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Why It’s Important To Have a Robust Cyber Policy

December 1, 2021
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Business, technology, internet and networking concept. Young businesswoman working on his laptop in the office, select the icon security on the virtual display.

It seems as if cyber security warnings are everywhere: We’re constantly asked to update security patches for our phones, our computers, just about every link we have with the outside world.

Oswald Companies’ Lacy Rex, vice president, cyber strategic leader, reminds us that liability incidents involving cyber attacks have been increasing the last few years, with a 73 percent loss ratio in 2020. Remember the attack on the Colonial Pipeline that shut down fuel supplies? More recently, Sinclair-owned television stations across the country struggled to stay on the air as they dealt with a cyber attack.

With more of our employees working from home, the firewalls to prevent such attacks may not be as secure in the living room as they are at the office desk. Rex tells us cyber insurance carriers are taking note of the increase in attacks, with premiums increasing approximately 60 percent to more than 100 percent because of claims.

How to prevent a cyber attack from disrupting your workspace? Experts say have regular reminders with employees on how to watch for phishing scams, malicious links and other methods to get access to the company’s information. Many schools and corporations now go to a two-step authentication, which includes your login, then perhaps a code or push notification sent to your phone.

A cyber attack can cost millions of dollars, and not taking the appropriate precautions to prevent such an attack can leave your company holding the bill. Review your cyber policy and your insurance coverage to make sure you’re prepared for anything.

View our latest on-demand webinar, “Business Planning and Budgeting for your Cybersecurity Investment.”

For your personal life, check out our blog, “Six Tips to Help You After a Cyber Incident.”


To learn more, contact:

Christopher Owens
Property & Casualty Risk Advisor
513.419.6206
cowens@tayloroswald.com

 

Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Taylor Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.