Today’s cyber security article is brought to you by guest blogger, Scott Templin, Cyber Risk Advisor with Lachesis, LLC.

2021 was the year to start taking your cyber security risk seriously. Back in October the ITRC reported that 2021 data breaches had already exceeded those of 2020. The problem is not going to disappear so as a business we must adapt or risk losing everything.

With a new year comes new resolutions, so let’s look at some important cyber security resolutions for 2022.

I will use two-factor authentication.

I get it. Making a big change like requiring two-factor authentication will not only affect the budget but can also add an extra burden to employees. However, there is no tiptoeing around this important topic going into 2022. Businesses who do not implement 2FA are setting themselves up for attacks. While nothing is 100% full proof in protecting you, 2FA is one of the most effective tools to prevent a cyber breach.

Also, nearly all insurance providers are requiring 2FA to hold a cyber policy moving into 2022. If you do nothing else from this list, be sure to make implementing 2FA a priority.

I will review my cyber liability insurance policy.

Well first step if you don’t already have a cyber liability policy, then you should really get with your current agent to discuss options. Even if you already have one then it is important to take some time to do a thorough review. Knowing what kind of coverage, you have will help you better understand what kind of risk you are accepting and how much your insurance would cover in the event of a claim. Here are some helpful tips:

• Pay close attention to how you answer questions on the application.
  • The application is a warranty document so answering something wrong here could lead to a claim denial down the road.
  • Be honest, but conservative. Work with your underwriter to make sure your answers fit within their expectations
• Know your limits, but especially your sub-limits.
  • Having a $1 million policy may sound like enough to you, but make sure the coverages are suitable where it counts.
  • Phishing or Social Engineering limits are often much lower but happen at a much higher rate. Be sure you know how much insurance will cover if an employee clicks on a phishing email.
• Understand the changes coming in 2022
  • There are several requirements for cyber liability insurance already and more are coming to policies next year.
  • Take a look at this post for some more tips.

I won’t place all responsibility for cyber security on my IT department.

Who in your organization is accountable for cybersecurity? If you say your director of IT or IT department then you are putting yourself at risk.

Cyber security is NOT an IT problem – it is a business problem that requires collaboration between leadership, operations, relevant specialists, security experts, and IT.

We like to use an example from healthcare to get a better understanding of how cyber security should play out at your organization. Most people have a general practitioner that they go to on a regular basis for a health checkup. This is a trusted individual who does great work, but when something serious happens then you are referred to a specialist. If you need heart surgery your GP is not the one opening, you up. Cyber security should be treated the same way. Your IT department specializes in the day-to-day operation of your business, but the realm of cyber crime is constantly changing and evolving. Having a dedicated specialist to work with on your security is of vital importance in 2022.

I will get a better understanding of my cyber security risk.

Accepting risk is a part of doing business, but to do so you must know what these risks are. It is very important to get a clear picture of where your organization stands when it comes to their cyber health in 2022. At Lachesis, we have a proven method of assessing where your vulnerabilities lie and demonstrate how cybersecurity is represented on your balance sheet. Once you know where you stand, we can work together to put an action plan in place to drive improvement and minimize business disruption.

Contact us today for a brief call to discuss starting 2022 off on the right foot.