Seven Cyber Security Questions Businesses Need To Ask Themselves
Uploaded on 2020-08-18 in FREE TO VIEW, BUSINESS-Services-IT & Telecoms, BUSINESS-Services-Financial, TECHNOLOGY--Resilience
Britain's National Cyber Security Centre (NCSC) has said, after calls for expert technical advice on the growing cyber insurance market, it made the decision to offer the following questions for senior leaders within organisations. The new guidance highlights seven cyber security questions that businesses should consider before buying insurance.The NCSC has prepared the cyber insurance guidance in consultation with a range of major stakeholders and industry partners.
Businesses are today being urged to consider these seven key security questions as cyber experts roll out a support package to help them with online working during the coronavirus pandemic. COVID-19 has seen many businesses shutter their physical premises and move their operations online, as far as possible. Internet shopping and home working have, almost overnight, become the norm.
This shift in working practices is very likely to have changed the nature and priorities of the IT services and support which your business requires.
The NCSC Urges Businesses To Focus On Answering The Following Seven Questions:
- What existing cyber security defences do you already have in place?
- How do you bring expertise together to assess a policy?
- Do you fully understand the potential impacts of a cyber incident?
- What does the cyber insurance policy cover (or not cover)?
- What cyber security services are included in the policy, and do you need them?
- Does the policy include support during (or after) a cyber security incident?
- What must be in place to claim against (or renew) your cyber insurance policy?
The advice was launched in consultation with major stakeholders and puts the emphasis on companies to think about insurance and risk management strategies. “Businesses rightly want to be as informed as possible before they invest, but when it comes to cyber insurance there simply hasn’t been enough information up to now,” said Sarah Lyons, NCSC deputy director for economy and society engagement....Cyber insurance may not be right for everyone and it can never replace basic good security practice, but I would urge businesses to consider our guidance to help make the decision that’s right for them....Last but not least, this guide helps to clarify that cyber insurance is part of a robust cybersecurity resilient strategy and not the only solution to the evolving risk and exposure,” Lyons said.
These questions are intended to help organisations gain a better understanding of the following key areas of corporate security:
- Actions needed from the risk management point of view prior to transferring the risk to insurers
- What to expect during the insurance purchase process
- Who needs to be involved from the company side; ultimately cyber is an enterprise risk
- The Role of the insurance broker or agent
- Overall information needed by insurers to be able to assess the risk
The NSCS guidance has been welcomed by the British Insurance Brokers’ Association on the basis that, since nearly half of UK firms have reported a cyber attack over the last year, insurance brokers will be in a better position to provide support and advice to firms looking for cover.
Furthermore, businesses will benefit from reducing the impact of disruption caused by a cyber attack. Having insurance can help businesses with recovery if they fall victim to a cyber-attack by reducing disruption to operations and providing financial protection.
While insurance cover can't prevent a breach happening so it is vital for organisations to ensure they have fundamental cyber security defences in place, such as those assessed by the NCSC Cyber Essentials. Having NCSC certification may in some cases even help with getting a discount on cyber insurance, as insurers know you have implemented basic protections.
For advice about carrying out an effective Cyber Security Audit please contact Cyber Security Intelligence.
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