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Cyber Risks: A Reality in all our Businesses

Updated: Apr 14, 2022

I thought I would share a copy of an email that I sent one of my clients that may help you in your business when you consider the risks of cybercrime.


Dear Jon,


It was good talking to you earlier. Considering all your questions I thought it best if I sent you further explanations and points to think about going forward.


When thinking about cyber risks we must not only think about a direct threat to our assets, like if someone were to hack into your control system. We need to consider what would happen to our business in terms of the entire ecosystem. Here are some considerations:


  1. What would happen if my website was hacked and held ransom (how much revenue do I generate from my website)?

  2. What would happen if my bank accounts were infiltrated?

  3. If someone got all my company information, what could they do with it? (fake orders ,open up alternative accounts etc.)

  4. If someone got access to sensitive information such as my client list or my contracts, what harm could be caused?

  5. Is there an entry point from my digital ecosystem back to my suppliers or other business?

  6. What would happen if my contracts, accounting and financial history were lost to nefarious actors?

There may be low risk or no risk to your circumstance, however, the more and more we all digitize our business and our lives, the greater our cyber risks.


NOTE 1:

Insurers and cyber experts globally are growing more and more concerned about the next major global catastrophe, which they all believe will be a cyber event. Listed below are some articles on this topic :



NOTE 2:

I would like to urge you to take this risk very seriously and consider the following approach (we do this in my business).:

  1. Mitigate as much of the risk from the beginning: we employ a skilled IT team and we pay for the best antivirus and business software that we can afford

    1. All our staff are stress-tested regularly by a 3rd party. This is done through fake "hacking attempts" that test all the staff’s awareness of the cyber threats (we get management reports on our performance every month)

    2. We also get online awareness training for 30 mins every month. The entire process is handled by a cyber security company.


2. Transfer of risk

  1. We have a robust cyber liability and cyber risks insurance policy.


In conclusion, you can’t just insure your cyber risks, you need to be proactive in preventing the wolves from getting into the door.


Lots to think about...


I look forward to your questions, have a good weekend.





 


If you have any questions or you require any cyber insurance related advice please reach

out to us



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