Happy New Year! And so, the 2018 adventure begins.
Indeed, today is the first blank page of your company’s 365 cyber playbook.
Write and make it a great one.
For starters, be sure to add Cyber Security and Cyber Insurance to the top of your Company’s 2018 To-Do list.
While you may have heard that there are “two types of data breaches”, today, there are two types of companies. There’s the company that has taken steps to protect and secure its data and has cyber insurance in place in the event an incident happens. The other type of company may have ad hoc or no security in place and has done little to secure its data and does not have cyber insurance.
When an incident happens, which company do you think will fare better when scrutinized by regulators and the individuals who were the victims of your company’s data breach?
With 365 days upon us, there will be new cyber attacks, and more data breaches ahead and in my world, more cyber insurance claims. In 2018, companies can no longer chance conducting business without a cyber playbook, also known as an incident response plan.
The Power of Cyber Insurance is what helps bring an incident response plan to life.
Cyber insurance was the topic of many company’s risk management discussions in 2017. While many companies purchased cyber insurance in 2017, many opted to hold off purchasing coverage.
My New Year’s message to those companies that have already purchased cyber insurance, it’s time to get out your cyber insurance policies and read them. There is no better time than the start of a new year to reassess your company’s cyber insurance coverages, liability limits and understand what’s covered and not covered. Why wait until an incident happens?
For those companies that have not yet purchased cyber insurance, rather than a New Year’s message, I’d like to pose a question. It’s 2018… why have you not yet purchased a cyber insurance policy?
Since 2011, I’ve been focused exclusively on cyber insurance and as one of the leading cyber insurance brokers in the industry, I can say firsthand that cyber insurance has come a long, long way.
For those companies that still feel that cyber insurance does not offer the protection needed, now is the time to reassess cyber insurance. Cyber insurance has evolved alongside today’s evolving cyber and data security threats and there’s no better time than the start of a new year to take another look at the types of cyber insurance coverages that are now available.
This year, is the year your company must document why it has not yet purchased a cyber insurance policy, especially if you have sensitive personal identifiable information.
Think I’m being too harsh or attempting to make a sale? Sure, selling cyber insurance is one of my motives. However, educating companies on the Power of Cyber Insurance is always my first motive, and a priority before the sale. When your company’s incident happens, and when your company’s investors, shareholders, customers, vendors, and regulators and State Attorneys General are all lining up, remember my message above. That’s when your company will wish it had already bought a cyber insurance policy. And, if you’re one of the companies that acted and purchase a cyber insurance policy, you will be happy you did.
Make it a Cyber Secure 2018, step up your cyber and data security, and finally buy or read that cyber insurance policy.