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Additional Business Protection with Cyber Insurance

By September 30, 2020 Business Insurance

In this age of technology, many businesses continue to move towards a partial or fully digital business model. Especially during this time of the novel coronavirus, businesses of all sizes and sectors find themselves navigating the complexities of the digital world as they pivot to adjust to the changing landscape. However, with new technologies comes new risks, and with cyber attacks and phishing scams continuing to increase, it is vital to have adequate protection for your business. Here, the business and specialty insurance professionals at Unity Insurance discuss how cyber insurance can protect your business, and best practices for ensuring that your high-value or confidential digital records are kept safe. 

 

How to Assess Your Risk of Potential Cyber Attacks 

Regardless of your business industry, the threat of cyber attacks is always there. Whether you have a local medical practice that holds patient files in an online portal, or a national organization that utilizes project management software and digital tools to maintain efficiency, it is important to evaluate where you may be falling short in your digital protection. First, make sure to incorporate potential threats in your quarterly or yearly business risk assessment, and thoroughly research ways to improve. Some common questions you can ask can include:

  • How much risk does my organization have? 
  • Are there specific insurance policies that would align with our company’s risk? 
  • What does my business have in common with other recent cyber breaches? 

 

While you commonly hear about large data breaches from companies such as Target or Capital One, small to medium sized businesses are likely at a higher risk of falling victim to a cyber attack. Small businesses generally do not have the technology required to prevent these cyber attacks, making it easier for hackers to encrypt and destroy large amounts of data or files. Additionally, industries including healthcare and government are at a higher risk for cyber attacks, as many individuals’ personal information, finances and social security information are located digitally within the company. Unity Insurance was founded on serving the healthcare industry, and although we have expanded our service areas significantly, our team has extensive knowledge and experience in the intricacies of the Maryland healthcare system. 

 

How to Continuously Protect Your Company’s Digital Assets

Once you have assessed the risk of cyber attacks on your business, the next step is to create a strategy of how to continuously protect your business. First, consider making a list of all of the digital assets for your company. From financial information to healthcare records and company passwords, having an organization plan for where and how files will be stored securely is a great way to protect your assets. Additionally, make sure at least one company member is able to stay on top of any trends or laws that arise in regards to cybersecurity, so that your business is able to stay up-to-date with any new programs or features that may be of assistance. Finally, consider creating a small program or event to educate employees on the importance of cybersecurity. If your employees have varied access to important business documents, it is vital that they understand how to properly protect these documents from cybersecurity threats, and have substantial knowledge of how this data can be collected or destroyed when transferred from workplace to personal computers and vice versa. 

 

How to Obtain Comprehensive Digital and Cybersecurity Coverage 

After assessing your company’s risks and creating a strategy to secure your data, it is now time to think of obtaining specialty insurance, such as the data/privacy breach/cyber liability coverage offered through Unity Insurance. While there are a variety of precautions you can take to keep your business data safe, the risk of a breach will always be there. That is why, Unity Insurance has provided comprehensive insurance solutions to ensure that your business will not suffer if you have fallen victim to a cybersecurity attack. During this time, companies are relying heavily on technology to move their business forward, and keeping their files safe is of utmost importance to our team. Cyber liability insurance can provide needed peace of mind that your business will be covered if an attack were to happen, and can help cover the costs of an investigation and time spent recovering important data for your business. 

 

Discuss Your Options With the Cyber Liability Insurance Providers at Unity Insurance 

At Unity Insurance, we have a rich history in serving various sectors across Maryland. From specialty healthcare insurance to modern and innovative digital insurance coverage, our team is here to provide your business with the best insurance access Maryland has to offer. With decades of experience under our belts, our team is able to assist you in finding the perfect insurance solutions for your business’ unique needs, so that you can focus on what is important. To learn how Unity Insurance can assist you,  contact our Baltimore office today