It’s no surprise that a lot of insurance policies do not offer cyber liability. Several companies working with third-party subcontractors are usually prepared for different types of risks, but what they often leave out is protection against cyber risks. As much as most companies would like to think that this aspect of their business is covered by their insurance, it’s not. During instances that exclude cyber liability, what are your best options to make sure you’re protected against cyber risks?
Make efforts for your business’ cybersecurity efforts
Your business deserves top quality cybersecurity services just as much as your clients do. And what better way to do this by making the efforts yourself. Establish security between your company and your client by running a security risk assessment before putting pen to paper with the negotiations. Not only does this assessment help you manage security risks, but it also shows the other party that you’re serious about avoiding any security breaches that might get in your way to a lasting partnership.
Take on a separate cyber liability policy
Since your regular certificates of insurance won’t always include cybersecurity policy, it’s important that you go ahead and plan around cybersecurity risks that might intervene with major factors surrounding your business. But not all cybersecurity policies are one and the same. Your cybersecurity policy needs to be one that would fit your needs better in order to provide your clients with the best custom service possible in your industry. Better service will mean better protection against potential threats that can do much damage with your data and documents in their disposal. So planning for cybersecurity policies that are custom fit to your business will be a good step towards achieving that.
Make cybersecurity measures imperative
Cybersecurity risks can be found everything around the internet whether you’re simply browsing a web page or downloading some kind of content. To make this risk less likely, companies must introduce cybersecurity training during the onboarding process. This includes safety measures around the opening and responding to emails, limitations on websites to visit and data to download, the proper online etiquette, and other matters surrounding web safety. Consistent educational training is also a strategy that some data-reliant companies invest on which often involves simulated attacks that can trigger employees to implement their learnings from the training.
Let professionals handle your COI tracking tasks
Every company deals with hundreds and even thousands of COIs annually. It’s impossible to keep track of everything that’s incoming and outgoing. To remedy this situation, a reliable automated COI tracking system needs to be set in place. This type of system can easily help you scan, read, capture, and organize all your COIs so you’ll never have to miss out on deadlines, renewals, missing requirements, or expirations ever again.
Having a feature-rich COI Tracker can certainly increase your cybersecurity needs to a whole new level. With a COI system that you can trust, the possibilities for safe and secure web experiences for all of those involved in the company are endless. The same goes for your COI compliance as it constantly reminds you of requirements, expirations, and different warnings that involve your liabilities. Does COI Tracker seem like something you need? Request a demo with us today to find out!