Mitigating Your Cyber Risk Can Be More Important Than Your Cuber Security Insurance

Cyber Security continues to be a hot topic. The potential for loss as demonstrated by all the recent high- level breeches is staggering and perhaps for retail companies the loss of consumer confidence costs them the most.

The article points out the most important factor that many companies and organizationswho explore Cyber Security Insurance miss...

Mr. Edelman and others on a cybersecurity panel said one of the most important things advisers need to do is educate employees and clients about proper procedures for communicating and transacting online.

Advisers should be taking steps to prevent cybersecurity losses with tools like password protection programs, not by seeking insurance, data security experts said.

Mitigating the possibility of a breech is better than all the insurance possible. Having your entire organization practice cyber security best practices is an excellent step in the right direction. 

As a notes Cyber Security expert has pointed out a simple 12 character password is often much better than the 8 character password that incorporates letters and symbols. 

As pointed out, "At the end of the day, an insurance policy is to cover you financially, not against things like reputational risk," 

Organizations should start by mitigating their cyber risk and then examining the options available for Cyber Security Insurance.