As 2016 winds down, it’s a perfect time for companies to take some simple steps to strengthen their cybersecurity defenses for 2017. The Plexus Groupe LLC, a growing national insurance brokerage offering expertise in cyber risk management, suggests these year-end cyber-safety tips:
Review your employee cybersecurity education and communication. Accidents happen — and cyber breaches can be the end result. Case-in-point: In risk assessment firm NetDiligence’s 2016 Cyber Claims Study, a little less than a quarter of the 176 data breaches reported that led to an insurance claim resulted from unintentional mistakes by employees.
Make sure that antivirus software is up-to-date. About 20 percent of the claims in the 2016 Cyber Claims Study stemmed from a virus or malware, with the median cost of such an attack around $100,000.
Start putting together a cyber readiness plan. Should a cyber breach occur, how will your company begin to minimize the damage to your business and reputation? Sketching out a blueprint or even a simple outline now could save valuable time later.
Consider cyber liability insurance. Cyber coverage can help companies cope with the costs and obligations resulting from an attack, including legal fees, customer notification and reputation management. Breaches can be very expensive; in the NetDiligence, the median breach cost was $60,000.
The Plexus Groupe can help firms get a handle on cyber risk mitigation, including securing the appropriate insurance. Interested in exploring cyber coverage? Check out our Cyber Liability Indication Request, a short, Web-based form that can get the process started. For even more information, contact a Plexus property and casualty client executive at 847-307-6100, or reach out to us via the Web.
ABOUT PLEXUS The Plexus Groupe is an insurance brokerage and risk management consulting firm with expertise in employee benefits, property and casualty, retirement plans, human resources administration/consulting, technology, personal lines and mergers and acquisitions. Plexus is a member of TechAssure, a select group of insurance brokers dedicated to developing risk management programs for firms with technology exposures.
In each of the last seven years, Plexus has garnered Best Places to Work in Insurance honors from Business Insurance magazine. Also, The Plexus Groupe was named a Best Practices Agency for 2016 by Reagan Consulting and the Independent Insurance Agents and Brokers of America, Inc. Headquartered in Deer Park, Ill., Plexus also has offices in Chicago (Loop), Dallas and Oklahoma City.
For more information on The Plexus Groupe, please contact the firm at 847-307-6100, or visit plexusgroupe.com.