Right on the heels of Data Protection Day comes news of a recent flurry of reports concerning hackers accessing data in several of the island’s universities and government institutions.

While it is unfortunate that data breaches and crimes are more common these days, it does not mean that there’s nothing we can do to prepare ourselves in the event of an attack. Whether large organisations or small businesses, we now have the responsibility of taking care of business in a new way – securing our data and ensuring privacy for our customers.

Business risks now include technology-related challenges where cyber insurance as a solution fits in. For example, many insurance companies had to rethink what securing commercial assets means and have started offering different policies to address cybercrimes. There are various types of cyber insurance policies, and while Jamaica may not yet provide all aspects of coverage, there are a few more common types that are good to be aware of, including:

Data Breach Coverage:

This policy helps businesses respond to a breach if personally identifiable information (PII) or personal health information (PHI) gets lost or stolen, whether from a hacker breaking into a network or an employee accidentally leaving their laptop at a restaurant. Such coverage is ideal for small businesses that are most at risk from the IT employee who may go rogue and cause business disruption.

Cyber Liability Coverage

It is recommended for larger businesses to cover financial losses due to cyberattacks or other tech-related risks, as well as privacy investigations or lawsuits following an attack. Depending on the organisation’s size and budget, it’s worth investing first time in clearly understanding the potential risks and the available coverage. These threats will only continue to grow, and as a matter of prudence, all companies should examine the best method and partner to protect their digital assets.

Aside from insurance, precise steps to take in response to a potential threat include:Understanding the scope of the issue is the most critical first step as it makes the decisions that follow clearer; and respond with velocity and with expert support. While the conversations about breaches are prevalent, knowledge is still limited.

Secure your systems

Hackers catch many companies because of outdated security. Fix the problem the first time, don’t wait for another attempt to be made. Your company may not survive.

Communicate with relevant resource people

The worst thing that can happen is that you did not immediately inform your customers of a leak. That is a situation that can destroy their trust in your enterprise. Draw on the experience and guidance of experts to ensure how to deal with such problems and avoid repetition.

Cybersecurity is one of the critical areas that the Jamaica Digital and Technology Alliance is focused on for 2022. Join us to explore, learn and share on this growing critical area.

Stacey Hines is the President of the Jamaica Digital and Technology Alliance.