Cyber Insurance for Remote Work: Addressing New Security Challenges
Despite the fact that more and more companies are returning to the office, millions of workers across the U.S. work at least partially remotely. Remote work comes with a range of benefits, but it also exposes workers to new risks, including cybersecurity breaches.
Having cyber liability coverage is more important than ever for remote workers, whether you work in a sensitive industry or simply house company data digitally. Here’s how a cyber insurance policy from Gilsbar can address security challenges and provide peace of mind for remote employees. Request an insurance quote today to learn more.
What You Need To Know About Cyber Insurance for Remote Work
Cybercriminals are becoming smarter by the day, discovering new ways to access and steal sensitive data and hold it for ransom. Many cybercriminals specifically target companies that operate remotely because they know their data will be more vulnerable than a fully in-person organization.
Understanding the risks you face as a remote company, implementing cybersecurity measures, and purchasing a comprehensive cyber insurance policy can help you stay safe in this digital age.
Cybersecurity Challenges for Remote Workers
Many offices implement strict cybersecurity protocols to protect their networks from unauthorized users. However, at-home workers usually do not have the same level of protection.
Remote workers often access company data on their home networks using their own Wi-Fi. This makes their company information much more vulnerable to data breaches and cyberattacks.
Many employees who work from home also use several devices, such as desktop computers, laptops, and mobile phones. They may also connect to public Wi-Fi networks when working from coffee shops or other locations. The more devices and networks accessing a company’s information, the greater the risk of that data becoming vulnerable to hackers.
Additionally, emails and digital messaging platforms are often the targets of phishing attacks, and remote workers often rely on these methods to communicate with coworkers. Falling prey to phishing emails is one of the most common causes of data breaches.
How Cyber Insurance Protects Remote Workers
While remote workers experience a greater risk of data vulnerability, a cyber insurance policy can minimize the threat of cyberattacks on a company’s resources. These policies protect businesses against the financial costs associated with cyber incidents.
Even companies with the strictest data protection measures still experience breaches and other attacks from time to time. Having cyber insurance in place means these incidents won’t significantly affect the company’s revenue or profitability. They can bridge revenue gaps and pay for the necessary resources to recover from the incident.
Coverage To Look For in a Cyber Insurance Policy
Before you purchase cyber insurance, conduct a risk assessment to determine your vulnerability to cyberattacks and data breaches. This will help you understand the necessary coverage. You may want to look for all of the following in a cyber insurance policy:
- Business interruption coverage: This covers the lost revenue that often occurs when businesses experience cyberattacks. If you need to pause operations while you sort out the data breach, business interruption coverage can fill in the gaps.
- First- and third-party coverage: The best cyber liability policies cover your organization’s expenses as well as lawsuits or claims that arise asserted by third parties after the breach.
- Affordable premium rates: Your policy should balance adequate coverage with premiums your business can sustainably afford. Typically, the greater your coverage, the higher your premiums.
- Incident response services: Some cyber insurance policies even include services to help your business recover from cyberattacks. You might be able to consult with IT specialists or even legal professionals using the coverage provided by your insurer.
Explore Cyber Insurance Policies Through Gilsbar
The right cyber insurance policy can mitigate the risk of cyberattacks and breaches on remote companies. At Gilsbar, we match business owners with the right-sized insurance for their needs, budgets, and risk levels. Contact us today for an insurance quote, or talk to our specialists about improving cybersecurity with liability insurance.