CIOReview | | 9 AUGUST 2023Implementing a complete, effective and efficient cyber risk management plan and contracting a cyber-risk insurance policy are actions that will guarantee the company greater control and security of stored datathe company from future attacks. I mean, cyber risk management demonstrates all vulnerabilities exposed in technological processes, outlining a cyber-risk management plan together with a team integrated with all areas of the company. The risk management plan mitigates attack risks and operating costs, protects the company's assets and revenue, and maintains its reputation in the market.To create a cyber-risk management plan, it is necessary to pay attention to some basic points. These include creating a management team, understanding the current scenario in which the company is inserted, identifying and classifying vulnerabilities, assessing the impacts and severities of these vulnerabilities, create transfer and control plans for these risks, monitoring exposures by creating response plans to these incidents, a crisis committee, and a business continuity plan.And to help in mitigating and transferring these risks, there is cyber insurance today; cyber insurance policies cover both direct loss and liability for a cyber-event. Cyber risk insurance is civil liability insurance that guarantees financial losses arising from a cyber-attack, and may even cover errors and/or internal negligence that may result in the leakage of confidential information.Products sold on the insurance market generally guarantee:Data theft or hijacking;Theft of Hardware carried out by a third party;Violation of the Personal Data policy;Complaint for exposing confidential data or content;Misuse of confidential informationSystem InterruptionModification, deletion, destruction, corruption of stored data;Insurers also offer:Technical Support for Risk Management;Costs for Crisis Management;Defense costs in legal proceedings;Image restoration costs;Extortion ­ Costs of losses suffered by the insured as a result of a security threat;Fines ­ Costs that the insured pays arising from data liability that has been caused by the breach of data security regulations;Network Interruption ­ Operating expenses arising from business interruption caused by data security failure;However, it is necessary to pay close attention to the coverage exclusions for cybernetic exposures of some market products such as:Extortion ­ Kidnapping and Rescue of dataProfessional and Publicity Liability - Personal Injury to EmployeesGeneral Product Liability for Cyber FailureCyber Security Employee FraudCyber threat in remote workMedia ContentNetwork InterruptionThe insurance program should be tailored to your business to protect against the common and unusual impacts that a cyber crisis can cause. Insurers evaluate the information security plans that companies have to accept the risk, if a company does not have a cybersecurity structure, it will possibly have restricted acceptance of coverage or even denied.Unfortunately, most companies are still not sure how to respond to cyber incidents, and it is of very important to create protection measures, with periodic reviews of compliance and data security policies, preventing information leakage and attacks on company systems.Cyber criminals are always evolving, expanding the methods and level of sophistication of their attacks. There is an urgent need to invest in cybersecurity tools and services.The cost of investing in cyber security and risk management programs is challenging, but will pay off in security, excellent reputation and long-term protection.Implementing a complete, effective and efficient Cyber Risk Management plan, contracting a Cyber Risk insurance policy, are actions that will guarantee the company greater control and security of stored data.
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