3 Ways Cyber Insurance Can Protect Your Business Reputation

1. Build confidence with full disclosure

Cyber security problems don't just affect you; they also affect your customers. For example, if you have a data breach that affects customer accounts, passwords and financial data, then people will worry their privacy and security is at risk.

Be upfront and communicate honestly.  Advise your customers of what happened and what you are doing to fix the problem as quickly as possible.  You also need to let them know how they have been affected, and if there is anything they need to do, such as changing passwords.

If you are open and transparent, you are showing your customers the solution, as well as the problem. This could allay some fears and rebuild confidence.

At this stage, you may be confused as to what to do.  This is where cyber insurance can help.

For example, if your policy covers you for forensic investigation procedures, you will receive professional help to understand the attack, its impact, and the steps you need to take to make things right. Once you have this information, you can tell your customers exactly what happened and what is going to happen next.

2. Get up and running quickly

Cyber attacks can bring down company networks. A ransomware attack could prevent you from accessing your system at all; a data breach or virus could shut you down until you repair the damage.

If you cannot use your network, customers could lose confidence in your company. They may not be able to order from you, and you may not be able to deliver your products or services. Whilst people might be willing to wait a while for you to get things up and running again, they expect a quick fix.

If you have cyber insurance cover, you will receive the help you need to begin trading again, fast. For example, your policy may cover the costs of data cleaning or system restoration.

3. Get experienced PR help

If you have never had a cyber security problem before, you may not understand the best way to handle it publicly.  Understanding what to communicate to your clients and suppliers, as well as how to communicate it, is paramount to your recovery and success moving forward. 

If your cyber insurance includes brand and reputation cover, it may cover the costs of hiring PR and marketing consultants with experience in crisis management. You could also receive payments to help you manage reputational losses.

If you do not have cyber insurance yet, now’s the time to learn more.  To understand how cyber insurance could help your business,  contact Westralian Insurance.