Complete Story
05/18/2022
Seven Steps to Improve Cybersecurity
Source: Federated Insurance, May 17, 2022
Most businesses have a risk management plan in place to cover general physical risks. But what about electronic ones? No business is immune to cybercrime — do you have the necessary precautions in place to help prevent one wrong click from hurting your business?
The depth and breadth of cybercrime means that any business that is connected to the internet or stores information digitally is at risk. Understanding common types of cybercrime is the first step in protecting your business. Some of these include: card skimming, ransomware, wire fraud, false pretense and conversion, phishing/spoofing, and denial of service.
With so many ways criminals can attack your business, it makes sense to create and implement a cybersecurity risk management plan. Ask yourself: what is in the best interest of the overall well-being and safety of your company’s electronic information? Here are seven potential action items to help bring your cybersecurity risk management plan to life.
- Conduct a risk assessment. What are you trying to protect in terms of products, services, customers, vendors, communication, and information networks?
- Determine at least one way to mitigate the risk of cybercriminals accessing the items identified above.
- Develop and include your company policies and procedures in your risk management plan. These documents outline expected rules of conduct and everyone’s responsibility to practice safe and savvy internet use.
- Communicate your plan and provide cyber security training to employees. Explain how employees can help deter potential theft to help reduce vulnerability to these schemes.
- Monitor the effectiveness of your plan and take any necessary action sooner rather than later.
- Revisit your risk assessment regularly to be sure it is current, accurate, and complies with any new regulations. Consider re-ranking your risks as your company’s organizational controls and systems evolve.
- Conduct regular audits on your information security practices, including employee email phishing tests.
Manufacturers continue to be a top target for hackers. Through GMA’s partnership with the National Association of Manufacturers (NAM), we are now offering an exclusive cyber insurance and risk management product designed specifically for manufacturers and their needs – NAM Cyber Cover.
NAM Cyber Cover proactively helps you avoid large losses due to a cyber incident and reassure industry partners that your company is protected. NAM Cyber Cover combines the expertise of national broker, AHT Insurance, and Underwriter, Coalition, to offer this unique product to our members. NAM Cyber Cover offers a complimentary cyber risk assessment (CRA) based on publicly available data.
Manage Your Risks
- A complimentary Cyber Risk Assessment allows you to see the weaknesses that exist as easy targets for a hacker.
- Patch manager scans your systems for out-of-date software and weaknesses. Immediate alerts are sent when something unusual is found.
- Threat Monitor constantly monitors for new outside risks and notifies you before damage can be done.
Respond Quickly
- Where law enforcement capabilities stop, the NAM Cyber Cover program for manufacturers begins.
- 24 hours a day, 7 days a week, 365 days a year – we’ve got you covered.
Mitigate the Severity
- A training platform and simulated phishing emails help train your employees to avoid mishaps.
- Enlist ethical hackers to find vulnerabilities in your systems with Hacker One Response – taking that burden off your team.
Recover from an Attack
- Recovery is the key to survival of your business after an attack. Let us help you protect and defend your business.
For more information, contact the Association or visit the NAM Cyber Cover website.
