Josh Davis
Josh Davis
Apr. 18, 2016

Cyber Insurance to the Rescue

Tom: My spouse and I have both bought life insurance policies for one another.
Jerry: Good. Now?
Tom: Now. It is just a waiting game!

In the past, we’ve covered different strategies and products that help you build a better “wall.” Taller, stronger, thicker, made of better materials – in the IT world, it’s just a wall.  It’s your firewall. It’s security software. It’s the people you’ve hired to monitor and alert and, when necessary, shut it down.  It’s an analytics product or a managed security service.

But no matter how tall or wide your wall is, your wall is actually a call to action for hackers worldwide.  From their perspective, it’s, “Too many targets, so little time!”

The Other Side of the Coin

This blog, our webcasts, and our events have asked companies everywhere to make sure they prepare for the breach. In fact, you should prepare your security response plan AS IF you’ve already been breached.

Again, the wall might be tall and wide (and expensive), but it is always breach-able.  So prepare a security response plan either on your own or with our help, but remember that most of the big-time breaches you see in the news are companies with much better systems than yours.

And all the security literature you’ve seen in the last year have covered both of the above ad nauseum.  But it’s likely you haven’t considered the third and final component: cyber Insurance.

Cyber Incidents: Covered

When most people hear the words “data breach,” they think about malware and hackers – Cyber Liability Insurance may cover those incidents, but it can cover a number of other cyber risks, too.

If you work in data security, you know it’s not always a malicious hacker you need to worry about. It may be an insider threat or even a user plotting your company’s cyber demise. Fortunately, Cyber Liability Insurance can cover all kinds of data security incidents, including…

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  • Malware attacks
  • DDOS attacks
  • Ransomware
  • Phishing schemes
  • Insider data breaches
  • Malfunctions leading to accidental disclosure
  • Breaches caused by employee error

Gotta know more? Join us this coming Wednesday, April 20th, at 11:30 a.m. for ChaTech’s luncheon, covering the topic of Cyber Insurance!