You've Been Hacked!
Dickinson Law Firm’s John Lande and Roth & Company’s Bob Hickock discuss data privacy and cybersecurity at the 2019 Small Business Success Summit.
Knowing You've Been Breached
Bob says security systems and event monitoring in place before the breach happens are what is going to determine what can be done afterwards. Threats are constantly evolving so companies need to have a layer of security that’s not technical, but process oriented, such as having more than one person involved in a process.
Ransomware attacks use a type of malware that holds data for ransom. Companies must then decide whether or not to pay the ransom and weigh that against the cost of
Cyber Insurance Coverage
Originally, everyone had computer fraud coverage which covered hacking. Event/incident management policy covers notifying your customers that their information has been compromised, and they may have a ransom coverage. John says that usually, they do not have social engineering coverage. You can’t just tell your broker you want cyber insurance because it is not all-encompassing. Ensure you also have coverage for:
- First-party Loss
- Third-party Loss
- Forensic Investigation
- Regulatory Response
- Data Breach Notice
- Voluntary Acts
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