Appropriate Risk Management Prevents Cyber Exposure
A common threat to businesses, law firms, and other industries is break-ins to databases that store valuable and confidential personal information. Cyber exposure is the term used to describe what happens when a business inadvertently allows data to be exposed to people who do not have permission to view it. Professional liability insurance, also known as errors and omissions, protects a firm if such an event were to happen.
Adding Risk Management to the Equation
Reputable businesses do not want their clients’ data stolen or otherwise illegally obtained. An additional level of protection to insurance is expert risk management procedures. The following are examples of how an insurance company can save hundreds of thousands of dollars by preventing cyber exposure fallout:
- Accurately identify the most important data so it can be protected adequately
- Consider potential threats to the data and any vulnerabilities in the current security system
- Make a worst-case-scenario plan in the event that all other efforts to protect the data fail
Although it may seem like a bad idea to plan for the worst, it is actually extremely important. Some threats cannot be protected against because they might not yet exist. Planning for the worst can save a firm’s reputation and help get back to doing business as usual faster and with fewer losses. Speak with a professional liability insurance agent to consider the right policy and risk management solutions for your valuable digital resources.