Attend our Free webinar! We'll be presenting an overview of Cyber Insurance and why organizations (large and small) should have a policy. And we'll also give attendees first glimpse of Simplex-IT's newest service offering (here's a hint: It rhymes with "Fiber Assurance").
When: February 20th, 2-2:30 pm (Eastern)
Where: Online (Click here to RSVP)
Over the past couple of years nothing has changed as much in the IT industry (and here at Simplex-IT as well) as Cyber Security. Since the “discovery” of Ransomware, the bad guys have been financially incentivized to develop more and threats. The result has been an incredible rise on both sides. The bad guys are finding more ways to effectively and efficiently gain revenue (or other value) from all sizes of organizations. The good guys, meanwhile are coming up with more effective tools, aimed not only at preventing exploits from succeeding but containing the exploits that get through.
As with anything, the idea that an organization is 100% protected is naïve. As with protection against traditional risks (Liability, auto, health), there’s an emerging form of insurance we’re all starting to hear about.
Any company that handles, maintains or processes Personally Identifiable (Driver’s License Numbers, Social Security Numbers and more) or Protected Health (Account Numbers, Medical Record Numbers, Insurance Beneficiary Numbers and more) Information needs their own Cyber Data Breach Insurance to protect their organization against claims arising out of Theft of Hardware, Lost or Stolen Laptop or Device, A Staff Mistake, A Rogue Employee and other causes of loss.
Some things that can be included on the Cyber Data Breach Endorsement are as follows:
- Network Security Liability – Covers the Unauthorized Access of a network that leads to the destruction, deletion or corruption of electronic data as well as the failure to prevent the transmission of Malicious Code from Computer Systems to third party computers and systems.
- Privacy Liability - Covers the theft, loss or unauthorized disclosure of Personally Identifiable Non- Public Information or Third Party Corporate Information that is in your care, custody or control.
- Privacy Notification Costs - According to the 2016 NetDiligence Cyber Claims Study, the median number of records exposed in this report was 1,339 and the median cost per record was $39.82. This is a $53,000+ claim. You need coverage to notify the affected individuals as well as the potential expenses arising from credit monitoring.
- Public Relations & Crisis Management Expense - If a breach does occur and your company makes the newspaper or network news, you better believe your competition will use this against you to try and take your clients. You need coverage for the costs associated to hire a public relations firm to avert or mitigate material damage against your reputation.
- Legal and Forensic Expense - Provides coverage for the cost of retaining an attorney to advise you of your obligations under data breach notification laws in the event of a network security breach impacting PII, as well as the cost of hiring a computer security expert to determine the existence, cause and extent of the breach.
- Network Security and Privacy Liability (Regulatory) – This coverage is for claims expenses and penalties if a governmental agency or regulatory body brings an enforcement action against you for a violation of a law protecting the confidentiality and security of Personally Identifiable Information. Costs for Damage to Data or Programs ‐ Provides coverage for the cost of restoring or replacing data, regardless of whether it is your or your client's, as a result of a security breach on your network or your cloud service provider's network Network Failure Income Loss and Extra Expenses ‐ If your business is unable to operate due to a cyber breach of your network or the network of your cloud service provider, the TechMal policy provides business interruption coverage.
- Cyber Extortion – Many experts see this as “the next big thing” to threaten organizations with financial trouble, loss of data, and even going out of business.
This coverage is needed for situations where you must make a payment to eliminate credible threats to breach security in order to corrupt, damage, or destroy your computer system.
This webinar is not a sales pitch, but a chance to learn more about this important form of protection for your organization.