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Tag Archive for: Corporate Liability Exposures

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Reducing Your Cyberliability Risk

Cyberliability is a term used to describe how much damage will be done if your company experiences a data leak. Handling private data, as every modern business does, puts you at risk for having it lost or stolen which in turn could leave you facing some very costly lawsuits. Fortunately, there are some relatively easy steps you can take to reduce your cyberliability exposures.

Don’t carry vital data around with you. Mobile devices are great for efficiency. You can look over reports or check your email almost anywhere you go. The down side is that any vital data you carry on these devices becomes a cyberliability risk. It’s too easy to lose or have a smart phone, laptop, or tablet, stolen, then all that data is there for everyone to see. A great alternative is cloud storage. It allows you to access data online without ever downloading it. You log on with a password, use the data, and log off. Nothing is stored so if your device goes missing, the data doesn’t go with it.

Password protection and firewalls are great ways to protect data, but sometimes they are not enough. If a hacker gets through these, you need data encryption as a last line of defense. When you encrypt all your data, even if someone does hack into your system and steal it, they can’t use it.

Strict password policies are something most staff members hate. Coming up with new passwords every month can be irritating and difficult. If you really want to reduce your cyber liability risk this is a vital tool to use. Do not use one password for all your personal and business accounts. All it will take is for a hacker to gain access to one of those accounts, then all of your company data is in jeopardy. It may seem like a pain and it will upset your staff, but a strict password policy will save you a lot of money in the long run.

To discover other ways in which we can help you protect your organization from cyberliability risks, please give us a call.

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Seven Corporate Liability Exposures You Can’t Ignore

Network risk exposures are broad and touch most every business. The internet and related technologies have changed how we conduct business. We now have the ability to store and share data across interconnected networks. This creates efficiencies in all parts of an organization, including sales, marketing, data management and vendor relations.

The benefit of using internet-based technologies is broad, but they increase risks for most firms. Specific risks include:

  1. Theft of private data
  2. Theft of sensitive data, including health and financial information
  3. Manipulation of information
  4. Computer viruses
  5. Damage to hardware
  6. Damage to operations
  7. Fraud

Most corporate insurance policies exclude exposures from the internet or network. If your organization has most of it’s’ exposures in these areas you will need to explore insurance and risk management programs that are designed to cover those liabilities.

More than ever, staying fully informed and up-to-date with the latest industry trends is the best way to remain competitive and relevant in a changing market. A TechAssure member can help you identify the best program for your network risk exposures.