What are the best practices for creating a cybersecurity policy for your insurance company?

1 Assess your risks

The first step in creating a cybersecurity policy is to identify and evaluate the potential threats and vulnerabilities that your insurance company faces. You can use a risk assessment framework, such as NIST or ISO, to guide you through this process. You should consider factors such as the type, volume, and value of data you handle, the systems and networks you use, the regulations and contracts you must comply with, and the impact of a cyberattack on your operations, reputation, and customers.

2 Define your objectives

The next step is to define the objectives and scope of your cybersecurity policy. You should align your policy with your business goals, mission, and values, as well as with the expectations and requirements of your stakeholders, such as customers, regulators, partners, and employees. You should also determine the scope of your policy, such as which assets, processes, and functions are covered, and how it relates to other policies and procedures in your organization.

3 Establish your roles and responsibilities

The third step is to establish the roles and responsibilities for implementing and maintaining your cybersecurity policy. You should assign clear and specific tasks and duties to different individuals and teams, such as the IT department, the security team, the management team, and the employees. You should also define the reporting lines, escalation procedures, and communication channels for cyber incidents and issues. You should also provide training and awareness programs to educate your staff on the policy and their obligations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?