Drafting a risk management plan on cybersecurity can feel like a daunting task, but with resources like those provided in this article from Federated Insurance®, legal insights from Benesch Law, and personal implementation strategies from AMBA member Westminster Tool (which will be published in Part II) – business owners can help protect themselves from the ever-increasing security risks posed to their businesses.
Breaches to computer networks and unauthorized access to sensitive data are key elements of cyber risk. These risks include personal injury, intellectual property infringement, and financial injury from allegations of negligence as well as fines, costs, and obligations associated with Consumer Protection and Data Privacy Regulations. When the security of the network is compromised, information that should be private could be made public. This is the essence of a data breach event.
To assess your risk, it can be helpful to start by asking yourself “What are you trying to protect?” about your products, services, customers, vendors, communication, and information networks.
A Data and Security Plan can help protect your company not only from regulatory scrutiny, but can also help prevent breaches and mitigate the fallout if a breach occurs. Once your risk analysis is complete, identify one or more methods for mitigating each risk. Revisit this risk assessment regularly to re-rank the risks as your company’s organizational controls and systems evolve and improve.
Company policies and procedures establish the rules of conduct within an organization, outlining the responsibilities of both employees and employers. Company policies and procedures are in place to protect the rights of workers as well as the business interests of employers.
Communicate your Data and Privacy Security Plan and company expectations to every employee. Through effective communication, your employees can learn what behavior or performance changes are necessary. Review the program with your employees and make a reference copy accessible to them when they are at work.
The best security technology in the world can’t help you unless employees understand their roles and responsibilities in safeguarding sensitive data and protecting company resources. Training employees is a critical element of security. They need to understand the value of protecting customer and company information and their role in keeping it safe.
Regularly measure the effectiveness of your Data and Privacy Security Plan by revisiting and reevaluating all of the factors that went into developing them. Regular audits should evaluate your information-security practices and whether your company is effectively following those practices, including conducting tests to ensure that employees are properly and consistently implementing the solutions.
Keeping Email Secure
Multifactor Authentication (MFA)
Recommended Company: KnowBe4
*Please note: Note: Federated clients are eligible for discounted rates. Log-on to mySHIELD for details or contact the Client Contact Center for assistance @ 1-888-333-4949.
This blog post was provided by Federated Insurance. Federated is proud to partner with AMBA as the association’s exclusive endorsed insurance provider. Since 1904, Federated has protected businesses through valuable insurance and risk management services. Policyholders have access to a wealth of risk management resources focused on employee training, estate planning, business continuation, workplace safety, human resources, and many other loss prevention topics. Rated A+ (Superior) by A.M. Best Company® and recommended by hundreds of national and state associations, Federated Insurance believes its value is measured by your success.