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Tag Archives: Cyber risk insurance
Planning for the brave new world of cyber risk management—Why you should assess your vulnerabilities and evaluate the cost/benefit of adopting cyber risk management best practices, including cyber liability insurance
In 1984, the computers used in business were, for the most part, non-networked mainframe computers running a limited number of programs. In 2004, networking of computers was becoming more common and the internet had opened an entire new world of data that could be mined (legally or illegally). In 2014, businesses are confronted with an even wider set of risks presented by the ubiquitous nature of the smart phones carried by their employees. These devices often contain sensitive business information or are merely a few clicks away from accessing company secrets saved in the cloud or on company computers.
Almost every business today uses a computer system to manage its finances and billing, store customer information, communicate with clients, store confidential client data, and manage human resources information. Some businesses, like law firms and medical care providers, even store medical records that are subject to heightened security standards.
What are most businesses doing to protect themselves from data theft or accidental disclosure of confidential information? Unfortunately, the answer is: nothing other than maintaining traditional business insurance policies that often do not address these risks and even where they do provide coverage, the limits are insufficient to provide any real protection should the business experience a data breach.
This is why every business needs to consider investing in a specific Cyber Risk Insurance Policy. In 2011, John Moccia of Innovation Guard identified six areas that any respectable cyber risk policy should address:
- Data Loss & System Damage– Your current property policy covers damage to the computer itself – but not the data stored on them. Doh! Read More…