Your Cyber Incident Response Can Save Your Business – or Not!
WHY THIS MATTERS
Here are some of the questions we receive from our clients every day.
- We lose our critical data assets from a cyberattack?
- We cannot recover our data after a cyberattack?
- Our critical operations are disrupted?
- We have invested in cybersecurity to address our cyber risk?
- We have not invested in cyber insurance for our residual cyber risk?
We have cyber solutions to help you.
We know that cybersecurity and cyber insurance can and should complement each other in your cyber risk management plan.
If a team member makes an error or mistake, overriding your cybersecurity protocols, how will you respond to reduce your financial loss?
Incident Response Plan and Support Team
Holistic cyber risk management includes cybersecurity measures coupled with Stand-Alone Cyber Insurance.
Cyber best practices call for an incident response plan, with or without cyber insurance. If you believe that you can prepare at the time of the cyber incident, you are less likely to mitigate damages, including damage to your reputation.
It is all about timing – you must respond as quickly as possible to the attackers. They are out to harm you, steal your data, impact your bottom line, and perhaps ruin your reputation.
It takes a support team – to help you stop and mitigate the attack in its tracks:
- Legal counsel/Breach coach to head up your team and maintain privilege.
- Forensic experts to investigate the incident and assist with mitigating the loss.
- Forensic accountants to quantify the potential loss.
- Public relations firms to help with your media campaign.
- Crisis management experts to help with damage control.
The Cybersecurity & Infrastructure Security Agency (CISA) provides organizations with the Cyber Essentials Toolkit. CISA has designed this set of modules to break down the CISA Cyber Essentials into bite-sized actions for IT and C-suite leadership to work toward full implementation of each Cyber Essential. Each chapter focuses on recommended actions to build cyber readiness into the six interrelated aspects of an organizational culture of cyber readiness.
Of course, you can invest your own time and money to find and gather your support team and fund their services. A better cyber solution is for your business to obtain first-party coverage for IR services in your Stand-Alone Cyber Insurance policy.
Stand-Alone Cyber Insurance
Specialist cyber insurance carriers provide robust Stand-Alone Cyber Insurance. Some of the coverages provided include:
- Incident Response (IR) costs associated with implementing an IR Plan during a cyber incident and IR Team support (selected from a panel of experts).
- More carriers are offering table-top exercises to help insureds prepare a full-blown IR.
- Employee awareness training tools and programs to help the insured reduce human error – if you are looking to be proactive in loss prevention (the threat of phishing emails).
- Data breach response and crisis management coverage will pay or reimburse the insured for data breach response and crisis management costs (above the policy retention) incurred from a data breach.
- Ransom payments – if the insured incurs cyber extortion-related expenses (cost of hiring a security expert or pre-approved ransom payments).
- Business Interruption and Extra Expenses in which the insurer will pay or reimburse the insured for lost profits (after a waiting period) and extra expenses (during the restoration period) resulting from a security breach directly causing a complete or partial interruption of the insured's business operations.
- Data recovery or restoration reimbursement incurred as a direct result of a security breach.
Suppose your cyber defenses do not prevent a data breach, ransomware attack, or distributed denial-of-service attack (DDoS)? In that case, you will need help with loss mitigation. The IR Plan and Team supported by your cyber insurance carrier are a vital part of your recovery.
Your business will benefit from a:
- Pre-planned and pre-tested incident response plan and an incident response team to assist you with a rapid response after a cyber incident.
- Dedicated Stand-Alone Cyber Insurance policy providing these valuable services.
Cyber Armada Insurance stands ready to help you.
Reach out to Cyber Armada Insurance to assist you with your Stand-Alone Cyber Insurance needs. We understand the evolving cyber risks and the importance of your investment in appropriate cyber insurance.
Contact Cyber Armada today to explore how your company can solve potential financial losses from a cyberattack. Contact us at 888.727.6232
Please watch for our next article on risks to our critical infrastructure.