Cyber Risk in Our New World

Contacts

Business Insurance Client Executive
+1 401 243 1767
October 14, 2020

As if grappling with unprecedented times, a world health crisis, and unsettling events isn’t enough -- organizations have yet another concern; increased cyber risk. While organizations continue to pivot operations and adapt new technologies, so do cyber criminals. Here are some steps you can take to resiliency: 

  • Lead with privacy and security as your top priorities.  A proactive approach to evaluating your risk and understanding your exposures will dramatically improve recovery and resiliency when dealing with a cyber incident. 

  • Understand your exposure and amplify your due diligence process as your organization embraces new platforms and partnerships, and revisits existing partner agreements. Measure your partners and supply-chain based on their privacy and security policies and onus of responsibility. Be sure your partners value privacy and security as you do. Don’t be afraid to dissolve a long-standing relationship because your security goals do not align. Engage partners to assist in reviewing and enacting security requirements that are aligned with your organizations specific privacy and security goals.

  • Employ recommended frameworks and best practices to identify and implement network and system safeguards. You have the ability to decrease the impacts of a cyber-incident, for example, by securing access to only those authorized, require multi-factor authentication, encrypt sensitive data, provide training, back-up regularly and apply required updates. Organizations that implement a cyber risk strategy strengthen their posture and readiness to respond and recover from a cyber incident. 

  • Awareness and training is essential, continually reiterate the risks and importance of cybersecurity and each employees’ responsibility to protect the organization and minimize the threats. Update employee use policies to include the work from home environment. Always foster an open culture of reporting possible threats to enable employees and partners to feel comfortable in informing the appropriate parties that an incident may have occurred, as quickly as possible. 

Cyber incidents are complex and may be difficult to understand and navigate unless you have fallen victim. Keep your organization from suffering a significant financial and reputational loss and improve your cyber posture by having a cyber-risk strategy in place. 

At Marsh & McLennan Agency (MMA) we have the expertise and resources to improve your organization’s cyber posture and to insure exposures. By working with MMA, we will help you assess your risk, determine a cyber policy that is best for your organization, and work together to protect your enterprise today, and in the future. Contact your local MMA representative today for more information.