Do You Have Cyber Insurance? Canada 150 Recommendation #113

Friday’s= Computer Security

With all the attention on cyber security these days — the question comes up about mitigating your cyber risks.

Classic risk management suggests that you take all steps to mitigate any risks that you face. When you don’t think you have fully mitigated a risk you consider transferring the risk. This is done with insurance. You should contact your insurer and ask if you have coverage if you are hacked, if you suffer a ransomware attack or if your data is contaminated some other way. If you don’t have this insurance then you should get a quote.

If you do consider the insurance, make sure that you have coverage that will provide you with enough funding that you can rebuild your data if you are attacked.

You will want to figure out how long it would take you to fix your systems and how much that would cost. If you are going to fully transfer this risk to insurance you need to get enough coverage.

 

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