According to the Director of National Intelligence, James R. Clapper, Jr., cyber attacks pose the most dangerous immediate threat to the United States and in prepared testimony to Congress, he stated that “In some cases, the world is applying digital technologies faster than our ability to understand the security implications and mitigate potential risks.”
It is no doubt that cyber attacks are now the biggest threat to the United States. Just take a look at some of the recent attacks that have been in the headlines of late… NY Times… Wall Street Journal.. Apple… Microsoft… Twitter and those are just the ones we know about, there could be many more. Cyber attacks are here to stay unless the BIG and worrisome cyber attack takes down our grid infrastructure. According to American spy agencies, there are “remote chances” of that happening within the next two years. Action must be taken now. If a cyber attack took down our grid infrastructure, we could see major disruptions of services and a wide scale loss of power, which some predict could last for months and even years.
While cyber insurance may not be able to prevent a cyber attack from happening, when one does happen it can help clean up the mess left behind.
Cyber insurance policy with data breach response services offers other coverages such as (depending on the specific policies and endorsements) for:
– technology professional liability (errors & omissions) insurance (if applicable),
– crisis management and customer notification expenses,
– credit/identity theft monitoring,
– privacy and security liability,
– privacy regulatory defense and penalties,
– computer forensics investigation,
– a “Data Breach Coach” (aka “Privacy” attorney) and
– pre-breach planning services
– business interruption expenses
– hacker damage costs and
– cyber extortion.
It’s important to note that all cyber insurance policies are not standard policies and vary by insurance carrier.
CYBER DATA RISK MANAGERS LLC is an Independent Insurance Agency specializing in Cyber Security and Data Breach response insurance. We offer solutions that help you quickly respond to cyber events and data breaches as well as to plan in advance for their occurrence. Given the ever changing nature of information assurance and compliance, you don’t want to be caught unprepared.
For assistance with your customized insurance proposal, call 1-(855) CUT-RISK Toll Free -or- complete the form below.