When cyber threat actors infiltrate a software vendor’s network and use malicious codes to compromise the program before sending it to users, this is known as a supply chain attack. The tainted program then disrupts the customer’s data or system.
Even though your company may already have a supply chain security program in place, it might still have security blind spots.
Prevent Supply Chain Attacks Before They Happen
The following steps can help prevent supply chain attacks:
- Vet your vendors
- Carry out a risk assessment
- Use honey tokens
- Segment your network
- Automate theft prevention
Now that you have the steps you can take, let’s take a closer look at each of them.
Cross-Check Your Vendors
Ensure that you know a little bit about each service provider that contributes to your supply chain. When you choose competent vendors, you boost your chances of meeting your business objectives and reduce the risk of attacks.
Complete transparency of vendors also allows for better tracking and control.
Carry Out Risk Assessment
Periodically conducting risk assessments, such as security questionnaires and on-site visits, can help your company in determining whether your vendors and suppliers are using best practices when it comes to supply chain security.
While these activities can be time demanding, they can have tremendous long-term benefits in preventing supply chain attacks.
Make Use of Honey Tokens
Your company can avert significant risks by employing honey tokens. Honey tokens act as data decoys, attracting hackers to assets that appear to be valuable but are useless in the real sense.
As hackers work their way towards the decoys, a signal is sent to the firm, alerting the IT and cybersecurity teams to the existence of hackers. Your security team can then decide what action to take against the attackers.
Segment Your Network
Third parties should not have access to every component of your network. Divide your network into zones depending on their functions. Doing this makes it hard for hackers to compromise your business.
Automate Threat Prevention
By strengthening endpoint, network, cloud, and mobile security, security operations center analysts can protect your firm from supply chain threats. You could also carry limits high enough to cover the impact of causing damage to third parties such as their clients and vendors.
All the above steps go a long way in safeguarding your supply chain. However, if hackers manage to infiltrate your system and cause losses, a commercial umbrella insurance policy can potentially save your business from incurring losses through large claims.
A commercial umbrella policy extends your liability coverage by providing additional payouts to assist you in covering large claims. This type of insurance can cover any liability claim, including libel, vehicular accidents, customer injury, or product liability.
Benefits of Having Commercial Umbrella Insurance for Your Business
The purpose of umbrella insurance is to;
- Provide additional coverage limits in addition to those provided by the primary policy.
- Provide coverage when your claims limit reaches the policy’s aggregate limit.
- Pay for damages that are not covered by the underlying policy.
An umbrella policy’s cost is determined by the limits you choose, the nature of your business, and your claims history.
Commercial umbrella insurance offers the following benefits:
- You can adjust most commercial umbrella plans to your company’s specific needs.
- It begins where your primary liability policy ends. This is more likely to occur with coverages not covered in your general liability policy, for example, advertising liability.
- It covers employees whose work involves certain risks that might attract claims beyond your liability coverage in case of an accident.
The Bottom Line Is Protection
Tech companies commonly purchase umbrella insurance to fulfill customer expectations. IT contracts frequently demand you to carry the burden of insurance coverage to protect the customer in a disaster.
Whether you operate a small or large business, you can profit from commercial umbrella insurance because any organization, regardless of size, is always at risk of an unforeseen occurrence.
Autumn Insurance Commercial And Cyber Attack Insurance
Adding cyber insurance to your commercial umbrella insurance will ensure you’re protected in the event of an attack. Make sure you cover yourself, your clients, and your business from top to bottom.
Talk to us today for all your commercial umbrella policy needs in Michigan. Contact us to learn more.