Five tips to minimise your cyber risk exposures

Businesses have become more reliant on technology to operate but it is still people and our desire to trade that creates the exposures. Yesterday’s risks now manifest themselves very differently in today’s digitally connected world.

Sounds obvious but maintaining up-to-date operating systems and installing the patches does help. Using automated software can assist managing the patch cycle, but a regimented process certainly helps maintain operating system integrity.

An organisation with a clear, concise and tested IRP will be able take fast action to contain a breach and minimise the financial damage to an organisation. They are more likely to have a better response to legal requirements and potential costly fines.

Network and Data Security is an enterprise wide risk and not a risk that can be managed within the silo of the IT department. A CISO (or equivalent) should be responsible for data protection and have centralised responsibility for data management.

The CISO should lead and coordinate an enterprise’s response (General Counsel, Risk Management, PR/Marketing, Executive Management) to a cyber-attack. This person should be listed in the IRP.

With technologically empowered employees all accessing the network via a raft of mobile devices (smart phones, tablets etc.), a data/privacy breach can occur from simply losing a mobile device. Ensuring the devices are encrypted means that even if a device is lost or stolen, the data cannot be used which will mitigate the potential exposure.

A current and enforced network security policy should outline the organisational rules for appropriate use of an organisation’s computer resources, including enforcement procedures.

The policy among other things should discuss strong password protocols, website access and usage restrictions, as well as appropriate email usage.

Taking stock and knowing your company’s risk exposures is the first step towards improving cyber resilience. With cyber security vulnerabilities everywhere, knowing how you can improve your company’s defences and how to deal with the aftermath of an attack is more important than ever.

Read more about how Chubb can assist you in the preparation for and assistance after a cyber incident, or contact us to find out more.