As businesses embrace working from home (WFH) like never before, IT departments now grapple with workforces utilising unsecured home networks, and unencrypted devices. Accordingly, cyber risks to businesses are at unparalleled levels, but are potential breaches covered by existing cyber insurance policies, and how can risks be minimised?
Generally speaking, the vast majority of businesses who have already enhanced their IT risk management through cyber insurance can rest assured knowing a breach to an employee’s work device would be covered – subject to relevant terms and conditions. With this said, we always recommend checking the semantics of your cyber insurance policy; being sure to look out for wording similar to the following:
Example policy definition:
Covered Computer System means a Computer System: leased, owned, or operated by you;
You means: A. partner, officer, director, employee of the Insured Organisation while acting on the Insured Organisation’s behalf or at the Insured Organisation’s direction and control;
Computer System means computer hardware, software, firmware, and the data stored thereon, as well as associated mobile devices, input and output devices, data storage devices, networking equipment and storage area network or other electronic data backup facilities.
What else can businesses do to protect themselves?
If your business has transitioned to remote working, be sure to notify your cyber insurer as swiftly as possible, even if you’re confident in the cover you have in place. We always recommend triple checking, and maintaining an open, regular communication rhythm with your insurer through such a time.
For further tips on how to improve cyber security and avoid email scams, be sure to read the following article assembled by Dominic Brettell, Head of Client Service NSW (Corporate Insurance & Risk Solutions) at Honan.
We’re with you all the way
For further insights and advice, visit the Cyber Insurance hub on the Honan website, or feel free to contact Dan McCallum from our team directly.
Dan McCallum – Client Manager (Technology Practice Leader)
+61 499 799 131