The 3 Ts to Minimize Your Cyber Risk

(02/26/2014) Matt Engle, Cragin & Pike

Cyber Liability: The Risk and Why

 Laptop Cyber Security

Data breaches and cyber-attacks are in the news on a regular basis. The latest victims include the Las Vegas Sands, the Arizona pension fund, Kickstarter and the most popular of them all – Target.

The Target data breach has been fascinating to see unfold. New reports indicate the cyber intruders first accessed Target’s data network through one of their contractors who had been given remote access.

Certain questions come to mind when these breaches occur:

  • How did Target train their employees to keep customer data safe?
  • How did Target talk to their vendors about the importance of keeping access to the data of Target secure?
  • How often did Target test the security of their network?

The “cyber-attack” reality check of today is hackers will continue to hack at an increasing rate and prey on the weakest link. The key for businesses is to have a plan to be proactive and minimize their risk of being a victim.

This can be started by mastering the 3 Ts - Train, Talk and Test:

  • Train your employees the importance security awareness. How do you train them today? Are your employees trained why it is important to change their passwords, why they should not click on unknown links in an email?
     
  • Talk to your IT Manager about what security is in place to keep your data safe. Talk to your vendors about options available with IT Security. Talk to your insurance broker about Cyber Liability coverage and constructing a plan that fits your business exposure. Talk to your legal counsel on the contract verbiage to contractors accessing your data network.
  • Test your system periodically. The security system you have in place today will probably be out dated next year. Have a third party IT firm perform a security audit through tests.

 

The goal is to minimize your risk against outside attacks: your employees and customers are counting on it!

 

Matt EngleAbout the Author:

Matt Engle is a Commercial Insurance Agent with Cragin & Pike

and Faculty Member with Lorman Education out of Las Vegas, NV.

Matt specializes in Cyber Liability insurance programs for business,

medical and non-profit entities. He can be reached at 702.877.1111

and mengle@cragin-pike.com.

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