The more aware of cyber threats companies become, the easier it is for them to take steps to protect themselves. This trend is helping more organizations increase their general professional liability protection in terms of online crimes and data breaches. However, there’s a whole wealth of risks that companies need to be prepared for, and these issues can change depending on the type of industry in which a company practices.
Awareness remains one of the best tools in the battle against these attacks. As a recent Ponemon study showed, simply having an idea of what to defend against can be a major step in the right direction.
The Ponemon report stated that increased professional liability services in the enterprise environment has a correlation with how effective corporate approach to data breaches is. In order to achieve this kind of outcome though, it’s best for businesses to first be aware of their prime suspects.
Unfortunately for many firms, the biggest offenders are actually right within their midst. Insider attacks are just as common as external threats, making it necessary to increase security and oversight over every facet of enterprise operations. What’s more, even if a firm is always on the lookout for an attack, they could have been infected before these protocols were put in place. That means ongoing probes or Trojans could wreak havoc in a company that feels it’s adequately protected.
One of the things that experts told the Ponemon researchers is that they feel there needs to be more attention and investment in cyber safety and professional liability services. Right now, there’s about $7 million being invested annually, but that figure should be closer to $14 million. Considering how costly an attack can be for a firm, it makes sense to spend more stopping these situations from taking place.
It’s not just about spending more money though, as Mondaq explained. Companies need to take their understanding of common threats and potential dangers and apply it to a working plan to stop these threats.
First of all, companies need to be certain that their general professional liability solutions are in line with how companies actually want their businesses to function. Not all companies use the same tools, be they invested in cloud computing, virtualization, server migration, data consolidation or mobile solutions. Custom enterprise infrastructure requires a personalized protection system that matches the way firms will interact with content.
Next, it’s important to remember that not all attacks will originate within the organization, but those that do require additional oversight. General professional liability may not cover breaches that originate on employee-owned smartphones or laptops. Whether these attacks are intentional or not doesn’t matter. What’s more, if such a device is lost, it could provide an easy access point for a malicious third party. Even in these situations, there need to be provisions in place to protect corporate interests.
Most of all, when an attack happens, it’s important to act as quickly as possible. Both private businesses and the professional liability providers that serve them should realize that timeliness is the best defense if an issue should arise.
Seeing the need
It’s not just about safeguarding internal content, as JD Supra detailed. There has to be accountability and responsibility toward employees and consumers as well. After all, while continuity may the biggest priority for companies, it’s the people on payroll or the shoppers in the store whose personally identifiable data may be at risk. Taking that into account, it’s even more important for organizations to acquire liability protection and uphold security operations at all times.