Best Practices for Cyber Insurance Alberta

Cybersecurity is crucial for businesses of all types and sizes. As you depend more and more on digital technology, you are increasingly vulnerable to hacking attempts and other such cybercrimes.

One effective way to mitigate these risks is to get cyber insurance Alberta. Apart from that, you can also improve your company’s cybersecurity using these best practices:

Choose Strong Passwords
Create a password policy that everyone in the organization should implement. This policy should include the best password practices, when to change passwords, etc. Besides, restricting administrative access to a select few individuals is more secure.

Typically, you should change passwords every few months, and a strong password should be 8 characters or more and have at least one symbol and one number. The use of both lowercase and uppercase letters is advisable.

Security and Updates
The devices used for your business, like computers, laptops, tablets, company phones, etc., should be secure. Since you store and handle sensitive information on these devices, they enhance security both virtually and in person.

Ask your employees not to leave their systems unattended or set an automatic lock screen. Make two-factor authentication and the use of VPN (Virtual Private Network) compulsory for remote workers. You can also prevent cyberattacks by regularly updating the firewalls, operating systems, and anti-virus software.

Usage Policies
Employees, partners, executives, board members, consultants, and stakeholders should abide by the usage policy of your business. Things included can be how not to leave sensitive information on the desk and other acceptable and unacceptable workplace behaviours.

It should be clearly worded and transparent so that everyone can understand the ways to prevent cyberattacks. When someone violates it, they will face the disciplinary actions mentioned in the policy, which are binding.

Risk Assessments and Response Plans
Sometimes, no matter the strict procedures followed, incidents can happen that impact the business. In such times, cyber insurance Alberta can help you recover the damages. However, you cannot ignore the warning signs or triggers.

By assessing the foreseeable risks, you can gauge the damage potential and prepare for critical times. The cyberattack response plan should include alerting the stakeholders and clients about the incident, contacting the police and your insurer. The sooner you can get started on the claims process, the faster you can get back to normal.

Employee Training
Even though handling the after-effects of cybercrimes is the responsibility of your IT department, other teams should also have ample knowledge. They can gain an understanding with proper education, which can happen with periodic training sessions.

Cyber attacks are evolving, and the training should focus on how to recognize common attacks like data breaches, phishing scams, viruses, etc. Teach the staff ways to respond after an attempted online threat and how to prevent human or technology errors. Make sure everyone backs up the data on secure devices or cloud services.

Cyber Insurance Alberta
When you have cyber liability insurance, you can rest assured that your business can bounce back quickly and avoid huge financial disasters. Cyber insurance Alberta can help with costs associated with IT forensics, cyber extortion, system repairs, business interruption, corruption of data, etc.

You may also face lawsuits for violating customers’ confidential information in a privacy breach. A cyber insurance policy will also cover the legal fees, compensation awarded to the victims, and PR professional expenses to improve your reputation. Contact our expert today to assess your needs and policy liability insurance coverage.

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