IT leaders discuss cyber liability and cyber Insurance
A recent Forbes Insights report pegged the cost of cyberattacks to businesses at $400 to $500 billion a year; 46 percent of companies have suffered damage to reputation and brand value as a result of a data breach. While the right policy can help with the many costs associated with a breach, cyber liability and cyber insurance is relatively new and current policy offerings are not uniform. Above all, cybersecurity threats are a wake up call for companies to modify their policies and procedures and train employees in security protocols to mitigate the risk of cyber-attacks.
To help businesses make informed decisions in this area, the Connecticut Technology Council (CTC) hosted its third cybersecurity seminar: Cyber Liability & Cyber Insurance, on September 14 from 9 to 11:30 a.m. at the Hartford Club, 46 Prospect Street, Hartford Conn., 06103.
The CTC’s Cybersecurity Seminar Series (CS3) help support a robust, IT support network in the state. The series is designed to inform business, government and IT industry leaders about issues related to cybersecurity – data infrastructure, data protection, data continuity and business resilience – providing a forum to network and share best practices.
Insurance, legal and law enforcement experts responded to attendees’ cybersecurity questions in regard to cyber liability and cyber insurance. They discussed cyber liability and cyber Insurance risks, what it means to have adequate coverage and how to avoid costly, unnecessary, insufficient or redundant policies. The importance of doing a preliminary risk assessment and creating internal policies that can help prevent security breaches in the first place will also be discussed.
Laurance A. Selnick, CTP, senior vice president, treasury and payment solutions sales, Webster Bank, moderated the seminar. Presenters included Larry Raccioppo, MBA, senior vice president, management and professional services, USI Insurance Services LLC and Matthew Prevost, vice president, North American financial lines, CHUBB.
“Full recovery from a data breach takes up-front time, planning, and technical and public relations expertise,” said Selnick. “The costs of recovering from a breach can be expensive, but insurance can help mitigate the costs and even help with the recovery. During our September 14 seminar, we will help organizations work through the scenarios and to help develop their own criteria for choosing the appropriate cyber liability and/or cyber insurance policies.”
Presenting sponsors of the September 14 cybersecurity seminar are Datto and Webster Bank; supporting sponsor is Frontier Communications.