How to Shut the Door on Cyber Liability Risk

When a cyber security breach occurs at a company, it is almost always the result of negligent behavior. However, this behavior is not always malicious or even on purpose. Often times, employees lack the necessary training and understanding of cyber security best practices. Below are several methods businesses can use to reduce their cyber liability risk.

Training and Retraining

Employees are prone to human error, but this does not mean businesses have no means to temper it. By holding onboard training and regular training for the tenure of their employment, businesses can improve their employees’ cyber security expertise. Many businesses believe onboard cyber security training is enough, but the evidence proves otherwise. Skills become rusty without use so it behooves businesses to ensure their employees retrain to retain their cyber security knowledge. This does not mean holding one annual training. It means conducting cyber drills and training on a regular basis—at least quarterly—to keep employees on the top of their cyber security game.

Establish a Baseline and Improve

Businesses often promote employees because they are good at their current job—not because they will do well in the next tier of responsibility. This results in promoting individuals to the point of incompetence, which is known as the Peter Principle. When this happens in departments dealing with cyber security or sensitive data, the potential for a cyber catastrophe skyrockets. Combating this problem can present uncomfortable challenges, but it is a crucial step to reducing cyber liability.

This does not necessarily mean demoting or replacing certain staff. Instead, businesses can schedule immediate training and certification courses to get their employees up to speed. While staff may balk at the notion, it is important to note no individual will place their trust in an unqualified professional. Just as individuals will not hire lawyers without a valid license to practice, they will not want to work with a business that employs uncertified cyber security specialists. Even if employees do not work in cyber security, it benefits a business to ensure they have all certifications relevant to their position.

Cybersecurity Insurance

Reducing the human error factor goes a long way toward eliminating cyber risks. However, with ever-increasing security technology comes bigger cyber threats and attacks. It is not always possible to prevent a breach from happening despite a business’ best efforts. That is why investing in cyber liability insurance is crucial. In the event that proactive cyber security measures fail, insurance can pick up the slack and save a business from financial ruin. The Reilly Group is committed to helping businesses assess their cyber risk and determine which policy best suits their needs. To discuss your cyber risk and coverage options, contact us today.

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