What is business agility? The definition of agility is the ability to move quickly and easily in any situation.
Cyber attacks are in the news everyday and have become a serious problem for all types of businesses and cyber insurance is now a must have.
- Norman Lutz: CEO of Iron Ridge Insurance
- Jeffrey Haut: Attorney at Hahn Loeser & Parks LLP
Key Takeaways Include:
- Insurance is not a solution for everything. Good risk mitigation and partnering with a good IT provider is a much better plan than responding with an insurance policy after there's a claim.
- Pay attention to differences in coverages between the data breach side and the "things breaking" side. Focus on the business interruption. The data breach notification and compliance sides are less common on standard policies. Be aware of what your policy doesn't cover.
- Get a cyber insurance policy before you are hit with ransomware and have your policies reviewed before you need to make a claim on it. Use an attorney who is an expert on cybersecurity and risk management to help you go through the policy in connection with the broker.
- Don't publish that you have a cyber insurance policy because it can make your business a target.
- The number one way to stop the effects of ransomware attacks is to have backups, preferably real time backups. Work with your IT provider to develop an efficient backup strategy.
- Don't open emails or attachments that you are not 100% sure are meant for you. The signs are there, just take a minute and pay attention to the details, like poor language and email signature. Reach out to the sender to make sure the document is legit.
- Have a culture of cybersecurity that your employees like to follow. Your IT provider can set up consistent employee training, so they can properly spot phishing emails and avoid losing valuable information.
- Insurance companies are requiring businesses to fill out cybersecurity questionnaire/applications to validate that cybersecurity postures are in place. Following these steps will provide you with the right coverage and price.
- Treat cyber insurance like workers comp insurance, property insurance or general liability insurance. Assume it to be a cost of doing business. Do it proactively rather than reactively.
- If you're not 100% sure that you're protected against cyber threats, don't assume. Work with your IT provider to make sure you have the right tools protecting your data.
- Avoid insurance fraud by making sure you're filling out your application as accurate as possible. Inaccurate information is the number one reason insurance companies deny claims.
- Have a written data breach response plan, so you'll know who to call and everybody's role depending on the situation.
- Data breaches do not have to be an intrusion to the network to be considered data breaches. Be mindful of your data in shared thumb drives, laptops forgotten outside of your office, physical papers being thrown away (like medical records), etc. The most common form of data breach is someone exceeding the scope of their authorized access information.
- The Florida Data Breach Notification Law was passed in 2014 to better protect Florida citizens' personal information by ensuring that reasonable measures are in place and that data breaches are reported to affected consumers.
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