Even when everything seems to be running well on your business computer network, risks almost certainly still exist. That is why conducting regular assessments on your business network is critical to your business security and health. Neglecting your network health is like leaving your doors unlocked at night. Eventually someone will figure it out and come in with bad intentions.
At RSPN, we conduct regular network security assessments with clients and prospective clients. We have yet to conduct an initial assessment that came back free of issues. Most have several weaknesses in their network security that we discover and assist in resolving.
One prospective client argued that they weren’t concerned because they carry a cyber liability policy. He said if they fell victim to an attack, he would just “file a claim and cash out of the business.” Unfortunately for him, cyber liability policies don’t work that way. When they do suffer that loss, they’ll be in big trouble.
Cyber Liability Insurance
Cyber Liability insurance policies are a important component of any business risk mitigation plan. They will pay out for cyber forensics to determine the origin of a breach or other cyber attack. There is compensation for lost production in many policies. They protect your business during a lawsuit when your company causes damage to other parties whom with you conduct business.
An example of this is the HVAC company that accidentally spread the malware that resulted in the Target breach. If they did not carry cyber liability coverage, they are likely out of business.
Even if you do carry cyber liability insurance, did you know that a claim could be denied if you have neglected your network security? When you got your policy, you were required to complete an application that provided detailed information about network security. If those answers are not accurate or have changed since you got your policy your claims could be denied.
Our assessments will reveal areas that need attention in terms of security on your business network. We can also compare the answers you gave on your cyber liability insurance application to the current status of your network security stance. That sort of due diligence on your part will be beneficial to an underwriter if you ever do file a claim.
We also offer compliance testing for businesses who must meet specific network security standards like HIPAA, NIST, ISO 27001, GDPR and others. Your business may not have to meet these standards, but you likely have clients that do.
More and more small businesses are being asked by their vendors to provide detailed information about the network security systems they have in place. Many large companies will sever ties or not conduct business initially with vendors who do not meet their standards for network security..
If you would like to learn more or to schedule an assessment for your business, please contact us.