Cybersecurity has been high profile news recently. There’s been a spate of headline-making hacks and it should be enough to get us all to take cybersecurity seriously. But we don’t. Until we become victims of a hack, it seems we still seem content to have insecure passwords and dodgy databases.
Cybersecurity has become law
In the insurance industry, cybersecurity should be a top priority. It’s not just because of the risk of data loss or a hack. In the EU, there’s a new data protection law soon to come into effect that will impact how the whole world processes and stores its data. The General Data Protection Regulation affects any business that deals with EU citizens’ data and data that passes into EU territory. Thanks to the EU-US Privacy Shield, it’s will impact US businesses as well.
Loss of trust
If the financial and legal implications of a data breach haven’t woken you up, then the loss of client trust will. As a broker, a lot of your offering is underpinned with trust. Clients trust you to look after their information. If you have a data breach, that’s going to be broken. Best case scenario is that you lose the customers who have been affected. Worst case scenario it’s going to be headline news and you won’t just lose your current customers, but your prospects and future customers as well. An incredible amount of damage could be done to your reputation and that’s hard to rectify.
Improving your security
Making your security better doesn’t have to be a laborious affair. You can begin by taking a long hard look at your current processes. You should look at your passwords and whether they have been changed recently. You should be using passwords with a mix of upper and lower case characters, numbers and symbols. This makes it hard to decrypt your passwords. Don’t use the same password for multiple accounts or for your home and work life. Never write your password down, not even on a blank piece of paper.
Additionally, be aware of insecure devices within your office. Avoid a bring-your-own-device policy if possible as you cannot secure devices your employees bring with them from home. Make sure all your hard-drives are encrypted and always keep your software and operating system up-to-date.
Security might not seem like a big part of your job, after all, you deal with insurance. But it’s increasingly important and if you use technology, you’re going to need to know how to keep it secure. Take some time to learn about cybersecurity, the risks of a data breach, and how to prevent one. It will pay off in the event that you do fall victim to this, unfortunately, more popular crime.