Cybersecurity is not just the responsibility of your IT team, but a business-wide risk management issue.
Corporate and public company boards also play a crucial role in managing cyber risk by overseeing any systems, processes, controls and risk mitigation strategies regarding the company's cybersecurity.
What are some questions Board Directors should ask management about preparing for a cyber attack?1
- What critical assets does the business have and where are they kept?
- How easily can the assets be accessed and who has access to them?
- What types of protection to we have in place to keep these assets secure?
- What Cyber Response Plan has been put in place to manage any risks should a cyber attack occur?
- In the unfortunate event of a cyber attack, are there any reporting obligations?
- Do we have any plans in place for the management of a cyber attack? For example, do we associate with the appropriate third-party experts providers to assist at short notice?
What are some factors Boards should consider when looking into Cyber Insurance?2
- Has the business done a thorough risk assessment to understand the specific cyber risks we need to insure?
- Has the business confirmed that their cyber insurance policy provides the required cover for these cyber risks?
- Does the business have risk mitigation strategies in place should a cyber incident occur? Insurance companies can often provide discounts for cyber insurance to businesses who implement effective crisis management plans
- Herbert Smith Freehills
- Cyber Security, BDO Australia
How Coverforce can help
Our experienced insurance brokers assess your business' individual cyber insurance needs and come back to you with the best value insurance solution available from our extensive insurer network.
In the event of a claim, we work with the insurer on your behalf to ensure you get the full entitlement due under your cover.
For more information or an obligation free quote, please contact our specialised team at your local Coverforce Office.
Alternatively, you can simply fill out a Quote Form and one of our insurance brokers will get in touch with you within one business day.
