Most CEOs or CFOs are probably not Cyber Security experts, but are entrusted to ensure the company runs efficiently and profitably. In today’s business IOT world, having a safe and secure network is a large part of keeping the business operational. This includes ensuring that all cyber related risks are minimized as much as the budget will allow. Cyber related issues that threaten the company’s income are scary for sure, but perhaps the most frightening aspect of keeping your network and data secure are the “unknowns” of IT.

Most companies have been forced to quickly implement a remote work solution that suited essential employees or even the entire firm’s staff. This has exposed many companies network to new risks as everyone has a different set up at home. Some are using MACs, some using PCs, some have outdated operating systems and software while others are already infected with viruses or malware. 

Over the last decade, social media has quickly become a prominent way for businesses to advertise, communicate, and educate. On the flip side, it can be a huge risk for those businesses that cannot keep up with the ever changing tools and trends in privacy, security, and marketing. We often see businesses and even public figures falling prey to social engineering scams, ransomware, hacking, and a multitude of other cyber risks. Luckily, with some planning and diligence, mitigating these risks can be quite simple. Below are examples of some threats as well as solutions you can implement now that will help protect your business from some of the most prevalent social media threats.  

The construction industry is changing rapidly and more and more projects are relying on emerging technologies for management and completion. There are now major cyber related concerns regarding “smart” equipment such as cranes and drones and SAAS/IAAS systems used for project planning and management. ‘Connected’ systems utilized by third-parties (general contractors and subcontractors) to share and centralize sensitive data may also expose a project to cyber risks.

Situation

A NY-based organization (acting as tax syndicator) with over 350 properties engaged us to review and modify the lender requirements and to ensure insurance compliance with the requirements from the various parties involved in a deal

Globalization and dependence on the internet for data storage over the past decade has exposed companies to a whole new set of risks. As this trend continues, so too does the risk associated with breaches of domestic or international servers. Massive data breaches happen with alarming frequency. In the past few years, there have been several high profile attacks affecting companies like:

Organizations today must regard cyber breaches not as a possibility, but as an inevitable fact of life. In this environment, it’s crucial to have a cyber liability insurance policy that adequately covers the potential loss and offers payment or reimbursement for response costs. Understanding what’s covered by the policy well before a breach occurs and building that knowledge into your company’s incident response plan is critical.

In several of my most recent “Cyber Tuesday” posts, I’ve discussed the importance of developing a comprehensive cyber risk mitigation strategy which includes IT security measures, well thought out incident response, business continuity documentation and cyber insurance. A recent ransomware event at the University of Calgary shifted the focus to the cyber insurance.