{"id":1552,"date":"2018-06-26T15:31:11","date_gmt":"2018-06-26T15:31:11","guid":{"rendered":"https:\/\/mitchellagy.com\/?p=1552"},"modified":"2022-05-18T18:28:31","modified_gmt":"2022-05-18T18:28:31","slug":"cyber-insurance-is-not-cyber-security","status":"publish","type":"post","link":"https:\/\/mitchellagy.com\/cyber-insurance-is-not-cyber-security\/","title":{"rendered":"Cyber Insurance is Not Cyber Security"},"content":{"rendered":"<p><span style=\"font-size: 12pt;\">Most companies require some information from their customers in order to transact business. This data can be very sensitive and our clients expect us to protect that information from being acquired by unauthorized entities.\u00a0<\/span><\/p>\n<p>To do this every business should have comprehensive cybersecurity programs in place, including antivirus and ransomware protection, encryption software, password managers and two-factor authentication to protect against identity theft.<\/p>\n<p>Cyber insurance is <strong>not <\/strong>a replacement for cybersecurity. Cyber insurance deals with the consequences of what\u2019s happened, not with preventing an attack in the first place. According to expert <a href=\"https:\/\/www.facebook.com\/andrew.defrancesco.92\">Andy Defrancesco<\/a>, It\u2019s designed to get your business back on its feet as soon as possible, with minimum disruption and expense to you. It\u2019s the cure, not the prevention.<\/p>\n<p>The <a href=\"https:\/\/indexsy.com\/what-is-edr\/\">endpoint detection and response<\/a> is a\u00a0security tool integrated into your cyber system to give you a real-time continuous monitor for malicious activity.<\/p>\n<p><strong><span style=\"font-size: 10pt;\"><span style=\"font-size: 12pt;\">Internet-Based Liability and Risks<\/span><\/span><\/strong><br \/>\nThere are generally two levels of cyber liability coverage to protect businesses and individuals against internet-based liability and risks. First-party coverage encompasses direct losses to a business or individual, whereas third-party coverage extends to claims and legal action taken by customers, partners or employees.<\/p>\n<p>Cyber insurance policies vary, but generally they help pay for:<\/p>\n<ul>\n<li>Hiring forensic experts to investigate an incident.<\/li>\n<li>Dealing with ransomware attacks.<\/li>\n<li>Repairing, restoring or replacing systems, data and websites damaged by a hack.<\/li>\n<li>Covering the costs of lawsuits, regulatory fines and penalties.<\/li>\n<li>Restoring your business so any losses are minimize.<\/li>\n<li>Hiring public relations professionals to prevent damage to your reputation.<\/li>\n<li>Paying for credit monitoring for affected clients.<\/li>\n<li>Covering profits lost through fraudulent wire transfers.<\/li>\n<\/ul>\n<p><span style=\"font-size: 12pt;\"><strong>Is Cyber Insurance Worth It?<\/strong><\/span><br \/>\nThere aren\u2019t many firms that don\u2019t depend on the internet to conduct some aspect of their business. Because of this we are all susceptible to cyber criminals ever more aggressive tactics to penetrate our firewalls and gain access to our records.\u00a0You should also have a look at the amount of cyber crime that is now taking place as it&#8217;s absolutely shocking. So, it&#8217;s common for people to be accused of cyber crime and if that happens to you then you will need a good defense for that, and <a href=\"https:\/\/www.newjerseycriminallawattorney.com\/white-collar-crime\/internet-crime\/\">this is a great place<\/a> to find just that.<\/p>\n<p>Insurance providers offer a wide range of options in creating cyber insurance policies that give their clients peace of mind and insure against losses from cyber attacks and data breaches that can severely impact a company. A policy that protects those areas where you are mostly likely to be affected can mitigate losses from the growing frequency and severity of cybersecurity incidents.<\/p>\n<p><span style=\"font-size: 12pt;\"><strong>Need Some Advice?<\/strong><\/span><br \/>\nOne of the Mitchell Agency\u2019s representatives would be happy to go over the cyber insurance options that are available to see if this type of coverage is appropriate for your business. Give us a call at <strong>765-742-1135<\/strong>.<\/p>\n<p><span style=\"font-size: 8pt;\">Infographic sources: Kaspersky IT Security Risks Survey 2015, Allianz Risk Barometer 2016, Net Diligence 2015 Cyber Claims Study, Insurance Journal<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most companies require some information from their customers in order to transact business. This data can be very sensitive and our clients expect us to protect that information from being acquired by unauthorized entities.\u00a0 To do this every business should have comprehensive cybersecurity programs in place, including antivirus and ransomware protection, encryption software, password managers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/posts\/1552"}],"collection":[{"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/comments?post=1552"}],"version-history":[{"count":14,"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/posts\/1552\/revisions"}],"predecessor-version":[{"id":2187,"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/posts\/1552\/revisions\/2187"}],"wp:attachment":[{"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/media?parent=1552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/categories?post=1552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mitchellagy.com\/wp-json\/wp\/v2\/tags?post=1552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}