What does cyber liability insurance protect?
Cyberattacks against North Dakota state government skyrockets to 15m per month. It’s hard to avoid the reality of these threats increasing.
Proactiveness is our best protection. But how much Cyber protection insurance will help depends on how much you plan for in advance.
It’s not all on you. NRG Technology Services in Bismarck has teamed up with North Dakota Information Technology to jointly aid county governments in beefing up their network security, as the first phase of blocking unauthorized access yet allowing outward communication.
The type of data you hold, might dictate how much it’s worth to the hacker. The truth is we don’t know how much it might cost to pay off a hacker or recover our data. So how do you know how much money to invest in protecting your data?
You need to understand the value of your data and have a plan to recover your data. Ask... what to protect, what protection currently exists and what gaps exist? Work with your IT department and Insurance agency to develop a plan to protect your property and data, operational information and client data.
Education is key.
Education and more education. Gone are the days of worrying if cybersecurity training or phishing campaigns will offend someone. Investing in internal phishing campaigns to check vulnerability is something all management needs to get more comfortable with. For example, North Dakota has established a sweeping goal of providing computer science and cybersecurity training to 700 teachers across the state this year.
Cyber Liability Protection.
Is cybersecurity insurance a part of your disaster recovery plan?
Cyber liability insurance covers the cost for a business to recover from a data breach, virus, or other cyberattack. It also covers legal claims resulting from the breach. Any business that stores sensitive data in the cloud or on an electronic device should have cyber liability insurance.
- Backup your business systems and data. What device is your data being backed up on and how long will it take to recover? The time to recover data can be considered costly downtime.
- Understand your responsibilities if a computer has a data breach. If your business had a security breach, you must immediately notify each person of the breach. There are other potential concerns related to admitting a breach including financial and legal issues. You may need to talk to an attorney or states attorney. If you have already purchased a cyber liability policy, contact your agent or company to discuss filing a claim immediately.
Counties and businesses should contact their local insurance agency if they have questions on coverage or their policy or obtaining a policy.
Written by Sarah Nelson, Account Manager with NRG Technology Services.
Sarah has over 15 years of IT experience including Public Safety - E911 technology and as a Microsoft Channel Partner.
Managed Services with NRG.