Town of Webster Cyber-Insurance
Q: What is Cyber Insurance? A: Cyber insurance is used to help protect against losses resulting from a cyber attack or incident. Cyber insurance is an important part of any organization's security/incident posture.
Q: What is a cyber attack? A: This when threat actors internal or external to the organization attempt to bring down or break into any of our computer systems. Q: What is a cyber incident? A: This can be a cyber attack, but also can be any incident that may result in loss of data, information, access, or technological assets. Q: What is a security/incident posture? A: Security/incident posture is a generalized view of our overall security/incident plan.
Our current security plan that makes up our posture consists is: • • • • • • • • • •
Policies and procedures Implemented industry standards and recommendations Software/OS Patching. Hardware/Firmware Patching. User training. Multiple/Redundant vendors, hardware, data sets, and locations. Least privilege access for data and system access. Multifactor Authentication Data encryption Partner with security organizations that monitor and notify us of all vulnerabilities and any newly detected threats.
A good security plan is always evolving and changing to keep up with technology, new threats, and organizational needs. By strengthening our plan, our posture improves.
With looking at any organization’s security/incident posture, there is always one main weakness. No matter what we do, the main weakness will always be people. This is not referencing users, but just people in general. Q: What do we mean when we say people are the weakness? A: Well, ALL technologies are created, implemented, and used by people. Since ALL people are fallible, that means ALL technology is fallible. There is no guarantee that a new weakness or vulnerability will not be discovered. The only secure piece of technology is the one that is never used!
Q: Why do we need Cyber Insurance? A: Since all technology and is fallible the only way to mitigate the risk is by purchasing insurance. Think of it just like car insurance. When a car accident occurs, your car insurance protects you financially, helps you get back on the road, and provides tools to help you be a better car owner/driver. Cyber insurance does the same thing!
What do we get with cyber insurance? In the event of a cyber event, we would have:
• Liability coverage • Event Discovered and Reported Coverage • Multimedia • Breach Event Costs • Security and Privacy • Post Breach Remediation Costs • Privacy Regulatory Defense and Penalties • BrandGuad • PCI DSS • CyberCrime • Bodily Injury • Bricking Loss Coverage • Property Damage • Property Damage Loss • TCPA Defense • Reward Expenses • Court Attendance Costs • Additional Defense Costs
Not only will we receive financial coverage in the event of a cyber attack or incident, but we will also receive: • • • • • •
Preferred rates with cyber threat prevention vendors Phishing Tests Cyber Risk Reports Continuous Exposure Monitoring Dark Web Security Scans Access to Cyber Security Experts
With the ever-changing technological climate and no guarantees that an attack or incident will not occur, a cyber-insurance police should be considered. A cyber-security insurance policy that is included within our security plan will provide fiscal protections, added tools and utilities, and will improve our security/incident posture.