With the Super Bowl only a few days away, both teams are undoubtedly using every minute to prepare for the upcoming game. In 2015, we watched the defeat of the Seattle Seahawks after they ignored the most obvious play they could make to win the game. With twenty-five seconds remaining and one yard left to go, the Seahawks passed the ball instead of utilizing their star running back. What happened next will be discussed and debated by football fans for years to come. New England Patriots’ newbie, Malcom Butler, intercepted the ball for the game-winning play.
Just like in sports, businesses sometimes over think their choices, missing the most obvious play. Today, the obvious, smart play for all businesses is to have cyber liability coverage and a plan to address a cyber-breach. Yet, even with the awareness of the threat of cyber-breach, many businesses still haven’t taken action. Ignoring this easy safeguard could lead you to a big blunder, leaving your customers wondering why the most obvious route wasn’t taken, just as Seahawks fans questioned why their team didn’t utilize one of their best assets.
The best way to protect your business from a cyber-breach is to confront the possibility head on and use the PREP method as your guide: Prepare, Reach Out, Educate and Purchase a Policy.
Prepare: Maintain up-to-date systems and security tools. Implement a breach response plan and create a team of individuals responsible for responding in the event of a breach.
Reach Out: Build important relationships with law firms, forensic firms, and insurance contacts BEFORE you experience a breach, so that you do not need to sort this out during the pressure-packed days after a breach.
Educate: Train your employees on best practices to protect information and minimize the potential for a breach. Areas of concern include systems, email, and even travel with laptops and portable devices. Also, educate yourself on the to make the breach response process smooth and efficient.
Purchase a Policy: Not only does an insurance policy transfer some of your risk to the insurance company and provide capital during the course of a breach, but it also gains you access to resources like vendors, breach coaches, and training tools that can help with the PREParation process.
While the Seahawks can’t take back their decision to pass the ball, your company can still choose to take the initiative against cyber-breach. Our experts at Marsh & McLennan Agency can review your policies, help protect your business, and keep you on a winning track season after season.