Don’t Be Cyber Scared; Be Cyber Smart

Friday, January 21, 2022
Written By
Zywave

Cyber criminals and their tactics are becoming smarter, more sophisticated and scarier than ever before. Have no fear. Our Cyber Survival Guide is here! Check out this guide for an easy-to-understand overview of cyber terms, risks, trends and solutions. We’d like to share with you a few insights and topics from the guide to get you started.

Cyber Situation

Every day, you see the headlines: New ransomware attack on top hospital. Data breach at a leading big-box retailer. The list goes on. The risks, the costs, and the losses are mounting up. What can you do? Get smart. Brokerages must become educated, since they play a dual role when it comes to cyber: protecting their own brokerage and employees as well as offering resources, advice, and solutions to clients. It’s time to get familiar with the lingo, risks, options, prevention, and solutions regarding cyber security.

Cyber Risks

Cyber risk is a business risk, not just an IT inconvenience. Every brokerage needs to ask themselves critical questions to determine the potential impact of a cyber incident. What information, if breached, would cause damage to employees and clients? What proprietary information would be in jeopardy? What would ruin your operations?

Conducting a cyber risk assessment is a solid step heading in the direction of protection and prevention. This can include everything from creating and inventory of assets – both physical and digital – to determining if your cyber practices are up to industry standards. You’ll want to take a deep look at your current training, policies, procedures, crisis plans, recovery options, and more.

Here are some of the top cyber risks you will be up against:

  • Malware
  • Ransomware
  • Phishing
  • Password Guessing Attack
  • DDoS Attack

Cyber Preparedness

Good cyber security requires work and commitment from multiple parties. There are tasks that need to be carried out at a brokerage level and tasks that need the cooperation of individuals. An effective blend of people, process, and technology practices provide your best prevention odds.

  • People practices include establishing and following strong passwords, keeping screens clear when not in use, and embracing a cyber-secure culture.
  • Process practices include conducting regular cyber assessments, instituting workplace policies, securing cyber insurance coverage, developing a training plan, and creating an incident response plan.
  • Technology practices include implementing safeguards such as single-sign on (SSO), multi-factor authentication and anti-virus software, as well as installing regular updates and having a solid backup plan for data.

Cyber Solutions

Even with diligent cyber security prevention policies, procedures, tactics, and initiatives, there are times you may need more support. More support for your brokerage or guidance and resources for you to provide your clients. Here are a few cyber tools and options that can help:

  • Cyber security insurance – Conventional commercial general liability and property insurance policies typically don’t include cyber risks in their coverage. If you need help quantifying your cyber risk or your clients’ cyber risk consider using a tool like Zywave’s Cyber OverVue. This product allows businesses to understand their cyber risk, what areas are vulnerable to attack, and what the impact could be on their organisation.
  • Cyber content – Elevate your brand and build your reputation by delivering high-quality, trusted cyber content to your clients and prospects. Zywave’s Broker Briefcase can help.

Cyber Truth

You will never be 100 percent cyber secure. What you can be is be cyber smart. This blog post is just a sampling of what you will find in our Cyber Survival Guide. It’s a helpful primer that can get you up to speed on the cyber space and what’s ahead. Download your free copy today!

 

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