“My company is not vulnerable to cyber-attacks of other lurking cyber exposures, it would never happen.” Does this sound like you? It could happen and is not a matter of if, but when it might happen. It is time to assess what exposures exist in your business and what preventative measures can be taken to protect your company for an operational disruption and possible financial loss. Even a small cyber event could pose a significant financial burden to your company, and it could be tough to recover from it.
Your approach should be a combination of risk awareness, risk management, and risk transfer (insurance). Conduct a risk check survey with the assistance of your internal IT team or IT consultants. They can benchmark your cyber controls against industry standards. Once you have an understanding of potential weak areas in your network then you can strengthen your procedures and evaluate risk transfer (insurance) options. There are several types of cyber risks. Simple data breaches, accidental release of sensitive information, breaches of security by hackers, Cyber extortion (ransomware), Identity Theft and social engineering fraud are some of the more common risks.
Cyber insurance has become much more readily available and the cost of it has lowered as more insurance carriers have entered the market. Many of the insurers offer discounted or free loss control services that may include employee training, penetration testing, security audits and vendor management advice that could improve what you already have in place.
It makes sense to talk to your insurance broker and ask that they provide a proposal to insure your exposure to Cyber Risk. You will be glad you did. For more information on this topic please see the article that I published recently with ABC Metro Washington HERE.
If you would like to learn more about this subject, please contact Hugh Carroll at 301.838.8832 or email at firstname.lastname@example.org
Information about the Author: Hugh is a native of Washington, DC and was raised in Silver Spring, MD. He graduated from University of Maryland at College Park and entered into the insurance business in 1977 as a claims adjuster. He then entered into the brokerage end of the business when he joined a large international insurance broker. Here Hugh focused on the commercial insurance needs of contractors, technology companies, and non-profits among other industry sections. Hugh joined the team at IA, a Marsh & McLennan Agency LLC Company in 2009 and currently serves on the board of both the Home Builder’s Care Foundation, and the Catholic Business Network of Montgomery County.