3 Things to Consider in Your Cyber Risk Management Strategy

3 Things to Consider in Your Cyber Risk Management Strategy

As more and more businesses operate over the internet, cyber security has become paramount. When applying for insurance, business owners must complete a cyber security questionnaire to see how their company is managing these risks. Consider these three things when creating your cyber risk management strategy.

Regulatory Laws

As seen on https://www.usrisk.com, there is more than one regulatory law businesses must follow to secure confidential information. Depending on your industry, you may have to follow HIPAA guidelines, the HITECH Act, Sarbanes-Oxley, FACTS/Red Flags Rules, Payment Card Industry, Graham-Leach-Billey Act and state and federal privacy and notification laws.

Cyber Hygiene

Not many people consider hygiene as part of cyber security, but they should. While cyber hygiene is not about germs, it is about securing the company’s cyber infrastructure against unwanted attacks. Promoting the health of the environment is paramount to reducing risks.

Information Handling

Consider who needs to have access to what information. Keep the entire staff aware of the potential risks associated with that information, so they can work together to mitigate those risks. Teamwork is essential to handling risks as they escalate.

The cyber security questionnaire is a great place to start planning your cyber risk management strategy. An effective strategy can help keep personal information confidential and reduce the chance of a data breach.