Risk Management & Insurance


How Cybercriminals Attack Small Businesses - and 10 Ways to Stop Them

Link to article

Insurance Journal

 

US hospital firm reports data hacked for 4.5 million patients

Link to report

Advisen FPN

 

Health Care CIO's Boosting Security in the Wake of Breaches

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Advisen FPN

 

Beyond data breaches: global interconnections of cyber risk

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Zurich Insurance Company Ltd

 

Healthcare Industry Lacks Adequate Cybersecurity, Says FBI

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Insurance Journal

 

Company Data Breach Now Costs $3.5M on Average: Ponemon Study

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Insurance Journal

 

Hospital sued over data leak

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Insurance Journal

 

Mitigating Business Interruption Exposures from Cyber Attacks

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Advisen

 

U.S. companies work under almost perpetual state of cyber siege

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Advisen FPN

 

 

 

Cyber and Privacy Liability

 It is hard to read an insurance journal today without a reference to Cyber and Privacy attacks and breaches.  Yet, with all of the talk, the latest statistics show that most companies do NOT buy Cyber / Privacy Liability insurance even though the average claim exceeds more than $1 million.

 

At The Eagle Insurance Agency, we are CYBER EXPERTS producing an in-depth Cyber, Privacy Liability & Network Security Report and Program for two of our healthcare system clients in the past 12 months.  We thoroughly vetted and reviewed the coverage offerings of more than 20 carriers and utilized data from the Betterly Report and IRMI to assist in our analysis.  If you desire a Customized Cyber, Privacy Liability & Network Security Program for your entity, rely on the specialists at EIA to deliver the most competitive and comprehensive program in the marketplace.

 

Cyber, Privacy Insurance typically consists of two parts to protect the entity and liability to others:

  • First party risks usually involve the loss of data, operational functionality of the network and customized programs and databases.  In essence, first party Cyber liability insurance pays to have your network restored to its original state
  • Third party risks typically revolve around losses sustained by another person or entity via a security breach or theft.

 

Key Exposures to Consider for Cyber, Privacy Liability:

  • The failure to protect confidential information that is collected, processed and stored
  • Websites that can be hacked and subject to cyber extortion
  • Emails that unleash viruses causing impaired access injuries to a third party
  • Reputational risk due to private or disparaging information sent over public or private networks
  • The volume and costs of rebuilding organization-specific software or hardware
  • Crisis management in the event of a breach

   

Risk Management Areas to consider with Cyber and Privacy Liability

  • The corporate culture must understand and appreciate the substantial cyber assets that must be protected from being compromised.
  • Best practice entities have a documented Cyber, Privacy, Network Security protection policy that includes instruction on corporate passwords.  Weak passwords continue to be the number one security flaw in networks.   
  • A company or institution needs a thorough disaster plan if a breach occurs.  Reacting quickly and decisively can usually limit the spread and impact of a Cyber event.

 

Let The Eagle Insurance Agency help you with all of your Cyber insurance and risk management needs.