In the workplace, there’s a growing trend towards telecommuting, with more and more people working from home on a part-time or full-time basis. While the freedom and flexibility are hard to beat, working from home also exposes you to risks that you wouldn’t face in a traditional working environment. To help home-based workers protect themselves, insurance companies have devised a new family of products known as cyber insurance coverage.
Cyber insurance coverage is also known as “CPM,” an acronym for the three main types of threats it protects you from: cyber security, privacy and media risks. CPM cyber insurance coverage offers a wide range of essential protections that help you avoid business interruptions, mitigate risks and safeguard your assets and personal information.
How Cyber Insurance Protects You
CPM policies are typically modular, meaning that the policy holder has many ways to customize protections to suit their specific needs. With that in mind, here are the many different types of protection cyber insurance coverage provides:
- Cyber and privacy liability protection
- Costs and liabilities associated with first-party and third-party privacy breaches
- Protection from phishing scams, hacking, online extortion and identity theft
- Revenue and loss protection for incidents caused by cyber security breaches and DDoS attacks
- Protection for data stored in the cloud
- Protection for intellectual property rights infringements
- Coverage for investigations, regulatory and compliance actions, errors and omissions, court costs and crisis communication costs
Cyber security experts stress that no system is entirely impervious to risk, and that cyber crime can target anyone, anywhere, at any time. If you have significant digital assets, or if you depend on the Internet for your livelihood, carrying cyber insurance coverage isn’t just smart — it’s a necessity.
Ways to Protect Yourself
Of course, prevention is the best way to protect yourself from the many possible consequences of cyber attacks. You can reduce your risks by paying careful attention to best practices for online safety when it comes to your commercial activities.
First, create a cyber security plan that is unique to your business or online activity. Don’t simply react to high-profile security breaches that make the news; instead, focus on developing a plan that protects your assets and your interests in the most effective possible way. Insurance brokers are great resources of information if you need help assessing your specific risks.
Next, keep all passwords safe, and make sure that only authorized, necessary personnel have access to them. Change your passwords often, and avoid combinations that are easy to guess. Experts recommend using a combination of letters, numbers and special characters, and keeping passwords recorded on paper (not stored online) to make sure you always have backup access.
BYOD (“bring your own device”) policies have sprouted up in workplaces all over the world, but if employees are using their personal smartphones and mobile devices for work, they need to be integrated into the business’s security plan. This integration is best left to an IT professional with extensive training and expertise in cyber security.
Always use social media responsibly, and avoid publicly posting sensitive or proprietary information. If you’re using cloud-based storage and application services, make sure your cloud provider has a comprehensive, up-to-date, effective security policy in place. Get the details of this security policy before you sign up, and have it reviewed by a knowledgeable third party if you have any questions or concerns.
Finally, make sure you have antivirus software installed on all computers you use for work, and ensure that it is up to date. Avoid replying to emails from unknown people, and never click on unexpected or unusual links in email messages, even if you know the sender. As a general rule of thumb, you should also keep as little personal information as possible on the Internet.
Get Your Cyber Insurance Coverage Quote from Lane’s Insurance
Lane’s Insurance is pleased to offer cyber insurance coverage to telecommuters and owners of home-based businesses with a strong focus on online activities. Our knowledgeable, friendly brokers will be happy to explain the features of available policies, and can help you choose the coverage plan that best protects your need without including unnecessary extras.
To learn more, please contact Lane’s Insurance today.
