Cyber Crime, Liability Insurance & Cyber Security-SnoopWall & Zon Re

Article Synopsis :

According to the World Bank cyber crime will outpace drug crime reaching  $600B in damages this year. Accordingly the Cyber Liability Insurance market is growing exponentially, forecast to top $5 billion in global premiums by 2018, with over 60 carriers offering standalone coverage.

Cyber criminals increasingly target small- and medium-size businesses for their lack of formal security processes 

SnoopWall and ZonRe in their joint whitepaper, “Cyber Crime, Liability Insurance and Cyber Security” explore cyber crime and  how cyber risk might be reduced by taking a proactive approach to security and regulatory compliance requirements.

A key finding of the report is that Small and Medium-Size Businesses (SMBs) are increasingly targeted with digital attacks in the form of ransomware, hacking, denial of service and insider attacks. SMBs are popular because they’re typically more vulnerable, lacking the security budgets and staffing and overall sophistication of larger enterprises.

Seven Best Practices to help SMBs in particular mitigate cyber risks are as follows:

1. Roll out corporate security policies and make sure all employees understand them.
2. Train employees and retrain employees in key areas such as acceptable use, password polices, defenses against social engineering and phishing attacks.
3. Encrypt all records and confidential data so that it’s more secure from prying eyes.
4. Perform frequent backups and have a re-image process on hand at all times.
5. Test your system re-imaging and latest backups by restoring a system to make sure the backup-restore process works.
6. Better screen employees to reduce the risk of a malicious insider.
7. Defend your network behind your firewall using network access control (NAC). Make sure you can block rogue access and effectively manage the bring-your-own-device (BYOD) dilemma.

Following, documenting and monitoring these Best Practices will not only mitigate cyber risks but also stand as a referenceable ‘proof of implementation’ to protect against onerous regulatory action(s) should a breach occur.

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