Protections in the case of employee fraud or theft using the organization\u2019s computer systems <\/li><\/ul>\n\n\n\nMany plans have standard protections to cover forensic, recovery, and mitigation costs ranging from $1 million – $5 million typically. Most plans have a much lower limit on social engineering attacks, (where fraud and trickery are used) ranging anywhere from $25K – $250K. <\/p>\n\n\n\n
There are a wide variety of plans out there, and companies need to be careful to make sure they are adequately covered. The most likely paths for criminals to steal money or data is using social engineering tactics. You need to make sure that you understand what is included in any social engineering protection and ensure you are comfortable with the protected amounts. <\/p>\n\n\n\n
You also need to pay attention to the exclusions of the policy. These are the items explicitly not covered, which can come back to bite you if they are not well understood. For example, many plans have exclusions if an attack is perpetrated as a matter of war or international conflict. Some insurance companies have actually denied claims in major breaches because the attackers were from another country. Insurance companies, in these cases, have worked to avoid payment by claiming that if a nation-state is involved (i.e. the attack comes from within the border of another country), it is an act of war, and therefore they are not liable. Because of this, it is important to ask questions of your insurance provider on their claim history. <\/p>\n\n\n\n
TriCorps routinely provides cybersecurity assessments to companies and helps them understand their risk. As part of these assessments, we do look at existing cybersecurity insurance policies and provide feedback regarding their relationship to best-in-class policies. Since cybersecurity insurance is such a new type of coverage, many still refer to it as the \u201cwild west\u201d where there can be significant differences in policies written by different underwriters. <\/p>\n\n\n\n
One of the things often excluded in policies is when attacks are facilitated through unsuspecting business partners, such as vendors, that have connections to your networks or login credentials to your systems. One of the best things you can do for your organization is to ensure that your vendors commit contractually to an adequate level of cybersecurity themselves and will indemnify you of any losses caused by their inattention or negligence. <\/p>\n\n\n\n
A great many attacks on large companies have been initiated through smaller, less-diligent partners sharing data or networks. The infamous Target \u201chack\u201d was possible because the attackers came in through a Heating Ventilation and Air Conditioning (HVAC) vendor, who failed to properly protect Target\u2019s network. Through a series of unfortunate events, hackers were able to use the HVAC vendor to gain access to Target\u2019s systems in a trusted environment, behind the firewalls that would normally be checking for malicious traffic. <\/p>\n\n\n\n
An effective governance process for security is needed, so that an organization can periodically examine its risk in this area. TriCorps provides expert resources while performing a comprehensive cybersecurity risk analysis. We can also provide an integrated security risk analysis to an organization. This includes physical and electronic security (such as the effectiveness of access controls and surveillance) in addition to cybersecurity. The integrated security analysis can determine how all of these three critical areas of security are working in tandem to best protect an organization from every threat, whether physical, digital, or both. <\/p>\n\n\n\n
We frequently see risk areas that organizations do not consider, and we share protection and mitigation techniques that we\u2019ve identified in our work. As part of our risk analysis process, we observe the risks and provide avoidance or remediation guidance. We also provide an assessment of an organization\u2019s cybersecurity insurance policy (if it exists) and recommend the type of coverage an organization should have to better align with best practices. We also can assess vendor management practices to ensure that vendors are signing up to provide adequate cybersecurity safeguards and protections to an organization. This can help an organization determine if a vendor they are currently working with, or would like to work with, is going to adequately protect its digital assets. <\/p>\n\n\n\n
No organization is too small or \u201cunder the radar\u201d when it comes to becoming a target of cybercrime. You are a target already. If you haven\u2019t been hit yet, likely it is a matter of time. This isn\u2019t to scare you. This is to prepare you. Meanwhile, cybercriminals are automating and industrializing their cyberattack methods and social engineering techniques, allowing them to conduct a greater number of cyberattacks and social engineering scams. <\/p>\n\n\n\n
You must move away from reactive cybersecurity and toward proactive cybersecurity. One of the most important ways to be proactive is to obtain an adequate cybersecurity insurance policy. Additionally, you need to ensure that vendor contracts include language to protect you. Only those organizations with effective protections and insurance will be able to weather a major attack. <\/p>\n","protected":false},"excerpt":{"rendered":"
$3.92 million. That\u2019s the cost of an average data breach in 2019, according to IBM\u2019s Cost of a Data Breach Study. For small businesses, those with less than 500 employees, the cost of successful cyberattack is particularly chilling. For these types of organizations, a breach can cost more than $2.5 million on average. So, for any leader who believes his or her organization is too small to be […]<\/p>\n","protected":false},"author":2,"featured_media":5672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12,10],"tags":[],"acf":[],"aioseo_notices":[],"featured_image_src":"https:\/\/tricorps.com\/wp-content\/uploads\/2019\/10\/cyberinsurance.jpg","featured_image_src_square":"https:\/\/tricorps.com\/wp-content\/uploads\/2019\/10\/cyberinsurance.jpg","author_info":{"display_name":"Sarah Burrows","author_link":"https:\/\/tricorps.com\/author\/sarahburrowstricorps-com\/"},"_links":{"self":[{"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/posts\/5671"}],"collection":[{"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/comments?post=5671"}],"version-history":[{"count":0,"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/posts\/5671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/media\/5672"}],"wp:attachment":[{"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/media?parent=5671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/categories?post=5671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tricorps.com\/wp-json\/wp\/v2\/tags?post=5671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}