As with so many other risks, the best way to manage cyber risks like data breaches is to reduce the risk and exposure as much as possible. Reducing the risk protects a business and its customers and clients from having their data compromised while reducing the exposure protects a business from the consequences of data breaches
Reducing exposure is best accomplished by purchasing cyber liability insurance. Reducing the risk is best accomplished by implementing the security measures that best suit the business and the type of data being held. Unfortunately, there isn’t a global standard or a solution that suits all organisations.
Regardless of which security measures are chosen, it’s vital that security products and services be continuously monitored and kept up to date. Businesses must also take steps to ensure basic cyber safety practices are implemented. This includes measures like good password practices and employing data encryption where relevant. This won’t create a foolproof system that eliminates the risk of a data breach occurring but it will significantly reduce the risk.
In addition to implementing practices and procedures that prevent data breaches, a good data breach risk management strategy will include guidelines that should be followed in the event a breach does occur. Such guidelines should specify whether IT, PR, legal etc. professionals need to be engaged and should also cover protocols for:
Managing cyber risks like data breaches requires an integrated approach designed to:
This content is brought to you by Chubb Insurance Malaysia Berhad, Registration No. 197001000564 (9827-A) (“Chubb”) as a convenience to readers and is not intended to constitute advice or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/my, through your broker or by contacting any of the Chubb offices or Chubb agents. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of this content. It is the responsibility of the reader to evaluate the quality and accuracy of material herein.
© 2022 Chubb. Not all coverages available in all jurisdictions. Chubb® and its respective logos, and Chubb. Insured.SM are protected trademarks of Chubb.