Hey, what’s up? It’s Jeremy from Ochsner Insurance, and welcome to #Cyber Monday. Today, we’re focusing on point-of-sale (POS) systems and why you need to pay attention to cybersecurity and cyber insurance. This is crucial for doctors, dentists, professional services, restaurant chain owners, coffee shop owners—anyone using a POS system. Let’s dive in.
Why Cybersecurity and Cyber Insurance Matter
First things first, if you have a POS system, have you seen proof that your POS vendor has a cyber insurance policy? If so, what are the third-party coverages on that policy? As a business owner, you would be considered a third party. Think about it: What if your POS system gets breached and you can’t operate your business? Do they have a policy that covers you, their user? Does your policy (a broad form cyber insurance policy) cover you?
Key Points to Consider
1. POS Vendor’s Cyber Insurance
- Check Their Policy: Ensure your POS vendor has cyber insurance and understand what it covers, especially third-party coverages.
- Business Continuity: Know what happens if their system gets breached and your business operations are impacted. What’s your Business Continuity Plan for your POS being shutdown?
2. Managed Services Providers (MSPs)
- Verify Their Coverage: If you’re using a third-party MSP, check their cyber insurance policy. They often have access to sensitive customer data and multiple networks, making them prime targets for attackers.
- Review with Your Agent: Have their policy reviewed by your insurance agent to ensure it meets your needs.
3. Payment Processors
- Understand Their Coverage: Your payment processor should have a cyber insurance policy. If they get breached, your ability to accept payments could be at risk.
- Prepare for Interruptions: Ensure your business can handle payment interruptions.
Protecting Your Business
For small to medium-sized businesses, including retail, restaurants, and professional services, here are critical areas to focus on:
Business Interruption
- Minimize Downtime: Cyber attacks can halt your operations. A good cyber insurance policy can cover business interruption.
Reputation Management
- Protect Your Brand: If you get breached, managing the damage to your reputation is crucial. This can include PR campaigns and client communications.
Legal and Forensic Costs
- Cover Your Bases: A cyber breach can lead to legal fees, fines, and the cost of forensic investigations. These costs can add up quickly.
Vendor Cyber Insurance
- Review Policies: Ensure all critical vendors have adequate cyber insurance. This includes POS vendors, MSPs, and payment processors.
- Share Policies with Your Agent: With their permission, share these policies with your insurance agent for review.
Conclusion
Statistics show that up to 50% of businesses that suffer a cyber breach never recover and end up bankrupt. If you don’t have a cyber insurance policy, it’s time to get one. Talk to your agent and ensure you have both first and third-party coverages. Understand your coverage limits and make sure they are adequate for your business and exposure.
Stay tuned for more Cyber Monday videos where we dive deeper into different coverages and compare basic add-ons to comprehensive cyber policies. Educate yourself, stay vigilant, and protect your business from cyber threats.
Thank you for watching Cyber Monday. This is Jeremy from Ochsner Insurance. Here’s to your success and cybersecurity. If you need help or your agent doesn’t handle cyber insurance, give us a call. We’re here to help.
Thanks for watching, and here’s to your success!