Protecting Your Business from Cyber Risks: Beyond Cyber Liability Insurance

Cyber risks are more than just cyber attacks—they encompass a wide range of potential liabilities that could affect your business. While cyber liability insurance is a crucial safety net, many businesses overlook other critical factors like supply chain security, employee training, and regular system testing. Without these, even the best insurance policy won't fully protect you.

For instance, contractors have faced settlements after failing to maintain basic security measures, and suppliers can be a hidden risk. If one of your suppliers gets hit by a ransomware attack, it could stop your production or service delivery, and you could be held liable if you're unable to meet your contract obligations. This is why it's essential to ensure your suppliers are also covered by cyber insurance and are actively working to protect themselves from hackers.

While it's impossible to prevent every attack (since hackers are constantly evolving), best practices like regular system testing, monitoring, and employee training can significantly reduce your vulnerability. In addition, just like you would have a fire extinguisher for emergencies, having a cyber attack response plan is just as important.

It's not only about financial losses; cyber attacks can lead to employee attrition and productivity losses as well. It’s crucial to account for all these types of costs and damages when preparing your business for potential cyber threats.

Are you ready for a cyber attack? Having a response plan, the right cyber insurance, and systems in place to minimize damage can save your business in the long run.

At ActualHuman.com, we offer live one-on-one consultations with experts in cybersecurity, insurance, business risk management, and more. Don’t wait for an attack to strike—make sure your business is prepared today.