To help raise cyber security awareness, we are here to discuss the best cyber crime prevention strategies and insurance coverage.
As businesses increasingly rely on technology to manage their operations, communicate with customers and suppliers, and store important information, cyber security is an important consideration for businesses of all sizes.
While no business can eliminate cyber risk entirely, there are practical steps you can take to help reduce your exposure to common cyber threats.
Here are five areas businesses should consider when reviewing their cyber security:
1. Review your firewall and internet gateway configuration
Firewalls and internet gateways can help control the traffic entering and leaving your network and provide an important layer of protection against unauthorised access.
It is important to ensure these systems are appropriately configured and regularly reviewed. Unnecessary access points can increase your exposure to cyber threats, while keeping configurations up to date can help reduce the risk of vulnerabilities being exploited.
2. Change default settings and passwords
Computers, network devices and other technology can sometimes be supplied with default settings or passwords.
Leaving these unchanged can create an avoidable security weakness, particularly where default credentials are known or easily discoverable.
Businesses should review the settings of their devices and systems and replace default passwords with strong, unique alternatives. Multi-factor authentication should also be considered where it is available and appropriate.
3. Limit administrative access
Administrative accounts typically have greater access and permissions than standard user accounts, making them an important consideration when managing cyber risk.
Where possible, businesses should limit the number of people with administrative privileges and ensure that higher-level accounts have appropriate security controls in place.
Restricting access to those who need it can help reduce the potential impact of a compromised account.
4. Promote safe browsing and malware protection
Malware can take many forms, including viruses, spyware and other malicious software. Businesses can help reduce the risk by combining appropriate technical controls with good security awareness among employees.
Employees should be encouraged to take care when opening links, downloading files or responding to unexpected emails. Businesses should also consider using appropriate anti-malware protection and keeping security software up to date.
Regular training and awareness can be particularly valuable, as employees are often an important part of a business’s cyber security defences.
5. Keep software up to date
Outdated software can contain vulnerabilities that have subsequently been identified and addressed by the software provider.
Businesses should have a process for keeping operating systems, applications and other software up to date, while also identifying and replacing software that is no longer supported.
Keeping software maintained and supported can help reduce exposure to vulnerabilities that cyber criminals may attempt to exploit.
Why should businesses consider cyber insurance?
Good cyber security practices are an important part of managing cyber risk, but they cannot necessarily prevent every incident.
A cyber incident could have financial and operational consequences for a business, whether it involves a data breach, ransomware, business interruption or another form of cyber-attack.
Cyber insurance can form part of a wider risk management approach and may provide cover for certain costs and losses arising from an insured cyber incident, subject to the terms, conditions, exclusions and limits of the policy.
The cover available can vary significantly between policies, which is why it is important to understand the risks facing your business and consider whether the insurance programme you have in place is appropriate for those risks.
Don’t overlook your employees
Technology is only one part of cyber security. Human error can contribute to cyber incidents, whether through clicking on a malicious link, using an insecure password or responding to a convincing phishing email.
Regular training and awareness programmes can help employees recognise potential threats and understand how to report anything suspicious. Creating a culture where employees feel comfortable reporting potential incidents can also help businesses respond more quickly when something goes wrong.
If you would like to discuss your business’s cyber insurance requirements, contact Anthony James on 01509 274000 or info@ajibl.com.
Insurance cover is subject to the terms, conditions, exclusions and limits of the policy. Your insurance requirements will depend on your individual circumstances.
