How Cyber Security and Privacy have impacted the Errors and Omissions market and what can companies do to protect their networks and client data?

How Cyber Security and Privacy have impacted the Errors and Omissions market and what can companies do to protect their networks and client data?

Hacks, breaches, stolen data, trade secrets hi-jacked, privacy violated, ransom demands made; how can you protect your data or your clients' data in the modern age? Since 1995, the digital age has created a host of new challenges for every type of company, not just the technology world. Your web presence can be a minefield for you and your clients. Do you have sensitive client data on your systems? Do you have sensitive employee data on your systems? Do you allow clients to access your systems? What controls are in place internally for employee access to client data or your own corporate trade secrets? How Secure Is Your Network? The list of questions goes on and on.

The first step to ensure your network is safe and compliant: develop a plan around network security through your own internal IT departments or with the help of an external technology firm. The plan should include disaster recovery, policies and procedures for employees (both internal and external if they work with/or on client systems), a regulatory compliance assessment, copyright and trademark infringement assessment of the web based activities and a full security threats analysis. A breach of network systems depending on your industry can range from annoying and time consuming to costly and devastating.

Even with a diligent network strategy you can still find yourself at the mercy of an attack. A properly designed Errors and Omissions Liability policy can mean the difference between shutting the doors or survival. Errors and Omissions Liability has come a long way in ten years. Once a simple policy for software and hardware developers the policies have morphed to take on the Cyber Liability risks that all companies face. The policies now include: Media Liability covering copyright and trademark infringement; Network Security Liability covering hacks, breaches and ransom demands; Privacy Liability covering the costs of regulatory investigations and client credit monitoring after personal information has been compromise; and finally first part coverage for acts committed by your own employees and not just from the outside world.

The list of actions items to secure your networks is long and needs professional guidance from IT, Legal and Insurance professionals. Make sure you incorporate a strategy and plan that includes these elements and you will be ready to handle that lost or stolen lap top with client data; that disgruntled employee who tampers with your systems; or those hackers out there who like to create havoc just to show everyone they can.

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