or hybrid work, your security team must establish network security that expands beyond the walls of the office. When establishing this policy, you need to consider personal devices, employee access, mobile devices, public networks, cloud solutions, wireless devices, remote connections, portable storage devices and any other security risks that could relate to remote access.
Of course, your goal is to avoid cybersecurity incidents, but you need to have a security plan in place if something does happen. This can make the difference between a minor problem and widespread security vulnerabilities, including identity theft. Incidents can range from policy violations (such as using unauthorized wireless devices) to identity thieves accessing social security information. Your incident response plan is a living document and an ongoing process, and it should be evaluated and revised annually if not quarterly.
Disaster recovery/business continuity (DR/BC)
This policy outlines your business processes after security events that result in compromised data. Disaster recovery is critical, and it can include items such as security checks, improved security frameworks, additional security measures and assessments of risk management. To assure business continuity and reduce identity theft, you must adhere to the DR/BC plan. This policy is an ongoing process that must be updated regularly.
Third-party risk policy
With the increase in outside collaboration and access and use of cloud solutions, it is imperative that compliance extends to your wider corporate network. You need to implement security tools and make sure you are only using secure software vendors and are reducing remote connections from outside the organization. Data encryption, investing in vetted software products and using antivirus software can minimize risks and boost your digital security program.
Considering the rise in international malware and hacking incidents, your company must have international travel policies in place. Your compliance officer should approve working during travel and gather information regarding the trip. You should get in front of any cybersecurity issues by issuing specialized wireless devices and anti-virus software products and by training employees on using only secure internet connections abroad.
What are the benefits of cybersecurity insurance?
From cars to pets, you can insure almost anything nowadays, so why not include cybersecurity? Of course, just like making sure you drive safely even if your car is insured, you should always adhere to common sense standards and policies. It is good to know, however, that even if there is a slip-up, cybersecurity insurance, also known as data breach insurance, has you covered.
Cyber liability insurance differs from policy to policy, but these are some common claim coverages:
- Lost income and other costs that result from ransomware and extortion demands
- Restoration costs associated with virus infections
- Costs associated with improper collection processes and faulty security plans
- Financial damages and lost income resulting from DDOS attacks
- The loss of personal devices, portable storage devices and other hardware that could result in a data breach due to unauthorized physical access
- Clerical errors or other compliance issues that might result in identity theft
- Costs associated with identity thieves, such as credit monitoring, identity restoration, potential class action and notification costs
- Defense costs and damages due to viruses and malware
When purchasing an insurance policy, make sure you select the one that best suits your company's needs. Shop around, ask plenty of questions and get feedback from your team to make sure you pick the best fit.
What are some minimal security requirements we should establish for employees and the overall company?
Of course, having a big-picture plan in place is essential, but many cybersecurity attacks and breaches occur because of everyday tasks. You need to make sure your entire company is on board with security practices and that you enforce your policies.
Here are the best ways to keep your everyday tasks and overall data secure:
- Train employees on security policies and practices and their importance
- Make sure your systems are updated
- Make frequent backups of data
- Establish password requirements and updates
- Include mobile devices in policies and practices
Why should my company invest in IT security services?
The easiest and most cost-efficient solution to meet your cybersecurity needs is a comprehensive service. With advanced solutions such as Milner's IT Security Services, you can rest assured that your company and your data are secure. At the onset of building your security solution, Milner will:
- Identify gaps in your existing measures and policies
- Establish your compliance needs
- Evaluate potential risks and cybersecurity threats
- Diagnose existing vulnerabilities
- Grade your current policies and practices
- Prioritizing your company's needs
To start building your new security solution, request a consultation today. We look forward to helping you!