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Cybersecurity Threat Landscape
3
Preparing for Renewal
• What does it Look Like:
• Asset Management
• Business Environment
• Governance
• Risk Assessment
• Strategy
• Vendor Risk Management
4
Growing and Adapting
• Policy Needs Action
• Do you Utilize a Framework?
5
What is at risk?
Your
Reputation
Financial
Performance
Regulatory
Environment
•Safeguarding client information
•Complying with regulations
•Business continuity
•Reputation and NDA violations
Focus areas
Underwriting Changes
•Coinsurance up to 50%
•Rate increases from 40% to 100%
•New Exclusions
•Sublimiting cyber extortion, etc
•Limiting dependent business interruption
•Rigorous underwriting process
What is the average number of days
a ransom incident lasts?
21
Prepare
Secure you network
-Encryption
-Multi-Factor
Authentication
Have a plan and
access to carrier
resources
Use caution with
wire transfers
Data Back- up and
Storage
What you should do
•Notify
•Refrain from using business email
•Preserve data
•Contact FBI
•Disconnect all devices from network
•Understand how your cyber policy works
•Engage Breach Coach
What you should know
Prompt reporting
is key
Who do you want
to work with?
How many policies
can be affected?
Cybersecurity Threat Landscape and Renewal Preparation

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Cybersecurity Threat Landscape and Renewal Preparation

Editor's Notes

  1. Microsoft Exchange, Solarwinds compromise, Ransomware as a Service
  2. NIST CSF Five Functions Practices Process People Head Heart Hand There is no one stop shop. It must be culture
  3. Downtime from a Ransomware Attack is still the most Dangerous Complication, and the average for Q3 was 19 days. It increased 19% from Q2 2020
  4. Breach Response Plan in place? Cyber Risk Health Assessment? Use Encryption & Secure Networks (Multi Factor Authentication ) Ready access to resources (Carrier hotline? Breach Coach? IT Forensics?) Verification process in place for wire transfers? Data back-up & storage (off-site?)
  5. Notify carrier/broker Refrain from using business email accounts Preserve data for IT Forensics investigation Contact FBI or file IC3 report Direct IT to disconnect all devices from the public network Know how your Cyber policy works Engage Breach Coach for legal consultation or suspected privacy breach Involve your IT representative
  6. Prompt reporting is key Require carrier approved third party service vendors for legal consultation and IT Forensics One event can trigger multiple insuring agreements under the policy