Cyberattack – Not “if” but “when”

Denise GillinInsurance, News, Risk Management

By Brian Owen, CPCU, Executive Vice President, Client Services and Ommie Rivera, Chief Information Officer

Paying ransoms in ransomware attacks has always been controversial, but now it may be considered illegal by the US Department of Treasury according to The argument is that at times, paying ransom to obtain core business files is worth it. However, conversely, does paying ransom encourage future attacks? Every situation is different and insurance policies are not created equally so there isn’t a one size fits all answer to a cyber breach. While coverage is important, partnering with experienced professionals you trust can be more important.

Look for experts with established best practices to help your company weather the lifecycle of an incident. Murray represents carriers, such as Beazley and AIG, that provide both pre-loss guidance and post-loss support.

Pre-loss services to help prevent potential attacks

Risk control can provide guidance as to:

  • Any potential risks
  • Proper security measures to take
  • What to look for
  • Employee training and education

Even with loss control procedures in place, companies still need to have a strategy for minimizing losses in the event of a breach.

Post-loss mitigation services after an attack

A responsive team of experts can provide access to services that include law firms experienced in cyber losses and forensic IT firms to assist in determining:

  • How the breach occurred
  • What information was obtained
  • Steps to mitigate the loss
  • Required notifications

To discuss cyber coverage options and risk mitigation practices for your company, contact Brian at 717.620.2482 or a member of the Murray Risk Management Team at 717.397.9600.

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