In 2018, no one is safe. Cyber security firmly remains as a top concern for businesses of all sizes. Especially after the breach heard around the world; Facebook will now be facing multiple class-action law-suits for sharing the data of more than 50 million users with a data mining firm. Yikes! Sure, maybe your business isn’t pulling in as much data (or revenue) as Facebook – but that doesn’t exactly mean you’re less vulnerable. Here’s what your business can learn from the Facebook data scandal:
1. CYBER INSURANCE IS NECESSARY
Okay, if you weren’t considering it before – you probably are now. Breaches are expensive, and cyber insurance is not. It’s as simple as that. There are risks covered by Cyber Liability that could save you tons of money in the event of a claim or breach, such as the following scenarios:
Cyber Liability Insurance provides First Party and Third Party Liability coverage for the scenarios shown above. Cyber insurance is useful and convenient, but keep in mind that it’s not a substitute for effective security measures and adequate user training.
2. ALWAYS REVIEW AND UPDATE YOUR PRIVACY POLICIES
3. HIRE SECURITY EXPERTS
If you do business online, or store sensitive client data on your server or in the cloud, you should have some form of IT Security. A cyber security or IT specialist can determine what types of various threats your business is exposed to and set up strategies for optimal protection. They can also train your employees and implement the proper security measures to defend your company’s servers, networks, websites, and more. Your IT department or security specialist should also make sure that your business is consistently up to date and compliant with state laws and regulations.
Facebook may be facing millions in lawsuits, will your business learn from their mistakes? If you don’t carry Cyber Liability Insurance, it’s important to consider the risks associated with the way you do business. Questions? Let’s talk.
Opinions expressed in this article are solely the author’s opinion, not intended to provide the reader with legal or any other professional advice. Should you need advice or opinion, consult with a qualified professional to address your specific needs.