This article first appeared in the July 2024 edition of the Business Examiner. Read the online edition here.

Most businesses today have a digital footprint. As organizations continue to transform digitally, news headlines show that cyber criminals have upped their game. Business owners need to prepare for more frequent and sophisticated cyber threats. Whether your business is small or large, a cyber-attack could be devastating.

All organizations should have a close look at how they protect customer data, their corporate data and their corporate networks and trusted reputations. With a constantly evolving threat landscape, it’s a great idea to talk to an insurance professional. For example, as a Commercial Insurance Advisor with Coastal Community Credit Union, my role is to give my clients actionable insights and recommendations to strengthen their cyber-security—and help them stay one step ahead of cyberthreats.

An insurance professional should be able to give you:

• Recommendations on assessing your organization's current cybersecurity infrastructure;
• Guidance on improving employee training and incident response plans; and
• Cost-effective measures to help mitigate your cyber risks.

Purchasing a cyber risk policy can be relatively cost effective. Look at an option to purchase a standalone policy to provide more adequate coverage with clear terms and limits.

Coverage offered in a cyber policy may include (but is not limited to):

• Antivirus and malware software providers to help protect your critical networks
• 24/7 claims service available if you suffer a cyber-attack
• First and Third-party Cyber Liability
• Costs incurred to restore your data that has been accidentally deleted, corrupted, destroyed, or encrypted by a virus or ransomware
• Specialist IT Forensics to assist you in the event of a cyber loss or attack
• Business Interruption coverage

If you haven’t yet looked into Business Interruption insurance, this option helps make your business whole again so that you can get back to generating the income you were prior to a loss. For cybercrime, it may cover:

• Ransomeware attacks
• Distributed denial of service attacks
• Viruses or malware that prevent you from trading
• Even operator error like accidentally deleting data!

Remember to be proactive, not reactive, with cyber protection and your corporate reputation. To find out what Coastal Community can offer you, please don’t hesitate to contact me.