Businessman preparing a plan for cyber risks
Businessman preparing a plan for cyber risks

How to prepare your business for cyber risks

In our previous blog posts, we identified the different types of cyber risks and then showed how pervasive cyber risks are. Now we want to help your business start the process of preparing for cyber risks.

Becoming a cyber-prepared business is all about creating a top-down strategy that begins at the board-level and involves the entire company. Here is a useful checklist for becoming cyber prepared:

  1. Define responsibility – Appoint someone to be responsible for explaining the need for cyber preparedness to the board of the company. They should also outline which information or data will be used to make actionable plans.
  2. Audit your cyber presence – Understand what type of information matters the most to your business. Examine the different types of cyber risks you are vulnerable to and how exposed you are to those risks.
  3. Prioritize risks – After the audit, perform a risk assessment; prioritize the risks you’ve identified. These priorities should be communicated throughout the company to ensure that your resources are aware and effectively used.
  4. Create a plan – The plan should ensure that you are prepared for a number of different cyber threats. It should also outline how to identify potential attacks or security breaches and what the correct protocol is for responding to incidents.
  5. Achieve strategic goals – It is important to make sure that your risk mitigation strategy is adding value to your business. Always monitor your cyber security plans against your strategic priorities to ensure your business is still growing and able to take advantage of opportunities.

Preparing your business for cyber risks and having a solid plan in place is a critical part of risk management today, but the possibility of being a victim of cybercrime is always present. Having specialized coverage against cyber risk is a smart way to protect your business.

Click here for more information on Northbridge Insurance’s Cyber Risk coverage.

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This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.

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